Deutsche Bank Investors Bus Tour

Investors Bus Tour
October 7, 2021

Caution Regarding Forward-Looking Statements
2
Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the
Securities Act (Ontario) and comparable legislation in other provinces (collectively referred to herein as forward-looking statements). Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or
“will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking statements. These statements speak only as of the original date of this presentation.
These forward-looking statements include, but are not limited to, statements concerning: the potential impact of the COVID-19 on our business and operations, including our ability to continue operations at our sites; our ability to manage challenges
presented by COVID-19; our long-term strategy, including but not limited to copper growth strategy; doubling of copper production by 2023 through QB2; all expectations regarding future copper, zinc and steelmaking coal demand and how Teck is
positioned to benefit; Teck’s strategy ensuring we are well-positioned for changes in demand for commodities; expectation that Teck is well positioned for the low-carbon economy; our goal of carbon neutrality and the steps to achieve that goal;
expectations of copper production growth; our copper growth strategy and the components of that strategy, including but not limited to accelerating growth in copper, and maximizing cash flow from operations to fund copper growth; our climate action
strategy and goals; all projections and forecasts about QB2 and QB3 or based on QB2 or QB3, including but not limited to life of the deposit, copper growth, C1 cash costs and AISC costs, strip ratio, throughput rate and potential to become a top five
global copper producer, reserve and resource estimates, first production expectation, and all other projections included in the “Quebrada Blanca 2” Appendix; statement that Teck is positioned to realize value from a robust pipeline of copper projects;
our ability to develop our copper growth projects; expectation that our copper growth projects will be approved for development; all potential project economics of our copper projects, including but not limited to NPV, C1 cash costs; all potential
production from our copper projects; goals to maximize shareholder returns and maintain a strong balance sheet; goal of maintaining investment grade metrics; goal of balancing growth and capital returns; long-term zinc optionality; all economic and
other projections for our copper growth projects, including but not limited to IRR, payback period, construction period, capex and mine life; impact of commodity price change on annualized EBITDA and annualized profit; liquidity and availability of
borrowings under our credit facilities and the QB2 project finance facility; objectives and components of Teck's capital allocation framework, including a base dividend and potential supplemental shareholder distribution and maintenance of solid
investment grade metrics; sustainability goals; statement we are poised for growth; expectation that QB2 will be a long-life, low-cost operation with significant expansion potential, the impact of QB2 on Teck’s portfolio balance and QB; QB2 capital
estimate and estimated COVID-19 impacts on costs at QB2; timing of first production at QB2; growth options and opportunities in copper, zinc and steelmaking coal; all guidance appearing in this document including but not limited to the production,
sales, cost, unit cost, capital expenditure, cost reduction and other guidance; climate action goals and the expectation that we will achieve these goals; water management goals and expectation that we will achieve those goals; Elk Valley water
treatment projections; benefits and impact of our RACE21TM program; long term annual steelmaking coal production of 26 to 27 million tonnes, and expectations of stable long term strip ratio; benefits of the Neptune facility upgrade; expectation of
strong long-term cash flows in steelmaking coal; projected steelmaking coal sustaining capital; expected benefits of the haul truck rebuild strategy, including but not limited to the anticipated capex reduction, NPV and payback period; expectation that
Teck’s coal is optimally positioned for a decarbonizing future; long-term sustaining capital expenditure projection in copper; long-term sustaining capital expenditure projection in zinc; expectations for Red Dog extension; Fort Hills debottlenecking
potential; expectation of sufficient pipeline capacity for our energy business; the benefits of our innovation strategy and initiatives described under the “Technology and Innovation” Appendix and elsewhere; mine lives and duration of operations at our
various mines and operations; expectations and forecasts for our products, business units and individual operations and projects; and forecasts for supply and demand for copper, zinc, steelmaking coal and oil.
The forward-looking statements are based on and involve numerous assumptions, risks and uncertainties and actual results may vary materially. These statements are based on assumptions, including, but not limited to, general business and
economic conditions, interest rates, the supply and demand for, deliveries of, and the level and volatility of prices of, zinc, copper, coal, blended bitumen, and other primary metals, minerals and products as well as steel, oil, natural gas, petroleum,
and related products, the timing of the receipt of regulatory and governmental approvals for our development projects and other operations and new technologies, our costs of production and production and productivity levels, as well as those of our
competitors, power prices, continuing availability of water and power resources for our operations, market competition, the accuracy of our reserve estimates (including with respect to size, grade and recoverability) and the geological, operational
and price assumptions on which these are based, conditions in financial markets, the future financial performance of the company, our ability to successfully implement our technology and innovation strategy, the performance of new technologies in
accordance with our expectations, our ability to attract and retain skilled staff, our ability to procure equipment and operating supplies, positive results from the studies on our expansion projects, our coal and other product inventories, our ability to
secure adequate transportation for our products, our ability to obtain permits for our operations and expansions, our ongoing relations with our employees and business partners and joint venturers, our expectations with respect to the carbon
intensity of our operations, assumptions regarding returns of cash to shareholders include assumptions regarding our future business and prospects, other uses for cash or retaining cash. Our sustainability goals are based on a number of additional
assumptions, including regarding the availability and effectiveness of technologies needed to achieve our sustainability goals and priorities; the availability of clean energy sources and zero-emissions alternatives for transportation on reasonable
terms; our ability to implement new source control or mine design strategies and transition to seawater or low-quality water on commercially reasonable terms without impacting production objectives; our ability to successfully implement our
technology and innovation strategy; and the performance of new technologies in accordance with our expectations. In addition, assumptions regarding the Elk Valley Water Quality Plan include assumptions that additional treatment will be effective at
scale, and that the technology and facilities operate as expected. Reserve and resource life estimates assume the mine life of longest lived resource in the relevant commodity is achieved, assumes production at planned rates and in some cases
development of as yet undeveloped projects. Assumptions regarding the benefits of the Neptune Bulk Terminals expansion and other projects include assumptions that the project is constructed and operated in accordance with current expectations.
Capital allocation decisions, and decisions regarding the payment of dividends, are in the discretion of the board of directors. Assumptions regarding QB2 include assumption of completion based on current project assumptions and assumptions
regarding the final feasibility study; assumptions regarding QB3 include assumptions regarding the receipt of permits. Assumptions regarding QB2 include current project assumptions and assumptions regarding the final feasibility study, CLP/USD
exchange rate of 775, as well as there being no unexpected material and negative impact to the various contractors, suppliers and subcontractors for the QB2 project relating to COVID-19 or otherwise that would impair their ability to provide goods
and services as anticipated during the suspension period or ramp-up of construction activities. Assumptions regarding the benefits of the Neptune Bulk Terminals expansion include assumptions that the project is constructed and operated in

