press release

Teck Reports Unaudited Third Quarter Results for 2026

2026-10-29

TSX - Toronto Stock Exchange · Copper · Molybdenum · Silver · Gold · Zinc · Lead · Germanium · Indium · Sulfur · Nickel · Platinum · Palladium · Corporate Finance

Sustained operating performance and record copper prices support robust third quarter results

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited third quarter results for 2026.

“Our third quarter results showcase the underlying strength of our business, with increased production, disciplined execution and record copper prices driving strong financial performance and cash generation,” said Jonathan Price, President and CEO. “Across our copper business, we increased production, lowered unit costs and delivered strong margin growth, while our zinc business continued to contribute meaningful cash flow generation. This was achieved while simultaneously dealing with severe weather events across our copper operations, prioritizing the safety of our people while maintaining solid operating performance. These results further demonstrate the strong foundation from which we are advancing toward completion of the planned merger with Anglo American.”

Highlights

Adjusted EBITDA1of $2.3 billion in Q3 2026 was $1.1 billion or 97% higher than the same period last year, driven primarily by significantly higher copper and zinc prices, higher by-product revenues and lower smelter processing charges. Our profit before taxes was $2.3 billion in Q3 2026, due to the reasons noted above combined with an impairment reversal at our Trail Operations. Adjusted profit attributable to shareholders1in Q3 2026 was $923 million, or $1.88 per share, compared with $372 million, or $0.76 per share, in the same period last year. Profit attributable to shareholders was $1.6 billion or $3.24 per share. We generated significant cash flow from operations of $1.6 billion, which increased our net cash1position by $655 million in Q3 2026. Our liquidity as at September 30, 2026 was $10.9 billion, including $6.7 billion of cash. Our copper segment generated gross profit before depreciation and amortization1of $1.6 billion in Q3 2026 compared with $740 million in the same period last year, primarily driven by record copper prices, which averaged US$6.40 per pound in Q3 2026. Strong cost performance and lower smelter processing charges reduced copper net cash unit costs1to US$1.77 per pound in Q3 2026 compared with US$2.09 per pound in the same period last year. Gross profit from our copper segment was $1.2 billion in Q3 2026. Copper production volumes of 115,700 tonnes were 11% higher than the same period last year with production increases across all of our copper operations, except Carmen de Andacollo, where production decreased as a result of extreme weather conditions, which caused an extended shutdown of the operation. Despite the impact of severe weather conditions and the resulting impact on mining conditions in the quarter, QB produced 47,200 tonnes of copper in Q3 2026. Our zinc segment generated gross profit before depreciation and amortization1of $638 million in Q3 2026, compared with $454 million in the same period last year driven by higher commodity prices and our continued focus on cash flow generation through our optimized feed strategy at our Trail Operations, which also resulted in a pre-tax impairment reversal of $888 million. Gross profit from our zinc segment was $465 million in Q3 2026. Red Dog zinc in concentrate sales volumes of 246,700 tonnes, were within our previously disclosed guidance range for Q3. Our 2026 annual copper net cash unit cost1guidance has been reduced as a result of strong by-product pricing year-to-date. Our 2026 annual zinc total cash unit cost1and net cash unit cost1guidance has also been reduced as a result of strong cost performance and pricing for by-products.

Note: 1. This is a non-GAAP financial measure or ratio. See “_Use ofNon-GAAP Financial Measures and Ratios_” for further information.

Financial Summary Q3 2026

| Financial Metrics (CAD$ in millions, except per share data) | Q3 2026 | Q3 2025 | | | | Revenue | $ | 4,517 | $ | 3,385 | | Gross profit | $ | 1,688 | $ | 660 | | Gross profit before depreciation and amortization1 | $ | 2,220 | $ | 1,194 | | Profit before taxes | $ | 2,276 | $ | 289 | | Adjusted EBITDA1 | $ | 2,305 | $ | 1,171 | | Profit attributable to shareholders | $ | 1,592 | $ | 281 | | Adjusted profit attributable to shareholders1 | $ | 923 | $ | 372 | | Basic earnings per share | $ | 3.24 | $ | 0.58 | | Diluted earnings per share | $ | 3.24 | $ | 0.57 | | Adjusted basic earnings per share1 | $ | 1.88 | $ | 0.76 | | Adjusted diluted earnings per share1 | $ | 1.88 | $ | 0.76 | | | | | | |

Key Updates

Teck and Anglo American plc Merger of Equals

Teck and Anglo American continue to work collaboratively toward securing the required approvals. The transaction continues to progress as planned and remains on track to close within the originally stated 12–18 months from the date of the announcement.

