Teck Reports Unaudited Fourth Quarter Results for 2025

Strong momentum built in Q4 and progressing merger to create global critical minerals champion

 “Teck closed out 2025 with strong momentum, delivering robust Q4 financial performance underpinned by significantly higher copper prices and operating performance in line with plan,” said Jonathan Price, President and CEO. “At Quebrada Blanca, we continued to make meaningful progress on ramp‑up, with improving production and tailings management facility development, supporting unlocking the full value of this exceptional resource. We advanced the proposed merger of equals between Teck and Anglo American, with shareholders voting overwhelmingly in favour and a key approval secured under the Investment Canada Act. Looking ahead to 2026, Teck is well positioned to deliver disciplined execution of our business plans and progress the merger and integration planning to create a global top‑five copper company.”

Highlights

• The proposed merger of equals (the Merger) with Anglo American plc to form Anglo Teck advanced during the fourth quarter with Teck shareholders voting overwhelmingly in favour of the transaction on December 9, 2025, and the Government of Canada granting approval of the Merger under the Investment Canada Act on December 15, 2025.

• On October 7, 2025, we announced the completion of our Comprehensive Operational Review and Updated Outlook. Progress on the QB Action Plan continued in the fourth quarter with development of the tailings management facility (TMF) proceeding as planned with progressive improvement in sand drainage rates and dam development.

• Adjusted EBITDA¹ of $1.5 billion in Q4 2025 was $678 million higher than the same period last year, driven by significantly higher copper prices and increased revenue from by-products. Our profit from continuing operations before taxes was $792 million in Q4 2025.

• Adjusted profit from continuing operations attributable to shareholders¹ in Q4 2025, was $671 million, or $1.37 per share and profit from continuing operations attributable to shareholders was $544 million or $1.11 per share.

• We ended the year in a net cash¹ position, supported by $1.3 billion of cash flow generated from operations in Q4 2025. Our liquidity as at February 18, 2026 is $9.3 billion, including $5.2 billion of cash.

• Our copper segment generated gross profit before depreciation and amortization¹ of $1.1 billion in Q4 2025 compared to $732 million in the same period last year, driven by higher copper prices, which averaged US$5.03 per pound in the fourth quarter, and lower smelter processing charges. Gross profit from our copper business was $747 million in Q4 2025.

• Copper prices rose significantly during Q4 2025 and closed at US$5.67 per pound at year end.

• Our zinc segment generated gross profit before depreciation and amortization¹ of $305 million in the fourth quarter, compared to $320 million in the same period last year. Lower zinc sales volumes from Red Dog, due to the timing of shipments, were largely offset by improved profitability at our Trail Operations. Gross profit from our zinc business was $243 million in Q4 2025.

• Our annual High-Potential Incident (HPI) frequency rate improved to 0.06, equal to our best annual result achieved for Teck-controlled operations and 50% lower than last year.

Note:

1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

Key Updates

Teck and Anglo American plc Merger of Equals

• On September 9, 2025, Teck and Anglo American plc announced the Merger to form Anglo Teck, a global critical minerals champion headquartered in Canada. Both Anglo American plc and Teck believe the Merger will be highly attractive for their respective shareholders and stakeholders, enhancing portfolio quality, financial and operational resilience and strategic positioning.

• The Merger is expected to deliver annual pre-tax synergies of approximately US$800 million, with approximately 80% expected to be realized on a run-rate basis by the end of the second year following completion. Anglo Teck will also work with key stakeholders and partners to optimize the value of the adjacent Collahuasi and Quebrada Blanca assets to realize US$1.4 billion (100% basis) of annual average underlying EBITDA² uplift from 2030-2049.

• On December 9, 2025, shareholders of both Teck and Anglo American plc approved the Merger as required under the arrangement agreement.

• On December 15, 2025, Teck and Anglo American received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for the Merger.

• The Merger remains subject to customary closing conditions for a transaction of this nature, including regulatory approvals in multiple jurisdictions globally. The parties continue to work collaboratively toward securing the required approvals and advancing the transaction to completion.

Notes:

1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.
2. This is a non-GAAP financial measure. See the Management Proxy Circular for the special meeting of shareholders of Teck Resources Limited held on December 9, 2025, filed under Teck’s profile on SEDAR+ (www.sedarplus.ca) for further information.

QB Action Plan Update and Q4 Performance

• In 2025, production at QB was constrained by the pace of development of the TMF, requiring downtime in the concentrator to manage the rate of tailings rise. Our priority remains enabling safe, unconstrained production by raising the crest height of the dam. This is being delivered through construction of additional rock benches while continuing to progress efforts to improve sand drainage to support construction of the sand dam.

• Q4 2025 copper production at QB was 55,400 tonnes, an increase of 15,800 tonnes compared with Q3 2025 and the strongest quarterly performance of 2025. Q4 2025 performance was driven by the continued development of the TMF, focus on operational stability initiatives and progress towards steady-state operations.

• Q4 2025 molybdenum production at QB was 690 tonnes, the highest quarterly production to date, with continued ramp-up of the molybdenum plant with the focus on operational stability.

• In Q4 2025, development of the TMF advanced as planned, supporting effective management of freeboard levels and enabling continuous operations.

• QB achieved progressive improvement in sand drainage rates during the fourth quarter. We completed the full replacement of the cyclone technology, which reduced the amount of ultra fines present in the sand, and successfully implemented refined sand placement improvements. The sand wedge development is progressing as per plan and, with improved sand drainage rates, we expect completion of the sand wedge in 2026. Work also advanced in the fourth quarter on the construction of the remaining rock benches, in line with expectations.

• Throughput improved progressively throughout the fourth quarter with December achieving the highest monthly rate of throughput in 2025, and in line with rates achieved in Q4 2024. Recoveries remained consistent over the quarter and within plan based on the type of ore being processed. Copper grades continued to align with plan and were 0.59% on average in the fourth quarter.

• Copper sales volumes from QB in Q4 2025 of 41,600 tonnes were lower than production, primarily due to a short-term build-up in inventory resulting from weather and sea conditions in December, which delayed shipments into early 2026.

• Shiploader repairs at QB’s port facility were completed at the end of January 2026. The first successful shipments were loaded in early February and normal operation of the shiploader has resumed.

• QB net cash unit costs¹ for 2025 of US$2.67 per pound were at the lower end of our previously disclosed 2025 annual guidance range of US$2.65–US$3.00 per pound. QB net cash unit costs¹ in the fourth quarter increased from the same period last year mainly due to lower copper production, offset partially by lower operating costs and higher molybdenum by-product credits.

Safety and Sustainability Leadership

• Our annual High-Potential Incident (HPI) frequency rate improved to 0.06, equal to our best annual result achieved for Teck-controlled operations. The rate is 50% lower than the 2024 annual rate of 0.12.

• On November 18, 2025, Teck was named one of Canada’s Top 100 Employers for the ninth consecutive year by Mediacorp Canada’s Top Employers program, which recognizes companies for exceptional human resource programs and innovative workplace policies.

Note:

1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

Click here to view Teck’s full fourth quarter results for 2025.