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Fourth Quarter &
Full Year 2015 Results
February 11, 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, and also based on. Our production guidance is based on our mid-point of 2016 guidance ranges. Our estimated profit and estimated
EBITDA are based on budgeted commodity prices and a 1.40 CAD/USD exchange rate. Assumptions regarding the impact of foreign exchange are based on current commodity prices and a
1.40 CAD/USD exchange rate.
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
Plan to Navigate an Extended Low Price
Environment & Emerge Stronger
• Continuing to deliver excellent operating
execution
− Reduced our cash unit costs at all
operations in 20151
− All major operating mines cash flow
positive after sustaining capex2
• Finish building Fort Hills
− >50% complete; on schedule and
on budget
• Protecting our strong financial position
− Evaluating options to further
strengthen liquidity
• Staying true to our core values
− Recognized once again for
sustainability
1. Compared with 2014.
2. In the fourth quarter and full year 2015. Major operating mines exclude Quebrada Blanca and Pend Oreille.
3
Overview of Full Year 2015 Results
Revenue $ 8.3 billion
Gross profit
(before depreciation & amortization)
$ 2.6 billion
Profit (loss)
(attributable to shareholders)
($ 2.5 billion)
Impairment charges
(after-tax basis)
($ 2.7 billion)
EBITDA before impairments $ 2.0 billion
Adjusted profit*
(attributable to shareholders)
$ 188 million
$0.33/share
Profitability impacted by non-cash impairment charges
* Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in news release for additional information.4
Guidance Results
Steelmaking Coal
Production1
25-26 Mt  25.3 Mt
Site costs C$49-53/t  C$45/t
Transportation costs C$37-40/t  C$36/t
Combined costs2
C$86-93 /t  C$83/t
US$64/t
Lower unit costs at all mines
Copper
Production 340-360 kt  358 kt Record mill throughput at Antamina
Cash unit costs3
US$1.45-1.55 /lb  US$1.45/lb Lower unit costs at all mines
Zinc
Metal in concentrate production4
635-665 kt  658 kt
Refined production 280–290 kt  307 kt Record production at Trail
Capital Expenditures5
$2.3B  $2.2B Lower capex
Solid Delivery Against 2015 Guidance
1. Reflects mid-year revision for temporary shutdowns.
2. Combined coal costs are site costs, inventory adjustments and transportation costs.
3. Net of by-product credits.
4. Including co-product zinc production from our copper business unit.
5. Including capitalized stripping.
5
46
35
3
1
15
12
35
28
2014 20152014 2015
Significant Unit Cost Reductions
Unit costs reduced at all of our operations1
1. In 2015 as compared with 2014.
2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost
of sales plus capitalized stripping.
3. Copper C1 unit costs are net of by-product margins. Total cash costs are C1 unit costs plus capitalized stripping.
23%
Total Cash Costs (US$/tonne)2
76
99
Site
Transport
Inventory
Total Cash Costs (US$/lb)3
xx%
14%
Copper3
C1 Unit Costs
down US$0.20/lb
Total Cash Costs
down US$0.27/lb
Total
Capitalized
Stripping
Site
Total
Capitalized
Stripping
1.66
1.93
2014 2015
24%
Unit Cost of Sales (US$/tonne)2
64
84
C1 Unit Costs (US$/lb)3
xx%
12%
1.45
1.65
Steelmaking Coal2
Unit Cost of Sales
down US$20/t
Total Cash Costs
down US$23/t
1.65 1.45
0.28
0.21
2014 2015
6
Core Business Free Cash Flow1
Free Cash Flow, Before Fort Hills Capital
(100)
-
100
200
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
C$Millions
Cost management delivered improvements in
Free Cash Flow, despite a weakening price environment
1. Free Cash Flow is Net Cash from Operations, before changes in Working Capital, less Investing activity excluding Fort Hills capital
expenditures, not including proceeds from sales of investments, less interest paid and distributions to minority interests.