Caution Regarding Forward-Looking Statements
3
accordance with current expectations, and upstream infrastructure is in place to support the additional capacity. Statements regarding the availability of our credit facilities and project financing facility are based on assumptions that we will be able to
satisfy the conditions for borrowing at the time of a borrowing request and that the facilities are not otherwise terminated or accelerated due to an event of default. Statements concerning future production costs or volumes are based on numerous
assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not
be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of
energy or supplies. Statements regarding anticipated steelmaking coal sales volumes and average steelmaking coal prices depend on, among other things, timely arrival of vessels and performance of our steelmaking coal-loading facilities, as well
as the level of spot pricing sales. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. Assumptions are also included in the footnotes to the slides.
Factors that may cause actual results to vary materially include, but are not limited to: extended COVID-19 related suspension of activities and negative impacts on our suppliers, contractors, employees and customers; extended delays in return to
normal operations due to COVID-19 related challenges; changes in commodity and power prices, changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of legal
proceedings; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); unanticipated operational difficulties (including failure of plant, equipment or
processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action,
adverse weather conditions and unanticipated events related to health, safety and environmental matters); union labour disputes; political risk; social unrest; failure of customers or counterparties (including logistics suppliers) to perform their
contractual obligations; changes in our credit ratings; unanticipated increases in costs to construct our development projects, difficulty in obtaining or retaining permits; inability to address concerns regarding permits or environmental impact
assessments; current and new technologies relating to our Elk Valley water treatment efforts and other sustainability goals and targets may not perform as anticipated or may not be available, and ongoing monitoring may reveal unexpected
environmental conditions requiring additional remedial measures; and changes or further deterioration in general economic conditions. Development of future reserves and resources is dependent on, among other factors, receipt of permits. Current
and new technologies relating to our Elk Valley water treatment efforts may not perform as anticipated, and ongoing monitoring may reveal unexpected environmental conditions requiring additional remedial measures. QB2 costs, construction
progress and timing of first production is dependent on, among other matters, our continued ability to successfully manage through the impacts of COVID-19. QB2 costs may also be affected by claims and other proceedings that might be brought
against us relating to costs and impacts of the COVID-19 pandemic. Red Dog production may also be impacted by water levels at site.
The forward-looking statements in this presentation and actual results will also be impacted by the effects of COVID-19 and related matters. The overall effects of COVID-19 related matters on our business and operations and projects will depend on
how the ability of our sites to maintain normal operations, and on the duration of impacts on our suppliers, customers and markets for our products, all of which are unknown at this time. Continuing operating activities is highly dependent on the
progression of the pandemic and the success of measures taken to prevent transmission, which will influence when health and government authorities remove various restrictions on business activities.
We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our
Annual Information Form for the year ended December 31, 2020, filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings, including but not limited to our quarterly
reports.
QB2 Project Disclosure
All economic analysis with respect to the QB2 project based on a development case which includes inferred resources within the life of mine plan, referred to as the Sanction Case, which is the case on which Teck based its development decision for
the QB2 project. Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Inferred resources are subject to greater uncertainty
than measured or indicated resources and it cannot be assumed that they will be successfully upgraded to measured and indicated through further drilling. Nonetheless, based on the nature of the mineralization, Teck has used a mine plan including
inferred resources as the development mine plan for the QB2 project.
The economic analysis of the Sanction Case, which includes inferred resources, may be compared to economic analysis regarding a hypothetical mine plan which does not include the use of inferred resources as mill feed, referred to as the Reserve
Case, and which is set out in Appendix slides “QB2 Project Economics Comparison” and “QB2 Reserves and Resources Comparison”.
The scientific and technical information regarding the QB2 project and Teck's other material properties was prepared under the supervision of Rodrigo Marinho, P. Geo, who is an employee of Teck. Mr. Marinho is a qualified person, as defined under
National Instrument 43-101.