Integration planning continues to advance, with a focus on Day 1 readiness, maintaining safe and reliable operations, and ensuring business continuity while preparing the combined company to realize the strategic and operational benefits of the transaction. Significant progress has been made, including establishing the future executive leadership team, defining the operating model, and advancing integration plans.

Consistent with this progress, Teck and Anglo American announced the composition of the future Executive Leadership Team on July 30, 2026, with these appointments taking effect immediately upon completion of the Merger.

The combination 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. Beyond these integration synergies, Anglo Teck will work with key stakeholders and partners to optimize the value of the adjacent Collahuasi and Quebrada Blanca assets, creating the potential for approximately US$1.4 billion (100% basis) of average annual underlying EBITDA2uplift from 2030 through 2049. The combination of QB and Collahuasi offers shareholders of both operations the fastest route to material copper growth at the lowest risk and capital intensity, while delivering superior returns relative to standalone alternatives and preserving future expansion opportunities at both operations. Together, the Merger will create a leading global mining company with enhanced scale, significant exposure to copper and other future-facing commodities, and a strong platform for long-term value creation and multi-decade copper growth.

We expect that the Merger will close approximately 11 trading days following the satisfaction or waiver of the last condition precedent to the Merger’s closing (other than conditions that cannot be satisfied until the closing of the Merger).

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 Q3 Performance

Following strong performance in July, severe weather in August, including heavy snowfall and high winds, caused intermittent power outages at site, resulting in shutdowns of the concentrator, dewatering systems and other equipment. These disruptions, combined with wet mining conditions, reduced access to planned higher-grade ore and impacted mine productivity into September. Consistent with the mine plan, operations have been primarily focused in one phase of the mine, limiting operational flexibility. As the mine plan advances and multiple mining faces are increasingly open through Q4 2026 and into 2027, operational flexibility and ore sourcing optionality are expected to increase, improving reliability and resilience to severe weather conditions.

QB successfully completed a planned maintenance shutdown in September, with no further planned shutdowns for the remainder of 2026, supporting continued operational performance for the remainder of the year.

As a result of the impact of severe weather conditions in the quarter, QB copper production of 47,200 tonnes in Q3 2026, was lower than production of 55,800 tonnes in the second quarter of 2026. Copper production in Q3 2026 was higher than the 39,600 tonnes produced in the same period last year due to 20 days of downtime in September 2025 required to raise the tailings dam crest.

Throughput was strong in July but was affected by weather-related disruptions in August and wet material in September, noted above, averaging 117,000 tonnes per day in Q3 2026. Recoveries were 81.1% in the quarter, lower than Q2 2026, due to wet material and higher clays as a result of limited feed optionality while mine access was constrained. Work is continuing on recovery performance improvements. Grades averaged 0.55% in Q3 2026, lower than planned due to weather-related constraints on access to higher-grade ore.

Despite the impact of severe weather conditions in the third quarter, our annual 2026 copper production guidance for QB of 200,000 to 235,000 tonnes is unchanged.

Q3 2026 molybdenum production at QB was 600 tonnes, higher than the 480 tonnes produced in the same period last year but lower than the 840 tonnes produced in Q2 2026. Production was affected by the same operational factors impacting copper production during the quarter.

QB net cash unit costs1of US$2.48 per pound in the third quarter decreased significantly compared to US$2.91 per pound in the same period last year, primarily driven by lower transportation costs due to the shiploader not being in service in Q3 2025, as well as higher sales volumes and by-product credits. QB net cash unit costs1in Q3 were higher than Q2 2026 net cash unit costs1of US$1.83 per pound due to lower copper sales volumes and lower by-product credits.

Q3 2026 marked the fourth consecutive quarter with no TMF-related concentrator downtime and we achieved our highest monthly sand deposition rate in July, reflecting continued progress in TMF development and operational reliability. Work to further improve deposition performance is ongoing through construction of the secondary cyclone station, with commissioning expected in Q1 2027.

As previously disclosed, and consistent with our QB Action Plan, we have advanced material placement planned for 2027 into 2026 and commenced construction of Rock Bench 6 in Q3 2026. Advancing this work enables installation of the permanent TMF pipeline infrastructure, which commenced in October. Once installation is complete, the permanent TMF pipeline infrastructure will mechanically raise the tailings pipeline, supporting more efficient and optimized TMF performance to enable achievement of steady-state operations. Completion of Rock Bench 6 construction and installation of the permanent TMF pipeline infrastructure is expected in Q1 2027.

Note:

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

Safety and Sustainability Leadership

We were saddened by a fatality on October 27, 2026 at the Antamina mine, our joint venture with BHP, Glencore and Mitsubishi. Teck is fully participating in the Antamina led investigation and learnings will be shared across our company and industry.

Our annual High-Potential Incident (HPI) frequency rate improved to 0.06 in Q3 2026, remaining in line with the 2025 year-end rate, which represented Teck's equal-best annual performance.