7
Teck has good leverage to stronger zinc and copper markets,
and benefits from the weaker Canadian dollar
The Value of Our Diversified Business Model
Cash Operating Profit 2015
Production
Guidance1
Unit of
Change
Estimated
Profit 2
Estimated
EBITDA2
$C/$US C$0.01 $22M /$.01∆ $34M /$.01∆
Coal 25.5 Mt US$1/tonne $23M /$1∆ $35M /$1∆
Copper 312 kt US$0.01/lb $6M /$.01∆ $9M /$.01∆
Zinc 940 kt US$0.01/lb $9M /$.01∆ $14M /$.01∆
2016 Leverage to Commodities & FX
1. Based on mid-point of 2016 guidance ranges. Zinc includes 645 kt of zinc in concentrate and 295 kt of refined zinc.
2. Based on budgeted commodity prices and a 1.40 CAD/USD exchange rate. The effect on our profit and EBITDA will vary with
commodity price and exchange rate movements, and sales volumes.
Coal
~30%
Copper
35%
Zinc
35%
Base
Metals
~70%
8
Overview of Fourth Quarter 2015 Results
Revenue $ 2.1 billion
Gross profit
(before depreciation & amortization)
$614 million
Profit (loss)
(attributable to shareholders)
($459 million)
Impairment charges
(after-tax basis)
($536 million)
EBITDA before impairments $467 million
Adjusted profit*
(attributable to shareholders)
$ 16 million
$ 0.03/share
Profitability impacted by non-cash impairment charges
* Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in news release for additional information.9
48 41
4
2
39
35
Q4 2014 Q4 2015
6.5 6.5
Q4 2014 Q4 2015
123
108
Q4 2014 Q4 2015
824
701
Q4 2014 Q4 2015
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$20/t
12% 15%
6.8
6.4
Q4 2014 Q4 2015
234
197
Q4 2014 Q4 2015
14% 16%0.4
91
78
flat
Site
Transport
Inventory
Total
10
86
105
Q4 2014 Q4 2015
2.98
2.21
Q4 2014 Q4 2015
656
619
Q4 2014 Q4 2015
83
96
Q4 2014 Q4 2015
274
203
Q4 2014 Q4 2015
Copper Quarterly Results
Realized Price (US$/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$0.41/lb
13
xx%
19
26% 6%
1. Total site costs include total cash unit costs net of by-product margins, plus capitalized stripping.
2. Before depreciation and amortization.
26%19%
1.69
1.37
Q4 2014 Q4 2015
11
37
31
Q4 2014 Q4 2015
775 814
Q4 2014 Q4 2015
Zinc Quarterly Results
Zinc Realized Price (US$/lb) Revenue (C$M)
Gross Profit2 (C$M)Zinc Production (kt)
Zinc Sales (kt)
Lead Production (kt)
Sales up by 43 kt for zinc in concentrate1 and 6 kt for refined zinc
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
28%
14%
43 6
RefinedConc1 RefinedConc1
6
6
10
8
5%
248
213
Q4 2014 Q4 2015
155
145
Q4 2014 Q4 2015
73
79
Q4 2014 Q4 2015
16
24
Q4 2014 Q4 2015
179
222
Q4 2014 Q4 2015
1.04
0.75
Q4 2014 Q4 2015
73
79
Q4 2014 Q4 2015
12
>95% Engineering complete
approximate as at December 2015
>50% Construction complete
approximate as at December 2015
Project Progress
construction has surpassed the midway
point and the project continues to track
positively within schedule expectations
Fort Hills Project Status & Progress
Capital Expenditures1
continues to track positively within
project sanction cost
Teck’s sanction capital$2.94B
Global fabrication, module
and logistics program
performing well to date, delivering
positive results
All critical schedule milestones
have been achieved to date
supporting target 2017 first oil
Remaining capital investment
as of February 10, 2016
$1.2B
1. Based on Suncor’s planned project spending. Sanction capital is the go-forward amount from the date of the Fort Hills
sanction decision (October 30, 2013), denominated in Canadian dollars and on a fully-escalated basis.
