It's like an ExxonMobil for essential industrial metals like copper, zinc, and steelmaking coal.

Think of it as Canada's answer to a global diversified mining giant like Rio Tinto, specializing in core commodities such as steelmaking coal, copper, and zinc.

• Steelmaking Coal: A key ingredient used primarily in the production of steel.
• Copper: A base metal vital for electrical wiring, construction, and various industrial applications.
• Zinc: A metal predominantly used for galvanizing steel to prevent corrosion, and also in alloys.
• Blended Bitumen: A heavy, viscous oil extracted from oil sands projects, representing the company's energy product.
• Gold: A precious metal valued for its use in jewelry, investment, and electronics.
• Silver: A precious metal used in jewelry, coinage, industrial applications, and photography.
• Lead: A heavy metal primarily used in batteries, ammunition, and as a radiation shield.
• Molybdenum: A refractory metal used as an alloying agent to strengthen steel and other alloys.
• Chemicals and Fertilizers: Various chemical products, including those applied in agriculture to enhance crop growth.
• Indium and Germanium: Specialty metals used in high-tech applications, including electronics and optics.

Teck Resources Limited (TECK) sells primarily to other companies, as its main products are raw materials and intermediate goods such as steelmaking coal, copper, zinc, and blended bitumen.

Due to the global and diversified nature of commodity markets and competitive reasons, Teck Resources does not publicly disclose the specific names of its individual major customers. Instead, their customer base consists of a broad range of industrial companies worldwide. Based on its product segments, Teck Resources' customers can be categorized as follows:

• Steelmaking Coal Customers: Global steel producers, primarily located in Asia, Europe, and North America, who use the coal as a key input for steel manufacturing.
• Copper and Zinc Customers: Industrial smelters and refiners, as well as manufacturers in various sectors such as electronics, automotive, construction, and chemicals, who process the concentrates and refined metals.
• Energy Customers (Blended Bitumen): Oil refineries, predominantly in North America, that process heavy crude oil.
• Other Metals Customers (Gold, Silver, Molybdenum, Lead, Indium, Germanium): Precious metal refiners, jewelry manufacturers, industrial users (e.g., in electronics, specialized alloys), and financial institutions.
• Chemicals and Fertilizers Customers: Agricultural businesses and other industrial chemical companies.

• Canadian National Railway (CNR.TO)
• Canadian Pacific Kansas City (CPKC.TO)
• Westshore Terminals (WTE.TO)

Jonathan Price, President and Chief Executive Officer

Jonathan Price was appointed President and Chief Executive Officer of Teck on November 1, 2023, and has been a member of Teck's Board of Directors since July 26, 2022. He previously served as CEO (appointed in September 2022) and held roles as Executive Vice President and Chief Financial Officer, joining Teck in October 2020. Prior to joining Teck, Mr. Price was with BHP from 2006 to 2020, where he held various positions including Chief Transformation Officer, Vice President Finance, and Vice President Investor Relations, working across Asia, Australia, and the UK. His career also includes experience in the Metals and Mining team at ABN AMRO Bank and production and technical roles with INCO.

Crystal Prystai, Executive Vice President and Chief Financial Officer

Crystal Prystai was appointed Senior Vice President and Chief Financial Officer in November 2022, and subsequently Executive Vice President and Chief Financial Officer in September 2023. She joined Teck in 2008 and has held increasingly senior roles, including Director, Finance, Reporting and Compliance, Vice President and Corporate Controller, and Interim Chief Financial Officer. Before her time at Teck, she was the Director of Financial Reporting for CHC Helicopter Corp.

Shehzad Bharmal, Executive Vice President and Chief Operating Officer

Shehzad Bharmal serves as the Executive Vice President and Chief Operating Officer at Teck Resources Limited.

Nicholas P.M. Hooper, Executive Vice President and Chief Corporate Development Officer

Nicholas P.M. Hooper is the Executive Vice President and Chief Corporate Development Officer. He was appointed Senior Vice President, Corporate Development in 2020.

Dean C. Winsor, Executive Vice President and Chief People Officer

Dean C. Winsor holds the position of Executive Vice President and Chief People Officer at Teck Resources Limited.

Key Risks to Teck Resources

1. Operational Challenges and Production Guidance Reductions in Copper Mining: Teck Resources has faced significant operational challenges at its key copper mining assets, leading to reduced production forecasts for 2025 and beyond. These challenges include technical issues, variations in ore grades, and unexpected maintenance requirements at sites like Highland Valley Copper (HVC) and Quebrada Blanca (QB2). Specifically, QB2 has encountered issues such as sand drainage at its Tailings Management Facility, impeding ramp-up efforts and necessitating downward revisions to multi-year production targets. These setbacks directly impact the company's expected output and financial performance in a key growth segment.

2. Environmental Liabilities and Regulatory Scrutiny Related to Coal Operations: Teck's metallurgical coal operations, particularly in the Elk Valley, British Columbia, have resulted in significant environmental liabilities, primarily related to selenium pollution in local rivers. The company has incurred substantial fines, including a record €40 million in 2021 for selenium contamination of the Fording River, and faces ongoing regulatory oversight and pressure from Indigenous communities and environmental groups. The inability to fully divest from its coal business and ongoing debates regarding compliance with environmental standards highlight a persistent and material risk for the company.

3. Commodity Price Volatility: As a diversified mining company, Teck Resources is inherently exposed to the cyclical nature and volatility of global commodity prices for its principal products, including copper and steelmaking coal. While demand for these commodities can be robust due to global infrastructure development and the energy transition, market prices can fluctuate significantly, influenced by economic conditions, supply chain dynamics, and geopolitical events. Historically, such price swings have materially impacted Teck's revenue, profitability, and stock performance.

