Teck Resources is considering a separation into two publicly traded companies, Teck Metals and Elk Valley Resources, to maximize shareholder value. The separation would allow shareholders to benefit from two world-class pure-play businesses and unlock significant value. It minimizes execution risk compared to Glencore's unsolicited proposal, which would dilute Teck's assets and expose shareholders to unwanted thermal coal. Glencore has consistently underperformed peers on value creation and its proposal lacks a clear plan to exit coal.

1. April 10, 2023
The Choice For Shareholders:
Separation and Increased Optionality
to Maximize Value
vs.
Status Quo

2. Forward-Looking Statements
This presentation contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking
statements). These forward-looking statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements.
The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “should”, “believe” and similar expressions is intended to
identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to: the proposed separation (the “Separation”)
of Teck into Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“Elk Valley Resources” or “EVR”), including the timing thereof, and Teck’s expectations regarding the
impacts of, the anticipated benefits of, and rationale for the Separation, including in terms of value creation opportunities for shareholders; statements related to anticipated risks of
Glencore’s proposal, including with respect to execution, timing and exposure to thermal coal and oil trading, terms, conditionality, jurisdictional, litigation and regulatory risk, and
anticipated synergies, and Teck’s assessment thereof, including as compared to its own planned Separation transaction; statements related to the opportunity for future transactions
involving Teck Metals or EVR; statements related to anticipated future earnings potential, re-ratings potential, market value, plans and other performance of Teck Metals and EVR, as
compared to Glencore’s proposal, including Glencore’s proposed CoalCo. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the
Teck’s control. Several factors could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to: future actions taken by
Glencore in connection with its unsolicited proposal; fluctuations in supply and demand in steelmaking coal, base metals and specialty metals markets; changes in competitive pressures,
including pricing pressures; timing and receipt of requisite shareholder and court approvals; the recent global banking crisis and conditions and changes in credit markets; changes in
capital markets; changes in currency and exchange rates; changes in and the effects of, government policy and regulations; future actions of other third parties; and earnings, exchange
rates and the decisions of taxing authorities, all of which could affect effective tax rates. Teck cautions that the foregoing list of important factors and assumptions is not exhaustive and
other factors could also adversely affect its results. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be
found in our Annual Information Form for the year ended December 31, 2022 and our Management Proxy Circular in respect of our 2023 annual and special meeting of shareholders,
each filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov), and on Teck's website (www.teck.com), well as subsequent filings that can also be found under
our profile on SEDAR and EDGAR. The forward-looking statements contained in these slides describe Teck’s expectations at the date hereof and are subject to change after such date.
Except as may be required by applicable securities laws, Teck does not undertake any obligation to update or revise any forward-looking statements contained in these slides, whether as
a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements. Scientific and technical information in this
presentation relating to Teck’s material properties was reviewed and approved by Rodrigo Alves Marinho, P.Geo., an employee of Teck and a Qualified Person under National Instrument
43-101.
For further information regarding the Separation, Teck shareholders should refer to the Notice of Meeting and Management Proxy Circular in respect of our 2023 annual and special
meeting of shareholders, which is available under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov), and on Teck's website (www.teck.com).
2

3. 3
Exclusive Focus of Management and The Board is on
Maximizing Shareholder Value
With Greatest Certainty
For further information regarding the separation, Teck shareholders should refer to the Notice of Meeting and Management
Proxy Circular, which is available under Teck’s profile on SEDAR at www.sedar.com, on EDGAR at sec.gov, and on Teck’s
website at www.teck.com

4. Teck’s Pending Separation Maximizes Value Creation
Opportunity
4
Teck Metals
World-Class Steelmaking Coal Producer
• Provides Teck shareholders with optionality between two world-class pure-play businesses
✓
• Significant value creation opportunities available to Teck shareholders from, and following, the separation
✓
• Minimizes execution risk; no requirement for additional competition and regulatory approvals
✓
Unlocks Significant Value for Teck Shareholders
Global Base Metals Miner with Unparalleled Copper Growth
Elk Valley Resources
• Structures a responsible exit from steelmaking coal at fair value and in the best interest of all stakeholders
✓
• Actionable and approved by Teck’s Board of Directors; expected completion by May 31, 2023
✓

