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First Quarter 2016 Results
April 26, 2016
Forward Looking Information
Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995
and forward-looking information within the meaning of the Securities Act (Ontario). Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain
actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied
by the forward-looking statements.
The forward-looking statements in these slides and the oral presentation include estimates, forecasts, and statements as to management’s expectations with respect to, among other things,
cost and production forecasts at our business units and individual operations and expectation that we will meet our production guidance, estimated profit and estimated EBITDA, coal sales
forecast for the first quarter of 2016, remaining capital investment for Fort Hills, 2016 capital expenditure guidance, plans and expectations for our development projects, the impact of
currency exchange rates, sensitivity of EBITDA to exchange rates and demand and market outlook for commodities. These forward-looking statements involve numerous assumptions, risks
and uncertainties and actual results may vary materially.
These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. These statements are based on a number of assumptions,
including, but not limited to, assumptions regarding general business and economic conditions, interest rates, the supply and demand for, inventories of, and the level and volatility of prices of
zinc, copper, coal and gold and other primary metals and minerals produced by Teck as well as oil, natural gas and petroleum products, the timing of receipt of regulatory and governmental
approvals for Teck’s development projects and other operations, Teck’s costs of production and production and productivity levels, as well as those of its competitors, power prices, market
competition, the accuracy of Teck’s reserve estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are
based, tax benefits, the resolution of environmental and other proceedings, assumptions regarding the impact of our cost reduction program on our operations, our ongoing relations with our
employees and partners and joint venturers, performance by customers and counterparties of their contractual obligations, and the future operational and financial performance of the
company generally. Assumptions regarding the sensitivity of EBITDA and operating costs to oil prices are based on assumptions regarding the amount of diesel fuel used in our operations
and transporting our coal products is as forecast. Our production guidance is based on our mid-point of 2016 guidance ranges.
The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially. Factors that may cause actual results to vary include, but are not
limited to: adverse developments in business and economic conditions in the principal markets for Teck’s products, in credit markets, or in the supply, demand, and prices for metals and
other commodities to be produced, changes in interest and currency exchange rates, failure of customers or counterparties to perform their contractual obligations, inaccurate geological or
metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in taxation regimes, legal disputes or unanticipated
outcomes of legal proceedings, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost
escalation, unavailability of materials and equipment, government action or delays in the receipt of permits or government approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental matters), political risk, social unrest, lack of available financing for Teck or its partners or co-venturers, and changes in
general economic conditions or conditions in the financial markets. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. .
The effect on our profit and EBITDA will vary with commodity price and exchange rate movements, and sales volumes. The amount and timing of actual capital expenditures is dependent
upon numerous factors, including our ability to secure permits, equipment, labour and supplies and to do so at the cost level expected. And we may change our capital spending plans
depending on commodity markets, results of feasibility studies or various other factors.
Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products
develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical
failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in
the cost of energy or supplies. Statements regarding anticipated coal sales volumes and average coal prices for the quarter depend on timely arrival of vessels and performance of our coal-
loading facilities, as well as the level of spot pricing sales.
Certain of these risks are described in more detail in the annual information form of the company available at www.sedar.com and in public filings with the SEC. The company does not
assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as
may be required under applicable securities laws.
2
Executing on Near-Term Priorities
3 1. Teck’s share of sanction capital as of April 25, 2016
2. Includes cash balance of $1.3B and undrawn US$3B credit facility as of April 25, 2016.
3
• All operations cash flow positive after sustaining
capital and capitalized stripping, except Pend Oreille
• Cost management continues to deliver
• $1B of cash funding remaining to complete Fort Hills1
• Strong financial position, with >$5B in liquidity2
Quarterly Results
* Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in news release for additional information.
Q1 2016 Results
Revenue $ 1.7 Billion
Gross profit
(before depreciation & amortization)
$ 464 Million
EBITDA $ 517 Million
Profit
(attributable to shareholders)
$ 94 Million
Adjusted Profit*
(attributable to shareholders)
$18 Million
$0.03/share
4
1.53
1.29
0.22
0.20
Q1 2015 Q1 2016
39 31
0
1
12
11
29
25
Q1 2015 Q1 2016
Q1 2016 Operational Highlights
Production Q1 2016
Change To
Q1 2015
Steelmaking coal (Mt) 6.6 ▼ 0.2
Copper (kt) 82 ▲ 1
Zinc in concentrate4 (kt) 175 ▲ 9
Zinc – refined (kt) 79 ▲ 4
1. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales
plus capitalized stripping.
