Mr. Jonathan Price reports

TECK AND OLDENDORFF CARRIERS ANNOUNCE AGREEMENT TO OUTFIT BULK CARRIER WITH ROTOR SAILS TO REDUCE EMISSIONS

Teck Resources Ltd. and Oldendorff Carriers GmbH & Co. KG have signed an agreement to use wind propulsion to further reduce carbon dioxide emissions in Teck's supply chain. The joint investment will see the vessel Dietrich Oldendorff, which carries shipments of Teck steelmaking coal from the Port of Vancouver, outfitted with a Flettner rotor system by mid-2024.

The Flettner rotors generate lift from the wind, which is translated into additional thrust, thereby reducing fuel consumption on voyages across the Pacific. The addition of the rotors, along with other emission savings measures, is expected to reduce emissions by 55 per cent, resulting in an annual reduction of over 17,000 tonnes of CO2 emissions, equal to removing 3,500 gasoline-powered passenger vehicles from the road. Since the November, 2021, announcement of the start of Teck and Oldendorff's joint efforts to reduce supply chain emissions, an estimated 115,000 tonnes of CO2 emissions have been eliminated, the equivalent of removing over 25,000 gasoline-powered passenger vehicles from the road.

"This innovative agreement to utilize wind power in shipping will reduce the carbon footprint in Teck's supply chain and help advance the development of green transportation corridors," said Jonathan Price, president and chief executive officer, Teck. "Teck is collaborating with our customers and suppliers to reduce emissions in our supply chain as part of our climate strategy."

Patrick Hutchins, chief executive officer of Oldendorff Carriers, added: "We are excited to harness the power of the wind in the transpacific dry-bulk trade with a progressive partner like Teck. Our mutual determination to drive a decarbonized supply chain can only be realized through co-operation and collaboration. The energy transition has begun, and we are prepared to make the necessary joint investments that will provide a meaningful reduction of emissions. Forty years of historical weather data show that the trade between the Pacific Northwest and Asia is one of the best trade lanes for producing reliable wind energy."

Manufactured by Norsepower, the rotors are constructed in part with recycled materials from approximately 342,000 plastic bottles.

Teck and Oldendorff are also currently piloting the use of biofuel on another bulk carrier as another means to lower emissions.

As part of Teck's sustainability strategy, Teck has 2030 climate goals, including to reduce carbon intensity across operations by 33 per cent, support partners in reducing global carbon intensity of steelmaking by 30 per cent, and establish low-emission supply chain corridors, including support for a 40-per-cent reduction in shipping emission intensity, working with customers and transportation providers. These 2030 goals support Teck's goal to be a carbon-neutral operator by 2050.

About Teck Resources Ltd.

As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world.

We seek Safe Harbor.