5. Teck’s Pending Separation Creates Value for
Shareholders
5
Teck Metals Elk Valley Resources (EVR)
High-quality, low-cost base metals producer in the
Americas, focused on copper
Industry-leading copper growth portfolio that is
significantly undervalued relative to its peers
Copper growth well-funded, supported by
investment-grade balance sheet and strong cash
flow generation
Options to accelerate TCS proceeds via royalty
and / or preferred shares monetization
World’s second largest exporter of seaborne
steelmaking coal
World-class Canadian steelmaking coal producer
with high-margin operations and demonstrated
through-the-cycle cash flow generation
Significant equity value accretion potential over
time as Transition Capital Structure (TCS) is paid
Launch supported by $200mm cash facility and
NSC’s stated intention to acquire equity interest

6. 571
391
723
937
1,041
1,838
687
800
1,043
1,905
(0)%
1 %
9 %
13 %
14 %
(5)%
2 %
3 %
3 %
22 %
3.1 x
3.8 x
4.1 x
4.8 x
5.4 x
6.1 x
6.3 x
6.4 x
9.6 x
4.6 x
Teck Metals Positioned to be the “Go-To” Company
in Base Metals
6
Copper Production Growth1
(22A-26E CAGR)
Copper Production (kt)1
(2024E)
EV / EBITDA
(2024E)
Industry Leading Growth Rapidly Increasing Scale
Diversified
Peers
Pure-Play
Copper Peers
Substantial Re-Rate Potential
Source: Company filings, management presentations, Wood Mackenzie Refinitiv and Capital IQ. Note: Market data as of 05-Apr-2023.
1. Teck and peer production based on FactSet broker median consensus estimates
Well Funded, Executable Growth
Legend
High Quality (Low Cost, Long Life) Pure-Play
+111% from 2022

7. Elk Valley Resources is Designed for Public Market
Success
7
Nippon Steel acquisition price implied C$1.2bn common equity value for EVR, affirming the public market
value opportunity. Nippon Steel has publicly stated its intent to buy more shares.
EVR Common Equity is Sized for Public Markets and
Based on Attributable Financial Profile | 2022A
EVR Asset Quality and FCF Resilience Should Lead to
Premium Trading vs. Sector Peers
EBITDA1
$7.0bn $6.3bn $0.7bn
Free Cash
Flow2 $5.2bn $4.7bn $0.5bn
Steelmaking Coal
(100%)
TCS
(90%)
EVR Common Equity
(10%)
Significant Equity
Accretion Potential
Cash Flow Attributable to Common
Equity increases
10x
over term of the TCS
$1.6bn
$1.9bn
$2.3bn
$1.3bn
$1.3bn
2.0 x
3.0 x
4.0 x
5.0 x
0% 5% 10% 15% 20% 25%
EV
/
EBITDA
(24E)
FCF Yield (24E)
EBITDA (2022A)
Legend
Source: Company filings, management presentations, Refinitiv and Capital IQ. Note: Market data as of 05-Apr-2023. All figures shown in CAD.
1. EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for more information.
2. Free cash flow calculated as cash flow from operating activities less capital expenditures, less preferred share dividends less aggregated adjustments for non-operating items (includes EST contributions).

8. Teck’s Plan Creates Immediate Value Opportunity,
Underpinned by Market Support
8
Due Diligence
Complete
P
Teck’s
Plan
Fully
Optimized
Separation
Structure
P
To
Implement
Stakeholders
Aligned
P
No Regulatory
Hurdles
P
Class A
Shareholder
Support
P
~8 Weeks
“An elegant solution to creating an attractive
[copper] growth focused (and ESG friendly)
company via Teck Metals that will continue to
benefit from elevated near-term HCC FCF…We
anticipate the shares to re-rate higher given
the immediate transition into a [copper]
dominated miner, a clear pathway to fully
exit coal, improved governance, and new
long-term takeover optionality.”
22-Feb-23
“The new Teck Metals would likely trade a
premium equity valuation to where Teck
Resources currently trades as it would be
comped versus other major copper miners. It
could also be a good strategic fit as a possible
acquisition target.”
21-Feb-23
“Teck announced that the dual class share
structure…will be eliminated after a period of
around six years…This share structure had
been seen by investors as an impediment to a
potential acquisition of Teck by a larger peer.
We like Teck for transformational copper
growth (that should be better valued due to
this separation), track-record of shareholder
returns, and attractive valuation.”
21-Feb-23
ACTIONABLE & BOARD APPROVED
Note: Permission to use quotations neither sought nor obtained.