13
Outstanding at
Sept. 30, 2015
Outstanding at
Dec. 31, 2015
Quarterly
Price
Change
Pricing
Adjustments
Mlbs US$/lb Mlbs US$/lb US$/lb C$M
Copper 189 2.30 257 2.13 -0.17 $42M
Zinc 220 0.76 162 0.73 -0.03 $18M
Other $3M
TOTAL $63M
• Negative pricing adjustments
of $63M in Q4 2015
• Driven by quarterly change
in key commodity prices
Simplified Pricing Adjustment Model
Quarterly Pricing Adjustments
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
-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)
14
2015 Results 2016 Guidance
Steelmaking Coal
Production 25.3 Mt 25-26 Mt
Site costs $45/t $45-49/t
Capitalized stripping $16/t $11/t1
Transportation costs $36/t $35-37/t
Total cash costs2 $99/t
US$76/t
$91-97/t
US$65-69/t
Copper
Production 358 kt 305-320 kt
C1 unit costs3
US$1.45/lb US$1.50-1.60/lb
Capitalized stripping US$0.21/lb US$0.21/lb1
Total cash costs4
US$1.66/lb US$1.71-1.81/lb
Zinc
Metal in concentrate production5
658 kt 630-665 kt
Refined production 307 kt 290-300 kt
2016 Production & Site Cost Guidance
1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range.
2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost
of sales plus capitalized stripping.
3. Net of by-product credits.
4. Copper total cash costs Include cash C1 unit costs (after by-product margins) and capitalized stripping.
5. Including co-product zinc production from our copper business unit.
15
($M) Sustaining
Major
Enhancement
New Mine
Development Sub-total
Capitalized
Stripping Total
Coal $50 $40 $ - $90 $290 $380
Copper 120 5 80 205 190 395
Zinc 130 10 - 140 60 200
Energy 5 - 1,000 1,005 - 1,005
TOTAL $305 $55 $1,080 $1,440 $540 $1,980
Total capex of ~$1.4B, plus capitalized stripping
2015A $397 $64 $1,120 $1,581 $663 $2,244
2016 Capital Expenditures Guidance
16
$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
17
Long-Dated Debt Maturity Profile
• 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 37%1
2017
Q1: US$300M
Q3: US$300M
Repaid US$300M in notes in Q4 2015
As at December 31, 2015.
0
500
1000
1500
2000
2500
3000
3500
Cash - start of
quarter
Proceeds from
sale of
investments
and other
assets
Cash flow from
operations &
working capital
Effect of FX
changes on
cash & cash
equivalents
PP&E, incl.
Fort Hills
Debt interest,
principal &
issuance
Capitalized
stripping
Dividends paid Expenditures
on financial
investments &
distributions to
non-controlling
interests
Cash - end of
quarter
Cash Changes in Q4 2015
Cash Flow
$446
$687
$176
$532
$Millions
$1,487
$1,887
$29
$831
$79
Current cash balance of ~$1.8B1
$14
1. As at February 10, 2016.18
0
500
1000
1500
2000
2500
Original Guidance Lower Prices &
FX vs. Start of
Year Forecast
Repayed Debt
From Cash
Cost Management
Program
Cut Capex Reduced the
Dividend
Proceeds from
Sale of
Investments &
Other Assets Incl.
Two Precious
Metal Streaming
Transactions
Cash Balance
Cash Balance Improvement Relative to Original Guidance
Strong Cash Balance$Millions
$1,000
$1,887
$208
$100
$1,100
$259
$406 $144
Reflects management actions to conserve cash
19
Substantial Credit Facilities1
Amount
(M)
Commitment Maturity
Letters of
Credit Limit
($M)
Letters of
Credit Drawn
($M)
Total
Available
($M)
US$3,000 Committed July 2020 US$1,000 Undrawn US$3,000
US$1,200 Committed June 2017 None US$740 US$460
Expect to keep available for
letter of credit requirements
~C$1,700 Uncommitted n/a n/a ~C$1,500 ~C$200
Total1 ~C$2,500 ~C$5,000
• Unsecured; any borrowings rank pari passu with outstanding public notes
• Only financial covenant is debt to debt-plus-equity of <50%; excludes issued letters of credit
• Availability not affected by commodity price changes or credit rating actions
• Available for general corporate purposes
1. As of December 31, 2015. Assumes a 1.38 CAD/USD exchange rate.
2. Includes cash and US$3B credit facility. Excludes US$1.2B credit facility and uncommitted bilateral credit facilities.
Ample liquidity for remaining Fort Hills capital expenditure of ~$1.2B
20
Near-Term Priorities
• Keeping operations cash flow
positive
• Funding Fort Hills from internal
sources
• Maintaining a strong financial
position
− Target for US$3B credit facility
to remain undrawn in 2016
− Expect year-end cash balance
of >$500M1
• Evaluating opportunities to further
strengthen liquidity
21 1. Assumes current commodity prices and exchange rates, Teck’s 2016 guidance for production, costs and capital expenditures.,
existing US$ debt levels and no unusual transactions.