2. Copper C1 unit costs are net of by-product margins. Total cash costs are C1 unit costs plus capitalized stripping.
3. As compared with Q1 2015.
4. Includes co-product zinc production in our copper business unit.
15%
Coal Total Cash Unit Costs1
(US$/tonne)
68
80
Site
Transport
Inventory
Copper Total Cash Unit Costs2
(US$/lb)
15%
Stripping
Cash3
Stripping 1.49
1.75
Copper2,3
C1 Unit Costs
down US$0.24/lb
Total Cash Unit Costs
down US$0.26/lb
Steelmaking Coal1,3
Unit Cost of Sales
down US$11/t
Total Cash Unit Costs
down US$12/t
5
49 43
0
1
36
34
Q1 2015 Q1 2016
6.8 6.6
Q1 2015 Q1 2016
295
159
Q1 2015 Q1 2016
6.8 6.5
Q1 2015 Q1 2016
128
102
Q1 2015 Q1 2016
865
665
Q1 2015 Q1 2016
Steelmaking Coal Quarterly Results
Realized Price (C$/tonne) Revenue (C$M)
Gross Profit2 (C$M)Production (Mt)
Sales (Mt)
Unit Cost of Sales1 (C$/tonne)
1. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of
sales plus capitalized stripping.
2. Before depreciation and amortization.
In US dollars and including capitalized stripping, total cash costs down US$12/t
20%
23%
8%
46%
0.2
85
78
Site
Transport
Inventory
Total
0.3
6
Steelmaking Coal Market Update
Coal Price Assessments
Spot prices currently above the Q2 quarterly contract price of US$84/t
Source: Platts, Argus, The Steel Index
• Higher price assessments
• Demand improving
• Closures continue
• Supply curtailment
announcements in China
55
60
65
70
75
80
85
90
95
100
105
110
115
120
125
$/tonne
Quarterly Contract Settlement
Argus FOB Australia
TSI Premium HCC FOB Australia
7
71
81
Q1 2015 Q1 2016
2.67
2.11
Q1 2015 Q1 2016
523
479
Q1 2015 Q1 2016
81 82
Q1 2015 Q1 2016
1.53
1.29
Q1 2015 Q1 2016
210
180
Q1 2015 Q1 2016
Copper Quarterly Results
Realized Price (US$/lb) Revenue (C$M)
Gross Profit2 (C$M)Production (kt)
Sales (kt)
C1 Unit Costs1 (US$/lb)
Including capitalized stripping, total cash costs1 are down US$0.29/lb
1
xx%
10 21%
8%
1. Total site costs include total cash unit costs net of by-product margins, plus capitalized stripping.
2. Before depreciation and amortization.
14%
16%
8
Copper Market Perspective
-1,400
-1,200
-1,000
-800
-600
-400
-200
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2016
YTD
Thousandtonnes
Source: Wood Mackenzie
8.5%
Historic Disruptions 7-9% Per Year
4.9%
• Currently a slight oversupply in a
~20 Mt market
• Additional ~2% disruption could
balance market
• Post-2016, new supply minimal
• Exchange stocks represent
<2 weeks of supply
9
0.97
0.75
Q1 2015 Q1 2016
635
554
Q1 2015 Q1 2016Q1 2015 Q1 2016
73
78
Q1 2015 Q1 2016
179
125
Q1 2015 Q1 2016Q1 2015 Q1 2016
75 79
Q1 2015 Q1 2016
22
27
Q1 2015 Q1 2016
Zinc Quarterly Results
Zinc Realized Price (US$/lb) Revenue (C$M)
Gross Profit2 (C$M)Zinc Production (kt)
Zinc Sales (kt)
Lead Production (kt)
Higher production at Red Dog and Trail
1. Represents production and sales from Red Dog and Pend Oreille, and excludes co-product zinc production from our
copper business unit.
2. Before depreciation and amortization.
RefinedConc1
23%
30%
5
RefinedConc1 RefinedConc1
4 5
20
13%
13
32 33
Q1 2015 Q1 2016
1
120
140
165
152
10
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0¢
50¢
100¢
150¢
200¢
250¢
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
LME Stocks SHFE Price
$0
$50
$100
$150
$200
$250
$300
$350
2009 2010 2011 2012 2013 2014 2015 2016
Spot Annual
Spot TCs vs. Realized Annual TCs
Daily Zinc Prices & Stocks
Zinc Market Poised for Change
• Mine closures tightening
concentrate supply
• Growing demand expected to
outpace supply curtailments
• Declining inventories
• China forced to import zinc metal
• Treatment charges moving
significantly in favour of the mines
US¢/lb
thousandtonnes
plotted to
April 15, 2016
US$/dmt
plotted to
March 2016
Source: Teck, CRU11
Fort Hills Project Status & Progress
Source: Suncor. Extraction & tailings buildings, Q1 2016.