The global shift towards decarbonization and the active development of "green steel" production methods (e.g., hydrogen-reduced iron) poses an emerging threat to the long-term demand for Teck's steelmaking coal segment.

The accelerating global energy transition away from fossil fuels, driven by climate change policies, the growth of renewable energy sources, and the rise of electric vehicles, represents a fundamental emerging threat to the demand and economic viability of Teck's oil sands (bitumen) projects within its Energy segment.

Addressable Markets for Teck Resources' Main Products

• Steelmaking Coal: The global steelmaking coal market size was estimated at USD 18.75 billion in 2024 and is projected to reach USD 26.45 billion by 2032. Other sources indicate the global metallurgical coal market size was valued at USD 14.7 billion in 2023 and is estimated to reach USD 15 billion in 2024. The Asia-Pacific region is a significant market, driven by demand from the steel industry.
• 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 CAGR of 6.5% from 2025 to 2030. Another estimate placed the global copper market at USD 236.09 billion in 2024. The Asia Pacific region dominated the copper market in 2024, holding the largest revenue share.
• Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is projected to grow to USD 52.14 billion by 2033. The global zinc mining market size was estimated at USD 66.08 billion in 2022 and is projected to reach USD 91.33 billion by 2030. Asia-Pacific holds the largest share of the zinc market in terms of both production and consumption.
• Energy (Blended Bitumen): The global bitumen market size was valued at USD 74.61 billion in 2024 and is poised to grow to USD 110.88 billion by 2033. Another source reported the global bitumen market size as USD 73.35 billion in 2024, projected to reach USD 98.62 billion by 2032. The Asia-Pacific region led the global bitumen market in 2024.

Teck Resources (TECK) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Expanded Copper Production Capacity: The ongoing ramp-up and optimization of the Quebrada Blanca (QB2) project in Chile and the Highland Valley Copper (HVC) Mine Life Extension in British Columbia are central to Teck's copper growth strategy. QB2 is projected to significantly increase copper output, with Q4 2025 showing strong production. The HVC Mine Life Extension is expected to prolong the mine's operations until the mid-2040s and boost annual production. Teck anticipates further overall copper production growth in 2026.
2. Strategic Merger with Anglo American: The proposed merger of equals with Anglo American to form "Anglo Teck" is a transformative move designed to create a global top-five copper producer. This merger is anticipated to generate approximately US$800 million in annual pre-tax synergies, with 80% expected to be realized by the end of the second year post-completion, enhancing the company's scale, resilience, and competitive position in the global copper market.
3. Favorable Copper Market Dynamics: The surging global demand for copper is a significant driver, propelled by the ongoing energy transition, including growth in renewable energy infrastructure and electric vehicle technologies. Higher copper prices significantly contributed to Teck's increased adjusted EBITDA in Q4 2025, and continued strong demand is expected to positively impact revenue from Teck's copper-focused portfolio.
4. Resilient Steelmaking Coal Demand: Despite Teck's strategic pivot towards critical minerals and the divestment of a significant portion of its steelmaking coal business, the remaining steelmaking coal operations are expected to continue contributing to revenue. Global demand for steelmaking coal remains stable due to its essential role in infrastructure projects and manufacturing.

Share Repurchases

• Teck Resources had an authorized share buyback program of $3.25 billion, of which approximately $2.2 billion was completed by July 23, 2025.
• In 2024, Teck executed $1.25 billion of its authorized share buyback program.
• Teck announced its intention to repurchase up to 40 million Class B subordinate voting shares through a normal course issuer bid, active from November 22, 2024, to November 21, 2025. During the preceding buyback cycle ending November 21, 2024, Teck repurchased 18,062,775 Class B Shares at an average price of $62.75.

Share Issuance

• On May 12, 2023, Teck acquired each Class A common share in exchange for one new Class A common share and 0.67 of a Class B subordinate voting share, which resulted in a $302 million increase to Class B shares and a reduction to retained earnings.
• Teck's shares outstanding declined from 0.536 billion in 2022 to 0.490 billion in the third quarter of 2025, indicating net share repurchases over issuances.

Inbound Investments

• On September 9, 2025, Teck announced a proposed merger of equals with Anglo American plc to form Anglo Teck, a transaction that received overwhelming shareholder approval on December 9, 2025, and Canadian government approval on December 15, 2025.

Outbound Investments

• In 2024, Teck completed the sale of its steelmaking coal business (Elk Valley Resources or EVR) to Glencore for US$7.3 billion, and previously a minority stake to Nippon Steel Corporation and POSCO for US$1.3 billion.
• Teck is advancing the San Nicolas project in Mexico, a partnership with Agnico Eagle, earmarking up to $500 million for its development, with a final investment decision expected in the second half of 2025.
• The company is progressing its Zafranal project in Peru, with a potential sanction decision in the second half of 2025.

Capital Expenditures

• Teck plans to invest up to $3.9 billion to expand its copper and zinc production, targeting 800,000 tonnes of copper per year by the end of the decade.
• 2026 is projected to be a peak capital expenditure year, with expected spending between $2.8 billion and $3.4 billion (excluding stripping) or $3.2 billion and $4.0 billion (including stripping). These expenditures are primarily focused on the Quebrada Blanca (QB) Tailings Management Facility (TMF) and the Highland Valley Copper Mine Life Extension (HVC MLE) projects.
• The HVC MLE project has an estimated total capital cost of $2.1 billion to $2.4 billion, expected to be spent between 2025 and 2028. Expenditures for HVC MLE were $330 million in 2025 and are projected to be between $900 million and $1.2 billion in 2026.