Mr. Jonathan Price reports

TECK HIGHLIGHTS PROGRESS ON QUEBRADA BLANCA RAMP UP, PATHWAY TO FULL POTENTIAL, AND VALUE DELIVERY TO SHAREHOLDERS FROM MERGER

Teck Resources Ltd. provided an update on its road map to long-term value creation, including progress ramping up Quebrada Blanca (QB) and the company's proposed merger with Anglo American PLC, inclusive of the potential benefits of combining QB and Collahuasi to create one of the largest global copper complexes, during an investor presentation and QB site tour on Nov. 3 and Nov. 4 in Chile.

"We have a clear path to creating tremendous value for shareholders by completing the transformative merger of equals with Anglo American and continuing to advance the ramp-up and optimization of QB," said Jonathan Price, president and chief executive officer. "Completion of the merger will create a leading growth-oriented copper investment vehicle with resilience and capacity to realize significant value across the combined portfolio. Integrating QB and Collahuasi is widely recognized as one of the most compelling industrial synergy opportunities in the industry today and will establish one of the largest global copper complexes, unlocking additional production and value for all stakeholders."

Realizing the full value of QB

QB is a Tier 1, multigenerational copper asset with state-of-the-art facilities. The current mine plan only utilizes 15 per cent of the resource base, providing multiple pathways for long-term growth. Performance has improved with the implementation of the QB action plan in August, with work progressing on resolving the constraint on production posed by the slower-than-expected development of the tailings management facility. Recent progress includes:

• Mill throughput and recoveries running in line with expectations through October;
• Completing construction of three rock benches, with the fourth on track to be completed by the end of 2025 and the fifth in the first half of 2026 to enable continuing production;
• Replaced 59 per cent of cyclones to date to incorporate new technology, on track to replace 100 per cent of cyclones by the end of 2025;
• Sand drainage rates improving since the first cyclone battery refit;
• Targeting completion of sand wedge in H1 2026 enabling transition to steady-state operations in 2026.

Creation of a top-five global producer with scale, resilience and financial strength

The proposed merger of Teck and Anglo American will create long-term value growth for shareholders, establishing a global critical minerals champion and top-five copper producer with more-than-70-per-cent copper exposure and outstanding further growth optionality. Highlights of Anglo Teck include:

• Top-five global copper producer with combined copper production of 1.2 million tonnes, expected to grow to approximately 1.35 million tonnes in 2027 from current operations;
• Portfolio of operating assets includes six world-class copper mines, one of the world's largest zinc mines and two highly cash-generative premium iron ore operations;
• Teck shareholders to remain fully invested in a top-tier copper-focused platform and in the future value creation at Anglo Teck;
• Teck shareholders benefit from multiple value drivers: $800-million (U.S.) in pretax recurring annual corporate synergies, near-term growth of an additional potential approximately 120,000 to 165,000 tonnes per annum of copper production through asset optimization, potential approximately 295,000 tonnes per annum of additional copper production through medium-term capital-efficient adjacencies (including QB-Collahuasi and Los Bronces-Andina synergies), and extensive brownfield and greenfield future growth optionality;
• With increased scale and a global capital markets footprint, Anglo Teck will have access to a deeper pool of investors, creating the opportunity to rerate toward a premium copper valuation multiple.

Unlocking the potential of QB-Collahuasi

The proposed merger of Teck and Anglo American will enable a highly attractive opportunity to unlock unique industrial synergies between two flagship copper assets -- QB and Collahuasi. These two operations comprise one of the largest global copper complexes and their proximity creates a compelling, capital-efficient adjacency value benefit, including:

• Approximately 175,000 tonnes per annum of expected incremental copper production;
• Approximately $1.4-billion (U.S.) (100-per-cent basis) additional EBITDA (earnings before interest, taxes, depreciation and amortization);
• Extremely capital-efficient growth at approximately $11,000 (U.S.) per tonne of incremental production, including construction of a 15-kilometre conveyor from the Collahuasi pit to QB plant;
• Estimates reflect the most up-to-date and detailed assessment of integration potential, with data from both operations, and review and validation by external advisers;
• As the only shareholder in both ventures, Anglo Teck is well positioned to work with a reduced number of partners to facilitate the capture of this substantial value upside for shareholders of both assets.

"The value that will be created in combining Teck and Anglo American -- for shareholders of both companies, QB-Collahuasi partners, and our customers, employees and the communities where we operate -- is clear and compelling," said Mr. Price. "We are advancing our work to realize this incredible potential and are excited to bring together two great companies to form a global critical minerals champion and top-five global copper producer with leading copper exposure and growth optionality."

Note: For the purposes of quantification, synergies have been estimated for the period 2030 to 2049 but are expected to continue beyond this period. Expected synergies and one-off costs are presented on a consolidated 100-per-cent basis, preattribution to non-controlling interests or Collahuasi and Quebrada Blanca joint venture partners.

Webcast details

Mr. Price and members of Teck's executive management team will be presenting on Monday, Nov. 3, 2025, from 10:55 a.m. to 1:30 p.m. Eastern Time/7:55 a.m. to 10:30 a.m. Pacific Time as part of Teck's QB operations site visit.

A webcast to view the event will be held as follows.

Date:  Monday, Nov. 3, 2025

Time:  10:55 a.m. ET/7:55 a.m. PT

An archive of the webcast will be available on Teck's website within 24 hours.

About Teck Resources Ltd.

Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. Teck is focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK.

We seek Safe Harbor.