Mr. Fraser Phillips reports

TECK ANNOUNCES BASE DIVIDEND AND AUTHORIZES UP TO $500 MILLION SHARE BUYBACK

Teck Resources Ltd.'s board of directors has declared an eligible dividend of 12.5 cents on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 28, 2024, to shareholders of record at the close of business on March 15, 2024.

In addition to the base dividend payment, the board has authorized management to purchase up to $500-million of Class B subordinate voting shares. Additional buybacks will be considered regularly in the context of market conditions.

Teck's capital allocation framework contemplates that a minimum of 30 per cent of available cash flow will be used for distributions to shareholders and share repurchases. The planned share repurchases announced today are in addition to $765-million in aggregate of dividends and Class B subordinate voting share repurchases in 2023, and reflect a distribution in respect of 30 per cent of the proceeds received in January, 2024, from the minority sale of Teck's steelmaking coal business to Nippon Steel Corp.

Since 2019, Teck has returned $3.9-billion to shareholders, including $2.5-billion in Class B subordinate voting share repurchases.

All share repurchases are expected to be made in accordance with Teck's previously announced normal course issuer bid program, or any renewal thereof, or by such other means as may be permitted under applicable securities laws. The current program authorizes Teck to purchase up to 40 million Class B subordinate voting shares through the period ending Nov. 21, 2024. Any repurchases following that date may depend on regulatory approval of a renewed normal course issuer bid program. Teck intends to purchase shares opportunistically. The company will determine the timing of any purchases, and may repurchase fewer or a greater number of shares, subject to the requirements of the issuer bid program and applicable securities laws.

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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