9. Observations on
Glencore’s Unsolicited,
Rejected Proposal

10. 10
Metals Coal
Cu: 387kt (▼32%)

Zn: 378kt (▼40%)

Thermal Coal: 23Mt

Steelmaking Coal: 9Mt
(▼64%)

Source: FactSet, Broker Research. 1. Teck Attributable Consolidated Production; Current production figures based on broker consensus median as of 05-Apr-2023. EBITDA is a non-GAAP financial measure. See “Non-
GAAP Financial Measures” for more information. 2. Teck shareholders attributable production for Glencore / Teck assumes 24% pro forma ownership. Glencore coal steelmaking-thermal allocation based on 2022A.
Glencore “Other” non-marketing EBITDA estimates assumed to represent Ferroalloys as per broker disclosure. Includes Nickel in EBITDA mix for Metals and Ferroalloys in EBITDA mix for Coal.
Cu: 571kt
✓
Zn: 624kt
✓
Steelmaking Coal: 25Mt
✓
Teck
Today 1
Glencore /
Teck1,2
Oil & Other Marketing

Shift in Mix to Less Desirable Assets Would Undermine Re-Rating
Glencore’s Thermal Coal and Oil Marketing Dilute
Teck’s World-Class Copper and Zinc Assets
Less Copper and Zinc Production
per Teck Share
New Exposure to Unwanted
Thermal Coal – Dilutes Pure-Play
Steelmaking Coal Exposure
2024E
EBITDA
Mix
2024E
EBITDA
Mix
2024E
EBITDA
Mix2
2024E
EBITDA
Mix2

11. 106%
63%
41%
31%
23%
10%
Rio Tinto
Average
BHP
Teck
Anglo
Glencore
177%
125%
117%
96%
81%
66%
Rio Tinto
Teck
Anglo
Average
BHP
Glencore
Glencore Consistently Lags in Value Creation
11
Source: FactSet. Note: Market data as of 05-Apr-2023
1. TSR shown in local currencies and assumes dividends are paid out as cash. 2. TSR shown since Xstrata transaction close on 03-May-13. 3. TSR shown since Glencore IPO on 19-May-2011.
4. Base metals peer group includes Antofagasta, Freeport-McMoRan, First Quantum and Southern Copper.
Base Metals
Peer Average 4
Total Shareholder Return Since Xstrata Takeover 1,2
Glencore Has Materially Underperformed Since the Xstrata Takeover
Total Shareholder Return Since Glencore IPO 1,3
Glencore Has Lagged Peers on TSR Since IPO
Base Metals
Peer Average4
~2x
~3x

12. 7.4x
6.4x
5.4x
4.8x 4.6x
4.1x
3.1x 3.3x 3.1x 3.1x
1.7x
1.2x
Base Metals Average (excl.
Freeport)
Freeport-McMoRan BHP Rio Tinto Teck Resources Anglo American Glencore Peabody Glencore Arch Resources Whitehaven Thungela
12
Market Values Teck as a Diversified Miner and
Glencore in Line with Coal Peers
EV / 2024E EBITDA Multiples 1
Source: Company Filings, FactSet. Note: Market data as of 05-Apr-2023. All data and multiples shown on broker consensus basis median, where applicable.
1. Enterprise value calculated as market cap, plus face value of financial debt (including leases), plus minority interest, plus preferred shares, less cash & cash equivalents. Enterprise value excludes AROs,
workers comp provisions and unfunded pension liabilities. Glencore Enterprise Value includes RMIs as cash-like assets. 2. Base Metals peer group includes Antofagasta, First Quantum, and Southern Copper.
3. Excludes Corporate & Other.
Base Metals
Peer Average 2
Glencore
Segmented
2022A EBITDA 3
Thermal Coal, Oil and
Marketing Represented
~70% of Glencore’s
2022A EBITDA 3
Base Metals
Industrials
27%
Met Coal
4%
Thermal Coal
and Oil
50%
Marketing
20%
Glencore Business Mix and Coal-Like Trading Multiple Create Greater Challenges for a Re-Rate

13. 13
Glencore Does Not Have a Coherent Plan to Exit Coal
One-Sided Strategic Rationale
• No benefit to Teck shareholders from thermal coal exposure
• Combination with Teck is only viable option for Glencore’s thermal coal
Clearly Half-Baked, If Baked At All
• Letter to the Teck Board of Directors (March 26, 2023):
• “Simultaneous (or near simultaneous)” demerger that would be
“inter-conditional” with any broader transaction
• Glencore Investor Presentation (April 4, 2023):
• “Subsequent demerger” of CoalCo with no cross-conditionality
Results in Little More than a Misplaced Request for Shareholder Trust
• Teck shareholders could be holding coal in perpetuity
Glencore’s Proposal is a Poor Copy of Teck’s Strategy
Glencore CoalCo Would be Larger than Public Coal Universe
Shallow Pools of Capital for Coal Assets
US$
23bn
Free float of public coal companies 2
Market value of Glencore CoalCo
Source: Company filings, FactSet, Broker Research. Note: Market Data as of 05-Apr-2023.
1. Based on 2024E EBITDA estimates. Glencore coal steelmaking-thermal allocation based on 2022A 2. Includes Alliance, Arch, Alpha, Consol Energy, Coronado, New Hope, Peabody, Stanmore, Thungela, Warrior,
Whitehaven.
Majority of Glencore CoalCo EBITDA Derived from Thermal Coal
70%
Thermal Coal
100%
Met Coal
Teck Shareholders
Current
Teck Shareholders
Pro Forma 1
?
There is No Market for Thermal Coal at Scale
2
US$10.9
US$9.8
Glencore CoalCo
2024E EBITDA
Combined Public
Coal Companies

14. 14
Glencore’s Synergies are Ill-Defined, Overstated and
Challenging to Realize
Marketing
Operating
& Overhead
Collahuasi
& QB2
• Glencore 2020 Estimate: US$75mm – 100mm p.a. →
Glencore 2023 Estimate: US$300mm p.a.
• Requires extensive due diligence to substantiate
• Ignores Teck’s existing commercial arrangements and current
premiums achieved for high-quality products
• Glencore 2020 Estimate: US$90mm p.a. →
Glencore 2023 Estimate: US$200mm p.a.
• Limited potential for overhead savings with creation of two
distinct companies
• Significant dis-synergies from multiple HQs
• Glencore 2020 Estimate: Poorly quantified →
Glencore 2023 Estimate: US$1.0bn NPV
• Asset-level synergies achievable for Teck without transaction
• Execution risk if both under common ownership given
requirement for third-party shareholder consents
Glencore’s Identified Synergies are Highly Uncertain
Exaggerated, Unrealistic and Insufficient to Offset Dilution
Glencore’s purported US$4.25 – 5.25bn NPV in
synergies is significantly higher than past Glencore
estimates from 2020 without rationale
Scale does not create value if quality is diluted;
thermal coal and high-risk geographic exposures are
value destructive
The upside is illusory while the dilution is real

15. 100%
19%
28%
33%
20%
Teck Glencore
Stable Mining Jurisdictions Higher Risk Jurisdictions
Australian Thermal Coal Marketing Business
15
Glencore’s Proposal Exposes Teck Shareholders to
Significant Jurisdictional and Portfolio Risk
Source: Company Filings, Corruption Perception Index 2022
1. Per the Corruption Perception Index 2022 (Transparency International) with countries having a corruption perception index of 50 or less considered “Higher Risk Jurisdictions”
2. Portfolio risk assessment based on 2022A Adjusted EBITDA by country for each of Teck and Glencore’s principal mining operations and separately also includes Glencore’s equity investments. Peru is classified by
Teck as a stable mining jurisdiction (applicable to both Teck and Glencore). 3. Based on 2022A Adjusted EBITDA. Excludes Corporate & Other
Stable Mining Jurisdictions Stable Mining Jurisdictions Higher Risk Jurisdictions
/
100% of operations are located
in stable mining jurisdictions
Glencore is more exposed
to higher risk assets
Glencore Operates in Some of the World’s Most Challenging Countries 1,2 Glencore Carries Significant Portfolio Risk 2,3
DRC, Equatorial Guinea, Kazakhstan and Russia are among the most challenging
and corrupt countries in which to operate 1
Australian Thermal Coal