On October 7, 2026, Teck announced that it had been named to the Forbes World’s Top Companies for Women 2026 list for the second time, recognizing organizations that are highly rated by women employees and demonstrate a commitment to advancing women in the workplace.

Guidance

Our guidance, which is outlined in summary below and our usual guidance tables, including 2027–2028 production guidance, can be found on pages 30–33 of Teck’s third quarter results for 2026 at the link below.

Our previously disclosed 2026 annual production guidance is unchanged, including for QB despite severe weather impacts in Q3 2026. As a result of strong operational performance through September 30, 2026, we expect our 2026 annual production to be towards the high end of our previously disclosed guidance ranges for copper production at HVC, zinc in concentrate production at Red Dog and refined zinc production at Trail. As a result of the significant impact of extreme weather conditions in Q3 at Carmen de Andacollo, we expect our 2026 annual copper production to be at the low end of our previously disclosed guidance.

As a result of strong year-to-date by-product pricing, we have reduced our 2026 annual copper net cash unit cost1guidance to US$1.80–$2.00 per pound compared to our previously disclosed guidance range of US$1.85–$2.20 per pound.

We have also reduced our 2026 annual zinc total cash unit cost1guidance to US$0.70–$0.80 per pound, compared to our previously disclosed guidance of US$0.80–$0.90 per pound, and our 2026 annual zinc net cash unit cost1guidance to US$0.30–$0.40 per pound, compared to our previously disclosed guidance of US$0.65–$0.75 per pound, due to strong year-to-date cost performance and by-product pricing.

As previously disclosed, we are advancing construction of Rock Bench 6 at the QB TMF, which was not included in our 2026 annual capital expenditure guidance, and as a result, we expect our 2026 annual sustaining capital expenditures to be in the top half of our previously disclosed guidance range of $1.3–$1.5 billion. The year-to-date increase in diesel costs has directly impacted our capitalized stripping costs and we expect our 2026 annual capitalized stripping expenditures to be at the high end of our previously disclosed guidance range of $455–$560 million.

The Red Dog shipping season commenced on July 12, 2026 and is expected to be completed by early November 2026. We expect sales of zinc in concentrate at Red Dog to be in the range of 65,000 to 75,000 tonnes in the fourth quarter of 2026, reflecting the normal seasonality of Red Dog sales.

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

| | | | 2026 Guidance – Summary | Current | | Production Guidance | | | Copper (000’s tonnes) | 455 – 530 | | Zinc (000’s tonnes) | 410 – 460 | | Refined zinc (000’s tonnes) | 190 – 230 | | Sales Guidance – Q4 2026 | | | Red Dog zinc in concentrate sales (000’s tonnes) | 65 – 75 | | Unit Cost Guidance | | | Copper net cash unit costs (US$/lb.)1 | 1.80 – 2.00 | | Zinc net cash unit costs (US$/lb.)1 | 0.30 – 0.40 | | | |

Note:

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

All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted.

Click hereto view Teck’s full third quarter results for 2026.

WEBCAST

Teck will host an Investor Conference Call to discuss its Q3/2026 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on October 29, 2026. A live audio webcastof the conference call, together with supporting presentation slides, will be available at our website at www.teck.com. The webcast will be archived atwww.teck.com.

REFERENCE

Edwin Shadeo, Acting Vice President, Investor Relations and Treasurer: +1 604.699.4531 Dale Steeves, Director, External Communications: +1 236.987.7405

USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS

Our annual financial statements are prepared in accordance with IFRS®Accounting Standards as issued by the International Accounting Standards Board (IASB). Our interim financial results are prepared in accordance with IAS 34, _Interim Financial Reporting_(IAS 34). This document refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards or by Generally Accepted Accounting Principles (GAAP) in the United States.

The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS Accounting Standards, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards.

Adjusted profit attributable to shareholders– For adjusted profit attributable to shareholders, we adjust profit attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities.

EBITDA– EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.

Adjusted EBITDA– Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit attributable to shareholders as described above.

Adjusted profit attributable to shareholders, EBITDA and Adjusted EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends.

Adjusted basic earnings per share– Adjusted basic earnings per share is adjusted profit attributable to shareholders divided by average number of shares outstanding in the period.

Adjusted diluted earnings per share – Adjusted diluted earnings per share is adjusted profit attributable to shareholders divided by average number of fully diluted shares in a period.

Gross profit before depreciation and amortization– Gross profit before depreciation and amortization is gross profit with depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our reportable segments or overall operations.

Total cash unit costs– Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described below, plus the smelter and refining charges added back in determining adjusted revenue. This presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis.

Net cash unit costs– Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations.

Adjusted cash cost of sales– Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts.