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Here are 1-2 brief analogies to describe Teck Resources (TECK):

• A Canadian version of BHP Group or Rio Tinto, specializing in steelmaking coal, copper, and zinc.
• Similar to Freeport-McMoRan for copper, but also a major producer of steelmaking coal and zinc.

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• Steelmaking Coal: High-quality metallurgical coal primarily used in the production of steel.
• Copper: A key base metal widely used in electrical wiring, construction, and industrial machinery.
• Zinc: An essential base metal primarily used for galvanizing steel, as well as in alloys and chemicals.
• Energy (Bitumen): Bitumen produced from an interest in the Fort Hills oil sands mine, processed into synthetic crude oil.

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Teck Resources (TECK) primarily sells its products to other companies, not directly to individuals. As a major producer of commodities such as steelmaking coal, copper, zinc, and energy products, Teck's customer base consists of large industrial enterprises worldwide.

Teck Resources does not publicly disclose the names of its specific major customer companies due to the competitive nature of commodity markets and commercial confidentiality. Instead, Teck describes its customer base by industry and geographic region in its public filings (e.g., Annual Information Form).

Based on Teck's descriptions, the following are the primary categories of customers it serves, along with illustrative examples of public companies that operate within these industries. These examples are representative of the types of companies that would purchase Teck's products and are not confirmed direct customers named by Teck.

Major Customer Categories and Illustrative Companies:

• Steelmaking Coal Customers: Integrated steel producers located primarily in Asia, Europe, and North and South America. These companies use metallurgical coal as a key raw material in blast furnaces to produce steel.
  • ArcelorMittal (MT)
  • Nippon Steel Corporation (5401.T)
  • POSCO Holdings Inc. (005490.KS)
  • JFE Holdings, Inc. (5411.T)
• Copper Customers: Primarily smelters and refineries in Asia, Europe, and North America, which process copper concentrates into refined copper. Fabricators also purchase refined copper for various industrial applications.
  • Aurubis AG (NDA.DE)
  • Sumitomo Metal Mining Co., Ltd. (5713.T)
  • Jiangxi Copper Company Limited (600362.SS)
• Zinc Customers: Primarily galvanizers (for corrosion protection of steel), continuous galvanizers, die-casters (for zinc alloy products), and chemical producers in North America, Europe, and Asia.
  • While specific public companies that are pure-play major direct zinc customers are less commonly identified, they often represent various industrial manufacturers and chemical companies that consume zinc products. Examples of industries that are major zinc consumers include: automotive, construction, and appliance manufacturing.
• Energy (Oil Sands) Customers: Refineries located primarily in the U.S. Gulf Coast, which process Teck's bitumen and dilbit into various petroleum products.
  • Exxon Mobil Corporation (XOM)
  • Chevron Corporation (CVX)
  • Phillips 66 (PSX)
  • Valero Energy Corporation (VLO)

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• Canadian National Railway Company (CNI)
• Canadian Pacific Kansas City Limited (CP)
• Westshore Terminals Investment Corp. (WTE)

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Jonathan Price, President and Chief Executive Officer

Jonathan Price was appointed President and Chief Executive Officer of Teck on November 1, 2023, having previously served as Chief Executive Officer from September 2022 and Executive Vice-President and Chief Financial Officer from October 2020. Prior to joining Teck, Mr. Price was employed by BHP from 2006 to 2020, where he held roles including Chief Transformation Officer, Vice President Finance, and Vice President Investor Relations across Asia, Australia, and the UK. He also gained experience in the Metals and Mining team at ABN AMRO Bank and held various production and technical roles with INCO.

Crystal Prystai, Executive Vice President and Chief Financial Officer

Crystal Prystai was appointed Executive Vice President and Chief Financial Officer of Teck in 2024, having been Senior Vice President and Chief Financial Officer since November 2022. She joined Teck in 2008 and has held progressively senior roles within the company, including Director, Finance, Reporting and Compliance; Vice President and Corporate Controller; and Interim Chief Financial Officer. Before her time at Teck, Ms. Prystai served as the Director of Business Planning and Director of Financial Reporting at CHC Helicopter Corporation.

Shehzad Bharmal, Executive Vice President and Chief Operating Officer

Shehzad Bharmal has served as Executive Vice President and Chief Operating Officer of Teck since 2024. His previous roles at Teck include Senior Vice President of Base Metals, Vice President of Technology and Innovation, Vice President of Strategy and Development and Copper, General Manager of Operations Development in Chile, and a Director of Business Improvement.

Jeff Hanman, Executive Vice President and Chief Strategy Officer

Jeff Hanman was appointed Executive Vice President and Chief Strategy Officer in 2024. He joined Teck in 2011 and has held numerous senior leadership positions covering corporate affairs, mine operations, environment and sustainability, Indigenous engagement, and corporate strategy. Prior to his current role, he served as Senior Vice President, Sustainability and External Affairs. Before joining Teck, Mr. Hanman was Deputy Chief of Staff and Director, Policy Coordination and Issues Management at the Government of British Columbia.

Ian Anderson, Executive Vice President and Chief Commercial Officer

Ian Anderson serves as Executive Vice President and Chief Commercial Officer, a role to which he was appointed as part of Teck's new leadership team in September 2024. He is responsible for margin enhancement through sales and procurement strategies and execution for the company.

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Teck Resources (TECK) faces several key risks, with the most significant stemming from its ongoing merger activities and the inherent volatility of the commodities market.