16. Country Regulator Commentary Penalty / Fine
United States
Guilty plea related to bribery investigations
(May 2022)
US$701mm
United States
Guilty plea related to market manipulation
(May 2022)
US$486mm
Brazil
Resolution with Federal Prosecutor’s Office in
connection with bribery investigation (May 2022)
US$40mm
UK
Judgment related to operation of bribery and
corruption network (Nov. 2022)
£281mm
DRC Settlement over corruption claims (Dec. 2022) US$180mm
Switzerland
Investigation by Office of the Attorney General
relating to corruption (ongoing)
??
Netherlands
Criminal Investigation by Dutch Public
Prosecution Service relating to corruption
(ongoing)
??
Total Identifiable Fines And Penalties US$1.75bn +
16
Glencore Penalties of US$1.75bn in 2022 Alone
Glencore’s Regulatory and Enforcement Actions in 2022
Unresolved Litigation
from Leading Investors
In the News for the
Wrong Reasons
“The Commodities Giant
Glencore Will Pay $1.1B To
Settle Bribery And Price-Fixing
Charges”
24-May-2022
“Glencore and Gunvor
accused of helping Moscow
receive ‘blood money’”
10-Apr-2022
“Glencore Human Rights
Record Worst In Green Metals,
Group Says”
4-May-2022
“Glencore Employees Moved
Bribes Cash By Private Jet,
London Court Told”
2-Nov-2022

17. Significant ESG Misalignment Between Teck and
Glencore
17
ESG Index Teck Glencore
#21 #581
‘AA’ Rating ‘BBB’ Rating
B- (Prime) Rating
1 Decile Rank
C (Not Prime) Rating
4 Decile Rank
3rd in diversified metals mining
61st in diversified metals
mining
Source: S&P Global, MSCI, ISS ESG, Sustainalytics
1. Rankings in the Metals & Mining Industry

18. ?
Two-step proposal (acquisition and
demerger)
• Complex structure
• Potential for significant execution delays
• Separation may never occur
• Risk of long-term exposure to thermal
coal
Glencore’s Proposal is Highly Uncertain;
Potentially 2+ Years to Complete
18
Extensive DD Required on Glencore
• Thermal coal
• Oil and other marketing businesses
• Jurisdictional risk (DRC, Equatorial
Guinea, Kazakhstan, Russia etc.)
• Glencore litigation and regulatory
exposure
Up to 24 Months Incremental 6 – 12 Months, if at all
Up to 6 Months
~2+ Years to Complete with Significant Uncertainty and Adverse Value Impact from Extended Timeline
Requires approvals in many
jurisdictions, including:
?
• Canada
• United States
• China
• European Union
• Japan
• Korea
• India
• Chile
NOT ACTIONABLE & REJECTED BY BOARD
▪ Extensive due diligence required on Glencore
▪ Stakeholders not aligned
▪ Extensive regulatory approvals
▪ Class A shareholders opposed
▪ Vague and uncertain structure
“On the antitrust, of course, there's more work to be done. It's early days. We have done some cursory work.”
- Gary Nagle, CEO of Glencore (April 3, 2023)

19. Teck Board Unanimously
Recommends that
Shareholders Vote FOR
the Separation

20. A Vote For the Pending Separation Maximizes Value
Creation Opportunity and Certainty for Teck Shareholders
20
✓ Creates two world-class, pure-play
mining companies with greater choice
for shareholders
✓ Opens the door to value-maximizing
opportunities
✓ Provides certainty given non-existent
execution risk and the support of
Class A shareholders
Vote For Announced Separation Failure To Approve Announced Separation
 Meaningfully limits strategic
optionality
 No portfolio optimization for Teck or
its shareholders
 Is a vote for the status quo
Teck’s Board Unanimously Recommends Shareholders Vote FOR All Proposals

21. 21
Teck’s Pending Separation
Maximizes Shareholder Value
with Greatest Certainty