4
• Right Opportunities
‒ Strong demand for our metals and minerals,
led by growth and decarbonization
• Right Assets
‒ Industry leading copper growth, strengthening
existing high-quality, low carbon assets
• Right Approach
‒ Highest standards of safety, sustainability and
operational excellence in everything we do,
RACE21TM
• Right Team
‒ Our people deliver the optimal mix of industry
leading technical, digital, sustainability,
commercial and financial leadership
Teck is Poised for Growth
Providing essential metals and minerals for a low-carbon world
Photo: QB2 concentrator, September 2021.

Water
Health & Safety Climate
Inclusion &
Diversity
A core value for Teck
80% reduction in
HPIF from 2016 to
June 2021
38% lower HPIF YTD
26% lower LTIF YTD
Rebalancing to
low-carbon metals
Carbon neutral
operations by 2050
33% reduction in
carbon intensity by
2030
88% green power at
operations today
Protecting water
quality and reducing
use
Tripling water
treatment capacity
in Elk Valley in 2021
Achieved 13%
reduction in freshwater
use at Chilean
operations; desalinated
water at QB2
Enhancing
representation and
diversity
28% women in senior
management
One-third of all new
hires are women
Communities
Serving the needs of
communities and
Indigenous Peoples
72 active
agreements with
Indigenous Peoples
24% of procurement
spend with local
suppliers
5
Health & Safety and Sustainability

• Strong demand for
metals and minerals
driven by
decarbonization,
population growth and
a rising middle class
• Unprecedented
pandemic monetary
and fiscal stimulus
• Economic recovery
continues as vaccines
are rolled out
• Current stockpiles of
essential minerals
remain at low levels
Accelerated Need for Essential Metals
And Minerals for a Low-Carbon World
6
Copper Demand1 (kt)
Teck is positioned to double copper production by 20232
Generation and
Grid Infrastructure
2020 2025 2030
40 170 536
30% CAGR
Grid
Storage
2020 2025 2030
24 86 180
22% CAGR
Charging
Infrastructure
2020 2025 2030
23 115 392
33% CAGR
Non-ICE
Vehicles
2020 2025 2030
304 1068 2972
26% CAGR
Total
2020 2025 2030
391 1439 4080
26% CAGR