1. Teck’s share of sanction capital.
Construction >55% complete
$1B project capital remaining1
12
0
500
1000
1500
2000
2500
Cash - start of
quarter
Cash flow from
operations &
working capital
PP&E, incl. Fort
Hills
Debt interest &
principal
repayment
Capitalized
stripping
Effect of FX
changes on cash
& cash
equivalents
Proceeds from
sale of
investments and
other assets
Expenditures on
financial
investments &
distributions to
non-controlling
interests
Cash - end of
quarter
$22
Cash Changes in Q1 2016
Cash Flow
$215
$16
$159
$298
$Millions
$1,887
$1,485
$97
$373
Year-end targets for cash balance of >$500M1,
and undrawn US$3B credit facility
1. Assumes current commodity prices and exchange rates, Teck’s 2016 guidance for production, costs and capital expenditures.,
existing US$ debt levels and no unusual transactions.
13
Q1 2011
Q2 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
-150
-100
-50
0
50
100
-$0.75 -$0.25 $0.25 $0.75
Pre-taxSettlementAdjustment(C$M)
Change in Copper & Zinc Price (C$/lbs)
Outstanding at
Dec. 31, 2015
Outstanding at
Mar. 31, 2016
Quarterly
Price
Change
Pricing
Adjustments
Mlbs US$/lb Mlbs US$/lb US$/lb C$M
Copper 257 2.13 230 2.19 0.06 17
Zinc 162 0.73 109 0.81 0.08 10
Other 0
TOTAL 27
• Positive pricing adjustments
of $27M in Q1 2016
• Driven by quarterly change
in key commodity prices
Simplified Pricing Adjustment Model
Quarterly Pricing Adjustments
First positive quarterly pricing adjustment since Q2 2014
14
$0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
US$M
15
Strong Balance Sheet & Liquidity
• No debt due until 2017
− Weighted average maturity ~14 years
− Weighted average coupon (interest rate) ~4.8%
− Average maturity <US$600M
• Debt to debt-plus-equity ratio 35%2
2017
Q1: US$300M
Q3: US$300M
Targeting year-end 2016 cash balance of >$500M
1. As at April 25, 2016.
2. As at March 31, 2016.
Liquidity of >$5B, including unused US$3B line of credit1
Near-Term Priorities
• Keep operations cash flow positive
• Fund 2016 portion of Fort Hills
from internal sources
• Maintain a strong financial position
16
First Quarter 2016 Results
April 26, 2016

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Q1 2016 Financial Report Presentation Slides

  • 1. First Quarter 2016 Results April 26, 2016
  • 2. Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario). Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The forward-looking statements in these slides and the oral presentation include estimates, forecasts, and statements as to management’s expectations with respect to, among other things, cost and production forecasts at our business units and individual operations and expectation that we will meet our production guidance, estimated profit and estimated EBITDA, coal sales forecast for the first quarter of 2016, remaining capital investment for Fort Hills, 2016 capital expenditure guidance, plans and expectations for our development projects, the impact of currency exchange rates, sensitivity of EBITDA to exchange rates and demand and market outlook for commodities. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, interest rates, the supply and demand for, inventories of, and the level and volatility of prices of zinc, copper, coal and gold and other primary metals and minerals produced by Teck as well as oil, natural gas and petroleum products, the timing of receipt of regulatory and governmental approvals for Teck’s development projects and other operations, Teck’s costs of production and production and productivity levels, as well as those of its competitors, power prices, market competition, the accuracy of Teck’s reserve estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, tax benefits, the resolution of environmental and other proceedings, assumptions regarding the impact of our cost reduction program on our operations, our ongoing relations with our employees and partners and joint venturers, performance by customers and counterparties of their contractual obligations, and the future operational and financial performance of the company generally. Assumptions regarding the sensitivity of EBITDA and operating costs to oil prices are based on assumptions regarding the amount of diesel fuel used in our operations and transporting our coal products is as forecast. Our production guidance is based on our mid-point of 2016 guidance ranges. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially. Factors that may cause actual results to vary include, but are not limited to: adverse developments in business and economic conditions in the principal markets for Teck’s products, in credit markets, or in the supply, demand, and prices for metals and other commodities to be produced, changes in interest and currency exchange rates, failure of customers or counterparties to perform their contractual obligations, inaccurate geological or metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in taxation regimes, legal disputes or unanticipated outcomes of legal proceedings, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of permits or government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, lack of available financing for Teck or its partners or co-venturers, and changes in general economic conditions or conditions in the financial markets. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. . The effect on our profit and EBITDA will vary with commodity price and exchange rate movements, and sales volumes. The amount and timing of actual capital expenditures is dependent upon numerous factors, including our ability to secure permits, equipment, labour and supplies and to do so at the cost level expected. And we may change our capital spending plans depending on commodity markets, results of feasibility studies or various other factors. Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. Statements regarding anticipated coal sales volumes and average coal prices for the quarter depend on timely arrival of vessels and performance of our coal- loading facilities, as well as the level of spot pricing sales. Certain of these risks are described in more detail in the annual information form of the company available at www.sedar.com and in public filings with the SEC. The company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. 2
  • 3. Executing on Near-Term Priorities 3 1. Teck’s share of sanction capital as of April 25, 2016 2. Includes cash balance of $1.3B and undrawn US$3B credit facility as of April 25, 2016. 3 • All operations cash flow positive after sustaining capital and capitalized stripping, except Pend Oreille • Cost management continues to deliver • $1B of cash funding remaining to complete Fort Hills1 • Strong financial position, with >$5B in liquidity2
  • 4. Quarterly Results * Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in news release for additional information. Q1 2016 Results Revenue $ 1.7 Billion Gross profit (before depreciation & amortization) $ 464 Million EBITDA $ 517 Million Profit (attributable to shareholders) $ 94 Million Adjusted Profit* (attributable to shareholders) $18 Million $0.03/share 4
  • 5. 1.53 1.29 0.22 0.20 Q1 2015 Q1 2016 39 31 0 1 12 11 29 25 Q1 2015 Q1 2016 Q1 2016 Operational Highlights Production Q1 2016 Change To Q1 2015 Steelmaking coal (Mt) 6.6 ▼ 0.2 Copper (kt) 82 ▲ 1 Zinc in concentrate4 (kt) 175 ▲ 9 Zinc – refined (kt) 79 ▲ 4 1. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. 2. Copper C1 unit costs are net of by-product margins. Total cash costs are C1 unit costs plus capitalized stripping. 3. As compared with Q1 2015. 4. Includes co-product zinc production in our copper business unit. 15% Coal Total Cash Unit Costs1 (US$/tonne) 68 80 Site Transport Inventory Copper Total Cash Unit Costs2 (US$/lb) 15% Stripping Cash3 Stripping 1.49 1.75 Copper2,3 C1 Unit Costs down US$0.24/lb Total Cash Unit Costs down US$0.26/lb Steelmaking Coal1,3 Unit Cost of Sales down US$11/t Total Cash Unit Costs down US$12/t 5
  • 6. 49 43 0 1 36 34 Q1 2015 Q1 2016 6.8 6.6 Q1 2015 Q1 2016 295 159 Q1 2015 Q1 2016 6.8 6.5 Q1 2015 Q1 2016 128 102 Q1 2015 Q1 2016 865 665 Q1 2015 Q1 2016 Steelmaking Coal Quarterly Results Realized Price (C$/tonne) Revenue (C$M) Gross Profit2 (C$M)Production (Mt) Sales (Mt) Unit Cost of Sales1 (C$/tonne) 1. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. 2. Before depreciation and amortization. In US dollars and including capitalized stripping, total cash costs down US$12/t 20% 23% 8% 46% 0.2 85 78 Site Transport Inventory Total 0.3 6
  • 7. Steelmaking Coal Market Update Coal Price Assessments Spot prices currently above the Q2 quarterly contract price of US$84/t Source: Platts, Argus, The Steel Index • Higher price assessments • Demand improving • Closures continue • Supply curtailment announcements in China 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 $/tonne Quarterly Contract Settlement Argus FOB Australia TSI Premium HCC FOB Australia 7
