Supplemental Information - November 25

Supplemental
Information
November 25, 2022

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
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
Guidance

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%)

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

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

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
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
$ 667 $ 870 $ 870
Teck’s share in C$ millions, except as noted
8

(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

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
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
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.

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

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

Copper Growth
Strategy

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.

($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.

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

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

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.

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

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

Zinc Development
Options

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.

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

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
Base Metals Business Units –
Copper and Zinc

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
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$)
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
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

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
Steelmaking Coal
Business Unit

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
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

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
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
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
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
Copper Market

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
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
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
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
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
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
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
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
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
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
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
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
Zinc Market

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
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
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
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
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
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
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
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
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
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
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
Steelmaking Coal
Market

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
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
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
Steelmaking Coal Prices
Steelmaking Coal Prices1 (US$ per tonne)
FOB Price
5-year average US$213/t
CFR China Price
$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
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
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
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
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
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
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
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
2019 2020 2021 2022
0%
20%
40%
60%
80%
100%
Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
BF EAF

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
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
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
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
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
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
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
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
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

Appendix

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
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
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
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
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
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
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.

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