7
• The magnitude of
steelmaking coal
demand will be
ultimately driven by
the pace of
decarbonization
• Long-term demand for
seaborne steelmaking
coal will remain robust
• At the same time,
supply growth is
constrained
High-Quality Steelmaking Coal Is
Required for the Low-Carbon Transition
Seaborne Steelmaking Coal Supply Changes With All Projects Through 20501 (Mt)
Without the addition of confirmed and unconfirmed greenfield and brownfield projects,
there will be a significant gap to steelmaking coal demand between 2025 and 2030
2030 2040 2050
Seaborne Steelmaking Coal Supply/Demand Gap (Mt)
235 222 188
Current
Depletions Addition2
Annual demand Additions from low
likelihood projects
XX Cumulative low
likelihood projects
147
216
185
(Mt)
Net Capacity
2030
Net Capacity
2040
Net Capacity
2050
Gap with high likelihood projects -22 -65 -70
Gap with high and low likelihood projects -19 -37 -41
118
15
(53)
157
213
191
(38) 60 3 (64) 8 25

Teck and the Low-Carbon Transition
8
We believe Teck’s strategy will ensure we are well-positioned for changes in demand
for mining commodities driven by the transition to a low-carbon world
• Build on our low carbon head start
‒ Among the world’s lowest carbon
intensities for our copper, refined zinc
and lead, and steelmaking coal
production1
• Transition to renewable power = ~1 Mtpa
GHG reduction
‒ Sourcing 100% renewable energy
at Carmen de Andacollo from 2020
‒ Sourcing >50% of operational energy
at QB2 from renewable sources
• Completion of QB2, which will double our
consolidated copper production by 2023
• Explore options to realize value from our
oil sands assets
• Continue to produce the high-quality
steelmaking coal required for the
low-carbon transition
• Reduce carbon as a proportion of
our total business
• Meet our milestone goals for 2030, in
support of our carbon neutrality goal:
‒ Source 100% of all power needs
in Chile from renewable power
‒ Reduce the carbon intensity
of our operations by 33%
‒ Shift to low-emissions mining fleets
• Work with our customers and transportation
providers to reduce downstream emissions
Carbon neutrality by 2050
1
Today
Focus on copper growth to
transition our portfolio
2
10+ Years
Prudently growing our copper
business as an area essential to the
transition to a low-carbon world
3
20+ Years
Leading copper producer
supplying essential metals
for a low-carbon world

Prudent Copper Growth Strategy
9
Canada
156 kt
Peru
86 kt
Chile
227 kt
Photo: QB2 concentrator, August 2021.
Accelerate
capital efficient growth in copper
Maximize
cash flows from operations
to fund copper growth and shareholder returns
Strengthen
existing high-quality assets through RACE21TM
Discipline
in capital allocation, maximizing shareholder returns
Leadership
in sustainability

Industry Leading Copper Growth
Teck has continued to invest in growth projects; peers have not
10
WoodMac: Consolidated Copper Production Growth1
Teck2 vs. Peers3 2021E-2023E
Peru
86 kt
Copper peers: Antofagasta, First Quantum, Freeport, Hudbay, Lundin and Southern Copper.
Diversified peers: Anglo American, BHP, Glencore, Rio Tinto.
Teck provides investors exposure to industry leading copper growth and valuation unlock
102%
11%
21%
0%
20%
40%
60%
80%
100%
120%
Teck Copper Peer
Average
Diversified Peer
Average

QB2 Update
Successfully delivering on key milestones
11
Reached 60% Completion in Early August
• Vaccinations, COVID-19 protocols and testing key enablers
• First production expected in H2 2022
• Unchanged capital estimate before COVID-19 impacts
(US$5.2 billion1)
• COVID-19 capital cost estimate (US$600 million2)
Delivering to Key Milestones
• Workforce ramped up to maximize the use of camp space
• Critical path through the grinding circuit remains on plan
• Focus on port to pond infrastructure for first water delivery
• Focused support in specific areas to deliver to plan
• Initiatives and incentive programs driving behaviour
• Working creatively with Bechtel and contractors for
successful delivery
Coarse Ore Stockpile Area
Dome foundation, stacker structure and reclaim tunnels
World class COVID-19 protocols deliver results