22. Appendix

23. 23
Industry-Leading Copper Growth
Teck Metals has a robust near-term and long-term growth pipeline
320
63
140
133 41
QB2
(100%)
San
Nicolás
(50%)
QB Mill
Expansion
(100%)
Zafranal
(100%)
NorthMet
(50%)
Galore
Creek
(50%)
Future QB
Expansions
(100%)
Nueva
Unión
(50%)
Mesaba
(50%)
Schaft Creek
(100%)
Near Term (2023-2028) Medium Term (2029-2033) Longer Term (2034+)
320
2022 Actual
CuEq
production2
~1.5 Mt
~1.0 Mt
~2.2 Mt
+200%
+350%
+450%
Cu-Au
Cu-Zn
Au-Ag
Cu-Au-Ag
Cu-Ni
PGM-Co
Cu-Mo
Au-Ag
Cu-Ag-Mo
Cu-Ag-Mo
Cu-Au
Ag-Mo
Cu-Ni
PGM-Co
~1.9 Mt
Industry-leading suite
of options diversified
by geography, scale,
time to development
and by-products
• Balance growth with
returns to shareholders
• De-risk through
integrated technical,
social, environmental
and commercial
evaluations
• Prudent optimization of
funding sources
Calculated using assets’ first five full years average annual copper equivalent production. Percentages in the chart are the production level shown on a reporting basis, with consolidated (100%) production shown for
Quebrada Blanca Phase 2, QB Mill Expansion, Zafranal and Schaft Creek, and attributable production shown for NorthMet, San Nicolás, Galore Creek, NuevaUnión and Mesaba. Assumes closing of agreement with
Agnico Eagle to advance San Nicolás project, which is subject to customary closing conditions including receipt of regulatory approvals. See Teck’s press release dated September 16, 2022.
1. CuEq calculations assume US$3.60/lb Cu, US$1.20/lb Zn, US$11.00/lb Mo, US$7.80/lb Ni, US$23.80/lb Co, US$1,550/oz Au, US$20.00/oz Ag, US$1,100/oz Pt and US$1,320/oz Pd.. | 2. 2022 actual includes
Antamina, Andacollo, Highland Valley, and Quebrada Blanca. Excludes Highland Valley Copper and Antamina mine life extensions. CuEq for 2022 is calculated using annual average prices of: US$4.03/lb Cu,
US$1.54/lb Zn, US$0.90 /lb Pb, US$19.06/lb Mo, US$1,979/oz Au, US$21.76/oz Ag.
Potential to add >1.5 Mt of current annual copper equivalent production (kt, reporting basis)1

24. 24
Teck Has a Superior Portfolio of Copper Growth
Projects
~1,600 kt ~1,225 kt
Project Prod.
QB2, QBME
& More (Chile)
460 kt
(100%)
✓ First production 2023
✓ Designed for multiple brownfield
expansions
San Nicholas
(Mexico)
63 kt
(50%)
✓ Final permitting and engineering
Zafranal
(Peru)
133 kt
(100%)
✓ Potential sanctioning decision in
2024
Galore Creek
(Canada)
~150 kt
(50%)
✓ Pre-feasibility expected in H2 2023
Other ~800 kt
Project Prod.
Collahuasi
(Chile)
~175 kt
(44%)
? Water capital intensity
? Arsenic content
El Pachon
(Argentina)
~350 kt
(100%)
? Remote location
? Challenging jurisdiction and
execution
Antapaccay
(Peru)
~300 kt
(100%)
? Community issues
? Not really growth
Mutanda
(Dem. Rep. of
Congo)
~220kt
(95%)
? Challenging jurisdiction
MARA
(Argentina)
~1801 kt
(44%)
? Challenging jurisdiction and
execution
? Arsenic content
Well Funded, Executable and De-Risked Growth
Pipeline
Brownfield ≠ Easy or Low Risk
vs.
Source: Company filings and management presentations
1 Based on 2021 project summary provided by Yamana, estimated 900ktpa of concentrate across the first 5-years of operations.

25. Non-GAAP Financial Measures
Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This presentation
includes reference to certain non-GAAP financial measures, which are not measures recognized under IFRS, do not have a standardized meaning prescribed by IFRS and may not be
comparable to similar financial measures or ratios disclosed by other issuers. These historic financial measures have been derived from our financial statements and applied on a
consistent basis as appropriate. We disclose these financial measures 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 in substitute for other measures of performance
prepared in accordance with IFRS.
Non-GAAP Financial Measures
EBITDA – EBITDA for Teck is profit before net finance expense, provision of income taxes and depreciation and amortization.
25