Fourth Quarter &
Full Year 2015 Results
February 11, 2016

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Q4 2015 Financial Report Presentation Slides

  • 1. Fourth Quarter & Full Year 2015 Results February 11, 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, and also based on. Our production guidance is based on our mid-point of 2016 guidance ranges. Our estimated profit and estimated EBITDA are based on budgeted commodity prices and a 1.40 CAD/USD exchange rate. Assumptions regarding the impact of foreign exchange are based on current commodity prices and a 1.40 CAD/USD exchange rate. 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. Plan to Navigate an Extended Low Price Environment & Emerge Stronger • Continuing to deliver excellent operating execution − Reduced our cash unit costs at all operations in 20151 − All major operating mines cash flow positive after sustaining capex2 • Finish building Fort Hills − >50% complete; on schedule and on budget • Protecting our strong financial position − Evaluating options to further strengthen liquidity • Staying true to our core values − Recognized once again for sustainability 1. Compared with 2014. 2. In the fourth quarter and full year 2015. Major operating mines exclude Quebrada Blanca and Pend Oreille. 3
  • 4. Overview of Full Year 2015 Results Revenue $ 8.3 billion Gross profit (before depreciation & amortization) $ 2.6 billion Profit (loss) (attributable to shareholders) ($ 2.5 billion) Impairment charges (after-tax basis) ($ 2.7 billion) EBITDA before impairments $ 2.0 billion Adjusted profit* (attributable to shareholders) $ 188 million $0.33/share Profitability impacted by non-cash impairment charges * Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in news release for additional information.4
  • 5. Guidance Results Steelmaking Coal Production1 25-26 Mt  25.3 Mt Site costs C$49-53/t  C$45/t Transportation costs C$37-40/t  C$36/t Combined costs2 C$86-93 /t  C$83/t US$64/t Lower unit costs at all mines Copper Production 340-360 kt  358 kt Record mill throughput at Antamina Cash unit costs3 US$1.45-1.55 /lb  US$1.45/lb Lower unit costs at all mines Zinc Metal in concentrate production4 635-665 kt  658 kt Refined production 280–290 kt  307 kt Record production at Trail Capital Expenditures5 $2.3B  $2.2B Lower capex Solid Delivery Against 2015 Guidance 1. Reflects mid-year revision for temporary shutdowns. 2. Combined coal costs are site costs, inventory adjustments and transportation costs. 3. Net of by-product credits. 4. Including co-product zinc production from our copper business unit. 5. Including capitalized stripping. 5
  • 6. 46 35 3 1 15 12 35 28 2014 20152014 2015 Significant Unit Cost Reductions Unit costs reduced at all of our operations1 1. In 2015 as compared with 2014. 2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. 3. Copper C1 unit costs are net of by-product margins. Total cash costs are C1 unit costs plus capitalized stripping. 23% Total Cash Costs (US$/tonne)2 76 99 Site Transport Inventory Total Cash Costs (US$/lb)3 xx% 14% Copper3 C1 Unit Costs down US$0.20/lb Total Cash Costs down US$0.27/lb Total Capitalized Stripping Site Total Capitalized Stripping 1.66 1.93 2014 2015 24% Unit Cost of Sales (US$/tonne)2 64 84 C1 Unit Costs (US$/lb)3 xx% 12% 1.45 1.65 Steelmaking Coal2 Unit Cost of Sales down US$20/t Total Cash Costs down US$23/t 1.65 1.45 0.28 0.21 2014 2015 6
  • 7. Core Business Free Cash Flow1 Free Cash Flow, Before Fort Hills Capital (100) - 100 200 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 C$Millions Cost management delivered improvements in Free Cash Flow, despite a weakening price environment 1. Free Cash Flow is Net Cash from Operations, before changes in Working Capital, less Investing activity excluding Fort Hills capital expenditures, not including proceeds from sales of investments, less interest paid and distributions to minority interests. 7