Portfolio of Copper Growth Options
Well understood resource base creates multiple options
12
• High quality resources in very attractive mineral
districts including Canada, the U.S., Mexico,
Chile, and Peru
‒ Including ~22 million ounces1 of measured
and indicated gold resources, and
~10 million ounces1 in inferred gold
resources in our copper growth options1
• Prudent investment to further define path to
value, e.g. conversion of resources to reserves
• Leveraging exploration, development and
commercial expertise
• Sustainability and community focus
Teck’s Consolidated Copper Asset
Reserves and Resources (CuEq Mt)2
7
8
16
31
13
15
29
56
18
12
18
48
Copper Operations QB Copper Growth
Options
Total
Proven and Probable Reserves
Measured & Indicated Resources
Inferred Resources
1
Continued investment has resulted in a robust pipeline of copper growth options

C1 Cost2
(US$/lb Cu)
$1.28 $1.16 $1.21 $1.33 $1.14 $1.14
Enterprise
Value3 (C$B)
$29.9 $27.3
Significant Base Metals Growth
Teck’s Base Metals business rivals leading copper peers
13
Consolidated Copper Equivalent Production 1 (kt CuEq)
Teck Antofagasta
First Quantum
11%
62%
0%
528
855 887
988
832 828
Teck
2020A
Teck
2023E
First Quantum
2020A
First Quantum
2023E
Antofagasta
2020A
Antofagasta
2023E
Copper Zinc (CuEq) Other (CuEq) Attributable (CuEq)
Source: Production and C1 costs for 2020 are sourced from company disclosures. Production for 2023 is sourced from Wood Mackenzie asset models. C1 costs
for 2023 are sourced from S&P Global Market Intelligence, Metals & Mining.

14
US$4.50/lb Copper Scenario US$4.00/lb Copper Scenario US$3.50/lb Copper Scenario
$5.73/share $4.93/share $4.13/share
Teck Illustrative Cash Flows - QB2 Full Production
Scenarios indicate potential Available Cash Flow of C$4–6/share
For further details please see Teck Illustrative Cash Flows – QB2 Full Production slides in the appendix of this presentation.
For this purpose, we define available cash flow as cash flow from operating activities after interest and finance charges, lease payments and distributions to non-controlling interests
less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capital structure to maintain solid investment grade credit metrics;
and (iv) our base $0.20 per share annual dividend. Proceeds from any asset sales may also be used to supplement available cash flow. Any additional cash returns will be made
through share repurchases and/or supplemental dividends depending on market conditions at the relevant time.

Solid Track Record of Cash Returns to Shareholders
>C$3.0 billion of dividends and C$1.7 billion of share buybacks 2011-2020
15
$0
$200
$400
$600
$800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD
Total Dividend Paid Share Buybacks
1
>C$4.7 billion of dividends and share buybacks over the past ten years
Teck’s Dividends and Buybacks (C$M)

Industry leading
copper growth,
strengthening
existing high-quality,
low carbon assets
Right
Approach
Highest standards
of sustainability in
everything we do,
operational
excellence,
RACE21TM
Our people deliver
the optimal mix of
industry leading
technical, digital,
sustainability,
commercial and
financial leadership
Right
Opportunities
Strong demand for
our metals and
minerals, led by
growth and
decarbonization
Right
Assets
Teck is Poised for Growth
16
Providing essential metals and minerals for a low-carbon world
Right
Team

