Teck Resources : Q1 2024 Financial Report Conference Call Presentation Slides

Caution Regarding Forward-Looking Statements

Both these slides and the accompanying presentation contain certain forward- looking information and forward- looking statements as defined inapplicable securities laws (collectively referred to as forward-looking statements). These forward-looking 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: our focus, strategy and priorities; anticipated global and regional supply, demand and market outlook for our commodities; QB2 capital cost guidance and project completion and ramp-up activities; the performance of our QB operations; the timing of the closing of the sale of our steelmaking coal business, including our ability to satisfy the closing conditions thereof; the expected use of proceeds from the sale of our steelmaking coal business; the expected transaction taxes payable; the amount of share buybacks that we may complete; expectations and approach related to our copper growth portfolio, including expected timing and our ability to advance permitting and engineering and design work at our HVC mine life expansion, the timing for detailed engineering and permitting at our San Nicolás project, commencement of detailed engineering and completion of an updated cost estimate at our Zafranal project, and progressing project scoping and study work at the QB asset expansion; our expectations for increased copper production in the near and long term; the performance of our water treatment facilities and trends in selenium removal; our safety performance; and all guidance appearing in this document including but not limited to the production, sales, cost of sales, unit costs, net cash unit costs, operating costs, and capital expenditure and sensitivities thereto.

Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including, without limitation, risks: that may affect our operating or capital plans; that are generally encountered in the permitting and development of mineral properties such as unusual or unexpected geological formations; associated with volatility in financial and commodities markets and global uncertainty; associated with unanticipated metallurgical difficulties; relating to delays associated with permit processes, appeals or other regulatory processes; associated with adverse weather conditions or process upsets or 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 or of our principal inputs; associated with changes to the tax and royalty regimes in which we operate; created through competition for mining properties; associated with lack of access to capital or to markets; associated with mineral reserve or resource estimates; posed by fluctuations in exchange rates and interest rates, as well as general economic conditions and inflation; 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; risks associated with tax reassessments and legal proceedings; and other risk factors detailed in our Annual Information Form.

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; the supply and demand for, deliveries of, and the level and volatility of prices of copper, zinc and steelmaking coal and our other metals and minerals, as well as inputs required for our operations; the timing of receipt of permits and other regulatory and governmental approvals for our development projects and operations, including mine extensions; our costs of production, and our production and productivity levels, as well as those of our competitors; availability of water and power resources for our projects and operations; 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; the 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 our 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; and our ongoing relations with our employees and with our business and joint venture partners. 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, interruption in transportation or utilities, or adverse weather conditions; and that there are no material unanticipated variations in the cost of energy or supplies. Our sustainability goals are based on a number of additional assumptions, including regarding the availability and effectiveness of technologies needed to achieve our sustainability goals and priorities; the availability of clean energy sources and zero-emissions alternatives for transportation on reasonable terms; our ability to implement new source control or mine design strategies on commercially reasonable terms without impacting production objectives; our ability to successfully implement our technology and innovation strategy; and the performance of new technologies in accordance with our expectations. Share buybacks depend on, among other things, availability of cash and potential alternative uses of funds.

Teck cautions that 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 most recent Annual Information Form and in subsequent filings, which can be found under our profile on SEDAR+ (www.sedarplus.ca) 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 assumptions, risks or other factors, whether as a result of new information, future events or otherwise.

Global Metals and Mining Conference

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Q1 2024 Highlights

• Completed all major construction at QB, with the
  first shipment of concentrate from the completed port facility
• Closed the minority sale of our steelmaking coal business and received US$1.3 billion in cash from Nippon Steel
• Achieved strong operational and financial performance, including steadily increasing quarterly copper production
• No changes to previously disclosed guidance
• Continued to focus on sustainability leadership, with improved safety performance and the launch of the North Pacific Green Corridor with industry leaders

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Q1 2024 Financial Highlights

Global Metals and Mining Conference

Completed All Major Construction at QB

Demobilization substantially advanced and ramp-up continuing

• Net cash unit costs per pound is a non-GAAP ratio. See "Non-GAAP Financial Measures and Ratios" slides.

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Copper Business Unit

Strong quarterly copper production as QB Operations continued to ramp up

* Gross profit before depreciation and amortization (D&A) is a non-GAAP financial measure. Total cash unit costs per pound, net cash unit costs per pound and gross profit margins before depreciation and amortization (D&A) are non-GAAP ratios. 9 See "Non-GAAP Financial Measures and Ratios" slides.

Zinc Business Unit

Significant decline in zinc prices; strong quarterly production at Red Dog