Teck Resources : Investor Presentation 042424.11

Investor Presentation

April 24, 2024

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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: our strategy and priorities; all guidance included in this presentation, including production guidance, sale and unit cost guidance and capital expenditure guidance; statements relating to market expectations, including expectations relating to the supply and demand of the markets for our products; statements relating to the sale of our steelmaking coal business, including all statements relating to our expectation that we will be able to close with Glencore and the timing of closing with Glencore; total expected proceeds from the sale of our steelmaking coal business and possible uses for such proceeds; estimated taxes relating to the sale of our steelmaking coal business and timing for payment; the amount of share buybacks that we may complete; all outlook and guidance regarding the ramp up of QB2; our portfolio of copper growth options and expectations for our copper projects, including Highland Valley Mine Life Extension, San Nicolas, Zafranal, QB Asset Expansion, including expectations related to benefits, the submission and receipt of regulatory approvals, timing for completion of prefeasibility, feasibility studies and sanctioning, costs and timing related to construction and commissioning and expectations relating to production levels, capital and operating costs, mine life, strip ratios, C1 cash costs and further expansions; statements regarding Teck's capital allocation framework, including statements regarding potential returns to shareholders, potential cash flows and allocation of funds; our sustainability goals, including our emissions reduction targets and our goal to be a nature positive company by 2030 and the pathway we propose to get there; and all other statements that are not historic facts.

Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including, without limitation: the possibility that the transaction with Glencore will not be completed on the terms and conditions, or on the timing, currently contemplated, or that the transaction may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory approvals and other conditions necessary to complete the transaction, or for other reasons or that the proceeds received are less than anticipated; risks that are generally encountered in the permitting and development of mineral properties such as unusual or unexpected geological formations; risks associated with volatility in financial and commodities markets and global uncertainty; risks associated with labour disturbances and availability of skilled labour; risks 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; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions and inflation; risks associated with climate change, environmental compliance, changes in environmental legislation and regulation, and changes to our reclamation obligations; risks associated with operations in foreign countries; and other risk factors detailed in our Annual Information Form. Declaration and payment of dividends and capital allocation are the discretion of the Board, and our dividend policy and capital allocation framework will be reviewed regularly and may change. Dividends and share repurchases can be impacted by share price volatility, negative changes to commodity prices, availability of funds to purchase shares, alternative uses for funds and compliance with regulatory requirements. Certain of our operations and projects are operated through joint arrangements where we may not have control over all decisions, which may cause outcomes to differ from current expectations.

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. 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. In addition to the above, statements regarding the sale transaction are based on assumptions that it will be completed on the terms and conditions, and within the timeframes, currently contemplated; that we will obtain or satisfy, in a timely manner, all required regulatory approvals and other conditions necessary to complete the sale transaction. 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.

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). The forward-looking statements contained in these slides and accompanying presentation describe Teck's expectations at the date hereof and are subject to change after such date. 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,GlobalwhetherMetalsas a resultandof newMininginformation,Conferencefuture events or otherwise.

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Value Creation Strategy

Capitalizing on strong demand in the transition to a low-carbon economy

Maximize long-term sustainable shareholder value

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A Leading Canadian Critical Minerals Company

Responsibly providing metals essential for global development and the energy transition

Global Metals and Mining Conference

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Full Sale of the Steelmaking Coal Business

• Announced the sale of steelmaking coal assets (EVR) with a majority stake to Glencore, and minority stakes to
  Nippon Steel Corporation (NSC) and POSCO
• NSC and POSCO transactions closed on January 3, 2024
• • NSC acquired 20% interest in EVR in exchange for cash and its prior 2.5% interest in Elkview Operations
  • POSCO exchanged 2.5% interest in Elkview Operations and 20% in Greenhills JV, for 3% interest in EVR
• Proceeds of US$1.3B received from NSC; the Board authorized a share buyback of up to $500 million
• Total proceeds of US$8.6B expected; US$6.9B from Glencore and US$1.7B from NSC
• Expected close of Glencore transaction no later than Q3 2024, with regulatory approvals underway including anti-trust and Investment Canada Act

Global Metals and Mining Conference

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Strong Copper Market Fundamentals

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Our Priorities

Complete sale of steelmaking coal - minority stake sale to Nippon Steel complete; regulatory approvals underway on majority sale to Glencore

Drive safe operational performance across the portfolio, ensuring we deliver on our market commitments

Consistent performance of QB at design capacity

Disciplined approach to developing our industry-leadingcopper growth pipeline

Disciplined capital allocation in line with our framework

Global Metals and Mining Conference

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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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Disciplined Approach to Copper Growth

Adapting our approach to project development

• Undertaking a comprehensive review of the QB2 project delivery, utilizing third-party expertise
• Building capability and capacity through investment in our people and processes
• Next project sanctioning expected in 2025

Following our disciplined capital allocation framework

• Maintaining a robust balance sheet in line with investment grade credit metrics
• Balancing growth with cash returns to shareholders
• All projects compete for capital to drive strong financial returns
• Prioritizing near-term development options of lower complexity and smaller scopes than QB2

Requirements for sanctioning of future projects

• Completing construction of QB and operating at designed capacities
• Incorporating lessons from comprehensive review
• Advancing engineering into detailed design and completing project execution planning
• Achieving progressive certainty in permitting

Global Metals and Mining Conference

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Near-Term Development Options

A balanced portfolio of greenfield and brownfield projects in well understood jurisdictions

Highland Valley Mine Life Extension (Cu-Mo | Brownfield | British Columbia)

Extending life of mine of Canada's largest base metals mine

Mine life extension of a highly productive asset at established operation with known & manageable risks

Feasibility study completed in H2 2023; progressing engineering, design and planning for substantial completion by Q1 2025

San Nicolás (Cu-ZnAg-Au | Greenfield | Zacatecas)

High grade asset with industry leading returns

Capital efficient, low C1 cash cost, high return project with JV in place that reduces Teck's near-term funding Submitted EIA in January 2024; feasibility study progressing; plans to initiate detailed engineering in H1 2025

Zafranal (Cu-Au | Greenfield | Arequipa)

Rapid project payback from the front-endhigh-grade profile

Mid cost curve forecast LOM C1 cash cost with competitive capital intensity

SEIA permit approved and capital and operating cost update completed, detailed engineering commencing H2 2024

QB Asset Expansion (Cu-Mo-Ag | Brownfield | Tarapacá)

Incremental production drives competitive C1 cost

Global Metals and Mining Conference

Builds on established QB Operations infrastructure and leverages large resource base

Defining the most capital efficient and value-adding options based on performance of QB Operations

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