Endnotes:
Slide 6: Accelerated Need for Essential Metals and Minerals for a Low-Carbon World
1. Source: CRU Mobility and Energy Futures – Perspectives towards 2035. Approximate figures; total copper demand from CRU’s Copper Market Outlook.
2. Consolidated basis.
Slide 7: High-Quality Steelmaking Coal Is Required for the Low-Carbon Transition
1. Source: MineSpans. All production volumes included in the forecast are based on a 93% utilization rate of capacity. Includes ramp up of current capacity and projects considered to have a high certainty or probability of completion.
2. Low likelihood projects are assumed to come online based on increasing prices surpassing the incentive price required for individual projects at a return on investment of 15%.
Slide 8: Teck and the Low-Carbon Transition
1. Barclays Research; Teck. 2017.
Slide 10: Industry Leading Copper Growth
1. Source: Wood Mackenzie base case (attributable) copper production dataset. Consolidated production estimates were derived based on accounting standards for consolidation for Teck and its peers.
2. Teck growth estimate uses 2020 actual production and Wood Mackenzie data for 2023.
3. Copper peers: Antofagasta, First Quantum, Freeport, Hudbay, Lundin, Southern Copper. Diversified peers: Anglo American, BHP, Glencore, Rio Tinto. Peer production metrics for 2020 and 2023 are from Wood Mackenzie. Peer production
metrics for 2020 and 2023 are from Wood Mackenzie. Peer averages are the simple averages.
Slide 12: Portfolio of Copper Growth Options
1. Contained equivalent copper metal at 100% basis for all projects. Copper growth assets are: Zafranal, San Nicolás, NuevaUnión, Mesaba, Schaft Creek, Galore Creek. See Teck’s 2020 AIF for further information, including the grade and
quantity, regarding the gold reserves and resources for these projects and the grade of the other metals used to determine the copper equivalent.
2. Contained equivalent copper metal at 100% basis for all projects. CuEq calculated with price assumptions: US$3.50/lb Cu; US$1.15/lb Zn; US$6.90/lb Ni; US$21/lb Co; US$10/lb Mo; US$1,400/oz Au; US$18/oz Ag; US$1,300/oz Pd;
US$1,200/oz Pt.
Slide 11: QB2 Update - Successfully delivering on key milestones
1. On a 100% go forward basis from January 1, 2019 including escalation and excluding working capital or interest during construction using actual realized exchange rates until March 30, 2020 and assuming a CLP/USD exchange rate of 775
from April 1, 2020. Includes approximately US$400 million in contingency.
2. Based on the assumptions and impacts to construction productivity under COVID-19 protocols. Assumes a CLP/USD rate of 775 over the remainder of the project.
Slide 13: Significant Base Metals Growth - Teck’s Base Metals business rivals leading copper peers
1. Production for 2020 reflects actuals sourced from company disclosures. Production for 2023 is sourced from Wood Mackenzie asset models, considering assets included in Wood Mackenzie’s base case for each company. Production is shown
on a consolidated reporting basis, except where noted as attributable for ownership. Copper equivalent production for 2020 is calculated using annual average prices of: US$2.83/lb Cu, US$1.05/lb Zn, US$0.85/lb Pb, US$8.68/lb Mo,
US$US$1,779/oz Au, US$20.70/oz Ag, US$6.43/lb Ni. Copper equivalent production for 2023 is calculated using the following prices: US$3.50/lb Cu, US$1.15/lb Zn, US$0.90/lb Pb, US$10.50/lb Mo, US$1,650/oz Au, US$22.50/oz Ag,
US$6.90/lb Ni.
2. 2020 C1 cash cost data is sourced from company disclosures and are for copper operations only. Expected 2023 C1 cash cost data is sourced from S&P Global Market Intelligence (formerly SNL Metals & Mining) cost curve database
considering primary copper mines and total cash costs on a by-product basis for Teck and peers, and weighted on a consolidated production basis.
3. Enterprise Value, or Total Enterprise Value is as of market close on August 30, 2021 and is sourced from S&P Capital IQ.
Slide 15: Solid Track Record of Cash Returns to Shareholders
1. As at June 30, 2021.
18

Overview and
Financial Strategy

High-quality assets in the Americas
Proven operational excellence underpinning cost competitiveness
Doubling of copper production by 2023 through QB21
Significant value potential from a portfolio of copper growth options
Recognized industry leader in ESG performance
Strong balance sheet and rigorous capital allocation framework
20
Strong safety
performance with
stringent COVID-19
prevention protocols
in place across the
business
Among the world’s
lowest carbon
intensity producers
of copper, zinc and
steelmaking coal
Experienced
leadership team with
proven track record of
project execution and
operational excellence
One of Canada’s
leading mining
companies,
headquartered in
Vancouver,
British Columbia
Operations &
Major Projects
Copper
Zinc
Energy
Steelmaking Coal
Operation Project
About Teck