  • 8. 71 81 Q1 2015 Q1 2016 2.67 2.11 Q1 2015 Q1 2016 523 479 Q1 2015 Q1 2016 81 82 Q1 2015 Q1 2016 1.53 1.29 Q1 2015 Q1 2016 210 180 Q1 2015 Q1 2016 Copper Quarterly Results Realized Price (US$/lb) Revenue (C$M) Gross Profit2 (C$M)Production (kt) Sales (kt) C1 Unit Costs1 (US$/lb) Including capitalized stripping, total cash costs1 are down US$0.29/lb 1 xx% 10 21% 8% 1. Total site costs include total cash unit costs net of by-product margins, plus capitalized stripping. 2. Before depreciation and amortization. 14% 16% 8
  • 9. Copper Market Perspective -1,400 -1,200 -1,000 -800 -600 -400 -200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Thousandtonnes Source: Wood Mackenzie 8.5% Historic Disruptions 7-9% Per Year 4.9% • Currently a slight oversupply in a ~20 Mt market • Additional ~2% disruption could balance market • Post-2016, new supply minimal • Exchange stocks represent <2 weeks of supply 9
  • 10. 0.97 0.75 Q1 2015 Q1 2016 635 554 Q1 2015 Q1 2016Q1 2015 Q1 2016 73 78 Q1 2015 Q1 2016 179 125 Q1 2015 Q1 2016Q1 2015 Q1 2016 75 79 Q1 2015 Q1 2016 22 27 Q1 2015 Q1 2016 Zinc Quarterly Results Zinc Realized Price (US$/lb) Revenue (C$M) Gross Profit2 (C$M)Zinc Production (kt) Zinc Sales (kt) Lead Production (kt) Higher production at Red Dog and Trail 1. Represents production and sales from Red Dog and Pend Oreille, and excludes co-product zinc production from our copper business unit. 2. Before depreciation and amortization. RefinedConc1 23% 30% 5 RefinedConc1 RefinedConc1 4 5 20 13% 13 32 33 Q1 2015 Q1 2016 1 120 140 165 152 10
  • 11. 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0¢ 50¢ 100¢ 150¢ 200¢ 250¢ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 LME Stocks SHFE Price $0 $50 $100 $150 $200 $250 $300 $350 2009 2010 2011 2012 2013 2014 2015 2016 Spot Annual Spot TCs vs. Realized Annual TCs Daily Zinc Prices & Stocks Zinc Market Poised for Change • Mine closures tightening concentrate supply • Growing demand expected to outpace supply curtailments • Declining inventories • China forced to import zinc metal • Treatment charges moving significantly in favour of the mines US¢/lb thousandtonnes plotted to April 15, 2016 US$/dmt plotted to March 2016 Source: Teck, CRU11
  • 12. Fort Hills Project Status & Progress Source: Suncor. Extraction & tailings buildings, Q1 2016. 1. Teck’s share of sanction capital. Construction >55% complete $1B project capital remaining1 12
  • 13. 0 500 1000 1500 2000 2500 Cash - start of quarter Cash flow from operations & working capital PP&E, incl. Fort Hills Debt interest & principal repayment Capitalized stripping Effect of FX changes on cash & cash equivalents Proceeds from sale of investments and other assets Expenditures on financial investments & distributions to non-controlling interests Cash - end of quarter $22 Cash Changes in Q1 2016 Cash Flow $215 $16 $159 $298 $Millions $1,887 $1,485 $97 $373 Year-end targets for cash balance of >$500M1, and undrawn US$3B credit facility 1. Assumes current commodity prices and exchange rates, Teck’s 2016 guidance for production, costs and capital expenditures., existing US$ debt levels and no unusual transactions. 13
  • 14. Q1 2011 Q2 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 -150 -100 -50 0 50 100 -$0.75 -$0.25 $0.25 $0.75 Pre-taxSettlementAdjustment(C$M) Change in Copper & Zinc Price (C$/lbs) Outstanding at Dec. 31, 2015 Outstanding at Mar. 31, 2016 Quarterly Price Change Pricing Adjustments Mlbs US$/lb Mlbs US$/lb US$/lb C$M Copper 257 2.13 230 2.19 0.06 17 Zinc 162 0.73 109 0.81 0.08 10 Other 0 TOTAL 27 • Positive pricing adjustments of $27M in Q1 2016 • Driven by quarterly change in key commodity prices Simplified Pricing Adjustment Model Quarterly Pricing Adjustments First positive quarterly pricing adjustment since Q2 2014 14
  • 15. $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $2,500 $2,750 $3,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 US$M 15 Strong Balance Sheet & Liquidity • No debt due until 2017 − Weighted average maturity ~14 years − Weighted average coupon (interest rate) ~4.8% − Average maturity <US$600M • Debt to debt-plus-equity ratio 35%2 2017 Q1: US$300M Q3: US$300M Targeting year-end 2016 cash balance of >$500M 1. As at April 25, 2016. 2. As at March 31, 2016. Liquidity of >$5B, including unused US$3B line of credit1
  • 16. Near-Term Priorities • Keep operations cash flow positive • Fund 2016 portion of Fort Hills from internal sources • Maintain a strong financial position 16
  • 17. First Quarter 2016 Results April 26, 2016