1. Risks Related to the Merger with Anglo American: Teck Resources recently received Canadian regulatory approval for its merger with Anglo American, which also received overwhelming shareholder support. However, the completion of this merger is still subject to further regulatory and court approvals and other conditions. There is a risk that the merger may not be finalized as currently contemplated, or at all, which could negatively impact both companies. Furthermore, even if completed, there are inherent risks associated with successfully integrating the two large mining entities and realizing the anticipated synergies.
2. Fluctuations in Commodity Prices: As a diversified mining company, Teck's financial performance is heavily exposed to the volatile prices of the commodities it produces, primarily copper and zinc. While Teck has strategically shifted its focus towards low-carbon metals like copper, the inherent cyclical nature of commodity markets means that prolonged weakness in these prices could significantly erode profit margins and free cash flow.
3. Execution Risks and Cost Overruns for Major Capital Projects: Teck is undertaking large-scale capital investments in significant copper growth projects, most notably the Quebrada Blanca Phase 2 (QB2) project in Chile. These projects carry substantial execution risks, including potential cost overruns, delays in permitting, and political challenges such as increased mining taxes in Chile. Any such issues could strain the company's balance sheet and reduce investor confidence in Teck's strategic diversification plans.

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Teck Resources' main products are copper, zinc, and steelmaking coal (also known as metallurgical coal). The addressable markets for these products are global.

Copper

The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030. Other estimates for the global copper market size in 2024 range from USD 236.09 billion to USD 333.15 billion, with projections reaching up to USD 548.20 billion by 2034. This growth is driven by increasing demand in renewable energy, electric vehicles, and infrastructure development.

Zinc

The global zinc market size was valued at approximately USD 23.36 billion in 2024 and is projected to grow to USD 42.46 billion by 2035, with a CAGR of 5.58% from 2025 to 2035. Another estimate for the global zinc market size in 2024 is USD 27.2 billion, with a projection to reach USD 48.51 billion by 2032 at a CAGR of 7.5%. The market is primarily driven by demand from the construction, automotive, and electronics industries.

Steelmaking Coal (Metallurgical Coal)

The global steelmaking coal market size was valued at approximately USD 15.13 billion in 2024 and is projected to reach nearly USD 18.29 billion by 2032, with a CAGR of 2.4% from 2025. Another source estimated the market at USD 15 billion in 2023, with a projection to reach USD 22.5 billion by 2032. This market is crucial for global steel production, with over 90% of metallurgical coal consumed by the steel manufacturing sector.

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Expected Drivers of Future Revenue Growth for Teck Resources (TECK)

• Ramp-up of Quebrada Blanca Phase 2 (QB2) Copper Project: The continued ramp-up of the Quebrada Blanca Phase 2 (QB2) project is a primary driver of future revenue growth. Teck expects QB2 to achieve full throughput rates by the end of 2024, significantly boosting its copper production in 2025 and beyond. This project has already contributed to record copper production, and its optimization and debottlenecking are anticipated to further increase throughput by 15% to 25%.
• Highland Valley Copper (HVC) Mine Life Extension Project: Teck's board has approved the Highland Valley Copper Mine Life Extension (HVC MLE) project, with construction slated to begin in the third quarter of 2025. This project is expected to extend the life of Canada's largest copper mine to 2046 and contribute an average of 132,000 tonnes of copper per year over its extended life. This expansion is foundational to Teck's strategy to significantly increase its copper output.
• Advancement of the Copper Growth Pipeline: Teck is actively advancing other significant copper projects, including San Nicolás in Mexico and Zafranal in Peru. The San Nicolás project, which Teck expects a final investment decision on in the second half of 2025, is projected to produce 63,000 tonnes per year of copper along with zinc. These projects are integral to Teck's long-term strategy to expand its copper production capacity.
• Strategic Focus on Energy Transition Metals: Following the sale of its steelmaking coal business, Teck has transformed into a pure-play energy transition metals company, with a strong focus on copper and zinc. This strategic shift positions the company to capitalize on the increasing global demand for these metals, which are crucial for electrification and decarbonization initiatives. Teck aims to double its copper production by the end of the decade, underscoring this strategic direction.

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Share Repurchases

• Since 2019, Teck has returned $3.9 billion to shareholders, including $2.5 billion in Class B subordinate voting share repurchases.
• In February 2024, Teck announced an authorization to purchase up to $500 million of Class B subordinate voting shares.
• As of July 23, 2025, Teck had completed $2.2 billion of its $3.25 billion authorized share buyback program. The company plans for continued share buybacks at approximately $400 million per quarter into Q4 and 2025.

Share Issuance

• In May 2023, Class A common shares were exchanged for one new Class A common share and 0.67 of a Class B subordinate voting share for each outstanding Class A share.

Outbound Investments

• In September 2025, Teck made a strategic investment of $1.22 million in Visionary Metals, acquiring a 9.9% ownership stake to advance nickel exploration in Wyoming.

Capital Expenditures

• Teck plans to invest up to $3.9 billion over the next four years to significantly increase copper production, targeting an annual output of approximately 800,000 tonnes by the end of the decade.
• The Highland Valley Copper Mine Life Extension project, with an estimated capital cost of $2.1 billion to $2.4 billion between 2025 and 2028, aims to extend the mine's life to 2046 and produce an average of 132,000 tonnes of copper per year.
• For 2025, Teck's annual copper sustaining capital expenditure guidance increased to $940–$1,010 million, and growth capital expenditure guidance was revised to $1,040–$1,170 million.