Global Customer Base
Revenue contribution from diverse markets
21
2020 Revenue by
Business Unit
Copper 27%
Zinc 30%
Steelmaking
coal 38%
Energy 5%
2020 Gross Profit Before
Depreciation and Amortization1
by Business Unit
Copper 44%
Zinc 29%
Steelmaking
coal 35%
Energy -8%
2020 Revenue by
Geography
India 6%
China 21%
Asia
(ex. China/India)
33%
North
America 25%
Latin America 2%
Europe 13%

Strong Financial Position
Investment grade credit rating, with substantial liquidity
Long dated maturity profile with no significant note maturities prior to 20302 (C$M)
22
Balance Sheet
• Rated investment grade by all four agencies
Liquidity
• C$6.3 billion of liquidity available1
• US$5.0 billion of committed revolving credit facilities
• No earnings or cash-flow based financial covenant,
no credit rating trigger, no general material adverse
effect borrowing condition
Significant leverage to rising commodity prices
0
200
400
600
800
1,000
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
Production4 Change Estimated Effect on
Annualized Profit5
Estimated Effect on
Annualized
EBITDA5
Copper3 282.5 kt US$0.50/lb C$200M C$350M
Zinc3,6 912.5 kt US$0.10/lb C$90M C$120M
Coal7 26.0 Mt US$50/t C$950M C$1,500M

Teck Illustrative Cash Flows - QB2 Full Production
Scenarios indicate potential Available Cash Flow of C$4–6/share
23
Illustrative Proforma; includes QB2 on a 100% consolidation basis; QB2 EBITDA assumes 290ktpy copper sales and US$1.28/lb C1 cash cost.
For this purpose, we define available cash flow as cash flow from operating activities after interest and finance charges, lease payments and distributions to non-controlling interests
less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capital structure to maintain solid investment grade credit metrics;
and (iv) our base $0.20 per share annual dividend. Proceeds from any asset sales may also be used to supplement available cash flow. Any additional cash returns will be made
through share repurchases and/or supplemental dividends depending on market conditions at the relevant time.
US$4.50/lb
Copper C$/share9
US$4.00/lb
Copper C$/share9
US$3.50/lb
Copper C$/share9
Adjusted EBITDA1 $6.0 $5.6 $5.3
QB2 EBITDA (100%)2 2.6 2.2 1.8
Less: cash taxes (100%)3 (1.9) (1.7) (1.5)
Less: cash interest paid4 (0.4) (0.4) (0.4)
Less: lease payments5 (0.1) (0.1) (0.1)
Operating cash flow $6.2 $5.6 $5.0
Less: capital spending6 (1.8) (1.8) (1.8)
Less: base dividends7 (0.1) (0.1) (0.1)
Less: QB2 project finance repayment (100%)8 (0.4) (0.4) (0.4)
Illustrative Available Cash Flow (100%) $3.9 $3.4 $2.8
Illustrative Available Cash Flow (Teck's share) 3.1 $5.73 2.6 $4.93 2.2 $4.13
30% of Teck's Available Cash Flow for supplemental
distribution (0.9) (1.72) (0.8) (1.48) (0.7) (1.24)
Balance available for Teck's growth and
shareholders $2.1 $4.01 $ 1.8 $3.45 $1.5 $2.89
Gross Debt/EBITDA (Teck's share; assumes
June 30, 2021 reported gross debt)
0.96x 1.04x 1.13x
Illustrative Available Cash Flow (C$B)