  • 8. Teck has good leverage to stronger zinc and copper markets, and benefits from the weaker Canadian dollar The Value of Our Diversified Business Model Cash Operating Profit 2015 Production Guidance1 Unit of Change Estimated Profit 2 Estimated EBITDA2 $C/$US C$0.01 $22M /$.01∆ $34M /$.01∆ Coal 25.5 Mt US$1/tonne $23M /$1∆ $35M /$1∆ Copper 312 kt US$0.01/lb $6M /$.01∆ $9M /$.01∆ Zinc 940 kt US$0.01/lb $9M /$.01∆ $14M /$.01∆ 2016 Leverage to Commodities & FX 1. Based on mid-point of 2016 guidance ranges. Zinc includes 645 kt of zinc in concentrate and 295 kt of refined zinc. 2. Based on budgeted commodity prices and a 1.40 CAD/USD exchange rate. The effect on our profit and EBITDA will vary with commodity price and exchange rate movements, and sales volumes. Coal ~30% Copper 35% Zinc 35% Base Metals ~70% 8
  • 9. Overview of Fourth Quarter 2015 Results Revenue $ 2.1 billion Gross profit (before depreciation & amortization) $614 million Profit (loss) (attributable to shareholders) ($459 million) Impairment charges (after-tax basis) ($536 million) EBITDA before impairments $467 million Adjusted profit* (attributable to shareholders) $ 16 million $ 0.03/share Profitability impacted by non-cash impairment charges * Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in news release for additional information.9
  • 10. 48 41 4 2 39 35 Q4 2014 Q4 2015 6.5 6.5 Q4 2014 Q4 2015 123 108 Q4 2014 Q4 2015 824 701 Q4 2014 Q4 2015 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$20/t 12% 15% 6.8 6.4 Q4 2014 Q4 2015 234 197 Q4 2014 Q4 2015 14% 16%0.4 91 78 flat Site Transport Inventory Total 10
  • 11. 86 105 Q4 2014 Q4 2015 2.98 2.21 Q4 2014 Q4 2015 656 619 Q4 2014 Q4 2015 83 96 Q4 2014 Q4 2015 274 203 Q4 2014 Q4 2015 Copper Quarterly Results Realized Price (US$/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$0.41/lb 13 xx% 19 26% 6% 1. Total site costs include total cash unit costs net of by-product margins, plus capitalized stripping. 2. Before depreciation and amortization. 26%19% 1.69 1.37 Q4 2014 Q4 2015 11
  • 12. 37 31 Q4 2014 Q4 2015 775 814 Q4 2014 Q4 2015 Zinc Quarterly Results Zinc Realized Price (US$/lb) Revenue (C$M) Gross Profit2 (C$M)Zinc Production (kt) Zinc Sales (kt) Lead Production (kt) Sales up by 43 kt for zinc in concentrate1 and 6 kt for refined zinc 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 28% 14% 43 6 RefinedConc1 RefinedConc1 6 6 10 8 5% 248 213 Q4 2014 Q4 2015 155 145 Q4 2014 Q4 2015 73 79 Q4 2014 Q4 2015 16 24 Q4 2014 Q4 2015 179 222 Q4 2014 Q4 2015 1.04 0.75 Q4 2014 Q4 2015 73 79 Q4 2014 Q4 2015 12
  • 13. >95% Engineering complete approximate as at December 2015 >50% Construction complete approximate as at December 2015 Project Progress construction has surpassed the midway point and the project continues to track positively within schedule expectations Fort Hills Project Status & Progress Capital Expenditures1 continues to track positively within project sanction cost Teck’s sanction capital$2.94B Global fabrication, module and logistics program performing well to date, delivering positive results All critical schedule milestones have been achieved to date supporting target 2017 first oil Remaining capital investment as of February 10, 2016 $1.2B 1. Based on Suncor’s planned project spending. Sanction capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in Canadian dollars and on a fully-escalated basis. 13
  • 14. Outstanding at Sept. 30, 2015 Outstanding at Dec. 31, 2015 Quarterly Price Change Pricing Adjustments Mlbs US$/lb Mlbs US$/lb US$/lb C$M Copper 189 2.30 257 2.13 -0.17 $42M Zinc 220 0.76 162 0.73 -0.03 $18M Other $3M TOTAL $63M • Negative pricing adjustments of $63M in Q4 2015 • Driven by quarterly change in key commodity prices Simplified Pricing Adjustment Model Quarterly Pricing Adjustments 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 -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) 14
