Mr. Jonathan Price reports

TECK REPORTS UNAUDITED SECOND QUARTER RESULTS FOR 2023

Teck Resources Ltd. has released its unaudited second quarter results for 2023.

"We were deeply saddened to report an employee fatality in the second quarter at our Quebrada Blanca operations. Our deepest sympathies go out to the employee's colleagues and loved ones. Learnings from the investigation are being shared across Teck and with industry peers to prevent future incidents," said Jonathan Price, chief executive officer. "In the second quarter, we achieved another major milestone at our QB2 project with the first sale of copper concentrate as we ramp up to full production later this year. We continue to explore a range of options to realize the full potential of our world-class base metals business and to progress our overall copper growth pipeline, including receiving regulatory approval for our Zafranal project in May. Strong performance from our steelmaking coal business contributed to solid financial results in the second quarter, further reinforcing the inherent value of our high-margin steelmaking coal business."

Highlights:

• Adjusted profit attributable to shareholders of $643-million or $1.24 per share in Q2 2023;
• Profit from continuing operations attributable to shareholders of $510-million or 98 cents per share in Q2 2023;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.5-billion in Q2 2023 driven by continued robust commodity prices and strong steelmaking coal sales; profit from continuing operations before taxes was $805-million in Q2 2023;
• Teck completed the first shipment and sale of copper concentrate at QB2 in the second quarter; Line 1 is operating well as per expectations, and Line 2 is in commissioning; it continues to expect to be operating at full production rates by the end of 2023;
• It generated cash flows from operations of $1.1-billion, ending the quarter with a cash balance of $1.8-billion; in June, it made its first scheduled semi-annual repayment of $147-million (U.S.) on the QB2 project finance facility, further deleveraging its balance sheet;
• Its liquidity as at July 26, 2023, is $7.0-billion, including $1.7-billion of cash;
• Teck completed $85-million in Class B subordinate voting share buybacks pursuant to its normal course issuer bid; it also paid $65-million to shareholders in Q2 through its regular quarterly base dividend;
• In April, it closed the transaction to form the joint venture on the San Nicolas copper-zinc project in Mexico and in June, finalized the environmental impact assessment permit application, which is planned for submission in third quarter 2023; in May, it announced that the Zafranal copper-gold project in Peru received regulatory approval from the Peruvian environmental authority;
• On May 12, 2023, it completed the plan of arrangement under the Canada Business Corporations Act to implement a six-year sunset of the multiple voting rights attached to the Class A common shares.

Key updates

Executing on its copper growth strategy -- QB2 a long-life, low-cost operation with major expansion potential:

• Teck completed the first shipment and sale of copper concentrate at QB2 in the quarter.
• Line 1 is operating well as per expectations, and Line 2 is in commissioning.
• The concentrate pipeline, concentrate filter plant and storage systems are in operation at the port.
• Teck continues to expect to be operating at full production rates by the end of 2023, and its previously disclosed capital cost guidance for QB2 of $8.0-billion (U.S.) to $8.2-billion (U.S.) is unchanged.
• Due to delays in construction and commissioning, its 2023 annual production guidance for QB2 has been updated to 80,000 tonnes to 100,000 tonnes. Its previously disclosed 2024 to 2026 annual production guidance for QB2 is unchanged.

Safety and sustainability leadership:

• Trail operations were the first stand-alone zinc processing site globally to receive the Zinc Mark, verifying its performance in responsible production criteria, including greenhouse gas emissions, community health and respect for indigenous peoples' rights.
• Teck was named one of the best 50 corporate citizens in Canada by Corporate Knights.

Guidance:

• Teck has updated its previously issued 2023 annual production guidance to reduce its copper production as a result of lower QB2 production and to reduce lead production at Red Dog. There are no other changes to its previously disclosed guidance.
• Its guidance is outlined in summary herein, and its usual guidance tables, including three-year production guidance, can be found on pages 28 to 32 of Teck's second quarter results for 2023.

Webcast

Teck will host an investor conference call to discuss its Q2 2023 financial results at 11 a.m. Eastern Time, 8 a.m. Pacific Time, on July 27, 2023. A live audio webcast of the conference call, together with supporting presentation slides, will be available at its website. The webcast will be archived at the Teck website.

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