Mr. Jonathan Price reports

TECK PROVIDES UPDATE ON QB AND Q4 2023 STEELMAKING COAL SALES AND PRICING

Teck Resources Ltd. has provided unaudited 2023 production volumes for Quebrada Blanca operations, an update on the QB2 project, and unaudited fourth quarter steelmaking coal sales volumes and realized prices.

"We are pleased that QB is now operating near design throughput capacity with strong recoveries, positioning Teck for significantly increased copper production in 2024," said Jonathan Price, president and chief executive officer. "We had strong fourth quarter performance in our steelmaking coal operations, with improvements in plant performance leading to an increase in production, and sales volumes of 6.1 million tonnes near the top end of our guidance."

QB operations

Two thousand twenty-three unaudited contained copper production volumes from QB, excluding copper cathode, totalled 56,200 tonnes, below the bottom end of its guidance range of 80,000 tonnes for 2023, due to reliability and consistency issues in the fourth quarter. Fourth quarter production was 35,000 tonnes.

During the second half of 2023, each of the operations at QB, including mine operations, crushing, grinding, flotation, tailings, desalination and concentrate handling, all operated at or above design capacity. Its focus in the fourth quarter was on achieving reliable and consistent operations. This took longer than expected to achieve, and, as a result, production did not meet forecast. However, by the end of December, QB was operating near design throughput capacity, and this has continued into 2024. Recoveries have generally been in line with expectations, and head grades remain within expected levels.

QB2 project

The construction of the molybdenum plant was substantially completed in December, and commissioning has commenced. Ramp-up of the molybdenum plant is expected to be completed by the end of the second quarter of 2024. Construction of the port offshore facilities is progressing to plan and is expected to be completed by the end of the first quarter of 2024. The last jetty pile was completed in December, representing a major milestone in the port construction. Its previously disclosed QB2 project capital cost guidance is unchanged at $8.6-billion (U.S.) to $8.8-billion (U.S.).

Steelmaking coal sales and pricing

Its fourth quarter steelmaking coal sales were 6.1 million tonnes, near the top end of its previously disclosed guidance of 5.8 million to 6.2 million tonnes. The realized steelmaking coal price in the fourth quarter averaged $270 (U.S.) per tonne. It expects to report positive steelmaking coal provisional pricing adjustments of $89-million in the fourth quarter.

2023 production and 2024 guidance

Teck is expecting to provide full 2023 production results and 2024 guidance in a separate news release on Jan. 16, 2024. Its fourth quarter and annual 2023 financial results are scheduled for release on Feb. 21, 2024.

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. Headquartered in Vancouver, Canada, Teck has shares listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and on the New York Stock Exchange under the symbol TECK.

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