  • 15. 2015 Results 2016 Guidance Steelmaking Coal Production 25.3 Mt 25-26 Mt Site costs $45/t $45-49/t Capitalized stripping $16/t $11/t1 Transportation costs $36/t $35-37/t Total cash costs2 $99/t US$76/t $91-97/t US$65-69/t Copper Production 358 kt 305-320 kt C1 unit costs3 US$1.45/lb US$1.50-1.60/lb Capitalized stripping US$0.21/lb US$0.21/lb1 Total cash costs4 US$1.66/lb US$1.71-1.81/lb Zinc Metal in concentrate production5 658 kt 630-665 kt Refined production 307 kt 290-300 kt 2016 Production & Site Cost Guidance 1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range. 2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. 3. Net of by-product credits. 4. Copper total cash costs Include cash C1 unit costs (after by-product margins) and capitalized stripping. 5. Including co-product zinc production from our copper business unit. 15
  • 16. ($M) Sustaining Major Enhancement New Mine Development Sub-total Capitalized Stripping Total Coal $50 $40 $ - $90 $290 $380 Copper 120 5 80 205 190 395 Zinc 130 10 - 140 60 200 Energy 5 - 1,000 1,005 - 1,005 TOTAL $305 $55 $1,080 $1,440 $540 $1,980 Total capex of ~$1.4B, plus capitalized stripping 2015A $397 $64 $1,120 $1,581 $663 $2,244 2016 Capital Expenditures Guidance 16
  • 17. $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 17 Long-Dated Debt Maturity Profile • 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 37%1 2017 Q1: US$300M Q3: US$300M Repaid US$300M in notes in Q4 2015 As at December 31, 2015.
  • 18. 0 500 1000 1500 2000 2500 3000 3500 Cash - start of quarter Proceeds from sale of investments and other assets Cash flow from operations & working capital Effect of FX changes on cash & cash equivalents PP&E, incl. Fort Hills Debt interest, principal & issuance Capitalized stripping Dividends paid Expenditures on financial investments & distributions to non-controlling interests Cash - end of quarter Cash Changes in Q4 2015 Cash Flow $446 $687 $176 $532 $Millions $1,487 $1,887 $29 $831 $79 Current cash balance of ~$1.8B1 $14 1. As at February 10, 2016.18
  • 19. 0 500 1000 1500 2000 2500 Original Guidance Lower Prices & FX vs. Start of Year Forecast Repayed Debt From Cash Cost Management Program Cut Capex Reduced the Dividend Proceeds from Sale of Investments & Other Assets Incl. Two Precious Metal Streaming Transactions Cash Balance Cash Balance Improvement Relative to Original Guidance Strong Cash Balance$Millions $1,000 $1,887 $208 $100 $1,100 $259 $406 $144 Reflects management actions to conserve cash 19
  • 20. Substantial Credit Facilities1 Amount (M) Commitment Maturity Letters of Credit Limit ($M) Letters of Credit Drawn ($M) Total Available ($M) US$3,000 Committed July 2020 US$1,000 Undrawn US$3,000 US$1,200 Committed June 2017 None US$740 US$460 Expect to keep available for letter of credit requirements ~C$1,700 Uncommitted n/a n/a ~C$1,500 ~C$200 Total1 ~C$2,500 ~C$5,000 • Unsecured; any borrowings rank pari passu with outstanding public notes • Only financial covenant is debt to debt-plus-equity of <50%; excludes issued letters of credit • Availability not affected by commodity price changes or credit rating actions • Available for general corporate purposes 1. As of December 31, 2015. Assumes a 1.38 CAD/USD exchange rate. 2. Includes cash and US$3B credit facility. Excludes US$1.2B credit facility and uncommitted bilateral credit facilities. Ample liquidity for remaining Fort Hills capital expenditure of ~$1.2B 20
  • 21. Near-Term Priorities • Keeping operations cash flow positive • Funding Fort Hills from internal sources • Maintaining a strong financial position − Target for US$3B credit facility to remain undrawn in 2016 − Expect year-end cash balance of >$500M1 • Evaluating opportunities to further strengthen liquidity 21 1. Assumes current commodity prices and exchange rates, Teck’s 2016 guidance for production, costs and capital expenditures., existing US$ debt levels and no unusual transactions.
  • 22. Fourth Quarter & Full Year 2015 Results February 11, 2016