Teck’s Capital Allocation Framework
Shareholder distributions of 30-100% of Available Cash Flow1
CASH FLOW
FROM OPERATIONS
after interest and finance
charges, lease payments
and distributions to
non-controlling interests
24
1. For this purpose, we define available cash flow as cash flow from operating activities after interest and finance charges, lease payments and distributions to non-controlling interests
less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capital structure to maintain solid investment grade credit
metrics; and (iv) our base $0.20 per share annual dividend. Proceeds from any asset sales may also be used to supplement available cash flow. Any additional cash returns will be
made through share repurchases and/or supplemental dividends depending on market conditions at the relevant time.
2. Net Debt to Adjusted EBITDA ratio is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
GROWTH
RETURNS
BASE
DIVIDEND
COMMITTED
GROWTH
CAPITAL
CAPITAL
STRUCTURE
SUSTAINING
CAPITAL
(including stripping)
SUPPLEMENTAL
SHAREHOLDER
DISTRIBUTIONS
Plus at Least 30%
Available Cash Flow1
Teck targets through-cycle BBB metrics (Net Debt to Adjusted EBITDA2)

Disciplined Approach to M&A
25
CdA Gold
Stream1,
$206M Project Corridor
/Nueva Union,
$0
Antamina
Silver Stream2
$795M
Osisko
Royalty
Package,
$28M
Sandstorm
Royalty
Package3
$32M
HVC Minority,
($33M)
Teena
Minority4,
($11M)
AQM
Copper,
($25M)
Wintering Hills,
$59M
San Nic
Minority5,
($65M)
IMSA’s stake
in QB, ($208M)
Waneta Dam,
$1,200M6
QB2 Divestment
(30%)7
$1,072M
($500)
$0
$500
$1,000
$1,500
July
10
Aug
27
Oct
7
Oct
25
Jan
19
July
5
Oct
18
Nov
21
Jan
26
Oct
18
Apr
4
Jul
26
Mar
29
2015 2016 2017 2018 2019
Total net proceeds of C$3.1B:
• Balance sheet strengthened by divestment of non-core assets at high EBITDA8 multiples
• Modest ‘prudent housekeeping’ acquisitions to consolidate control of attractive copper
and zinc development assets
Recent Transaction History
Net
Proceeds
(Cost)
(C$M)

Production Guidance
26
Units in 000’s tonnes
(excluding steelmaking coal, molybdenum, and bitumen)
2020 2021 Guidance1 3-Year Guidance1
(2022-2024)
Copper2,3,4
Highland Valley 119.3 128-133 135-165
Antamina 85.6 91-95 90
Carmen de Andecollo 57.4 46-51 50-60
Quebrada Blanca6
13.4 10-11 -
Total copper 275.7 275-290 275-315
Zinc2,3,5
Red Dog 490.7 510-530 510-550
Antamina 96.3 95-100 80-100
Total zinc 587.0 603-630 590-650
Refined zinc
Trail 305.1 285-290 305-315
Steelmaking coal (Mt) 21.1 25.0-26.0 26.0-27.0
Bitumen3
(Mbbl)
Fort Hills 8.4 6.6-8.1 14
Lead2
Red Dog 97.5 90-100 80-90
Molybdenum2,3
(Mlbs)
Highland Valley 3.8 1.2-1.8 3.0-4.5
Antamina 1.5 1.0-1.4 2.0-3.0
Total molybdenum 5.1 2.2-3.2 5.0-7.5

Sales and Unit Cost Guidance
27
Unit Costs 2020 2021 Guidance1
Copper3
Total cash unit costs7
(US$/lb) $1.57 $1.65-1.75
Net cash unit costs4,7
(US$/lb) $1.28 $1.30-1.40
Zinc5
Total cash unit costs7
(US$/lb) $0.53 $0.54-0.59
Net cash unit costs4,7
(US$/lb) $0.36 $0.35-0.40
Steelmaking coal6
Adjusted site cash cost of sales7
$64 $59-64
Transportation costs $41 $39-42
Inventory write-down $3 -
Unit costs7
(C$/tonne) $108 $98-108
Bitumen
Adjusted operating costs7
(C$/barrel) C$31.96 C$40-44
Sales Q2 2021 Q3 2021 Guidance1
Zinc2
Red Dog (kt) 39 145-155
Steelmaking coal (Mt) 6.2 6.0-6.4

Water Treatment Guidance
There is no change to our 2021 guidance on water-related spending. We expect capital spending of approximately $255 million in 2021 on water treatment (AWTFs
and SRFs) and water management (source control, calcite management and tributary management). By the end of 2021, we expect to increase total treatment
capacity to more than 50 million litres per day. From 2022 to 2024, capital investment in water management and water treatment is expected to increase by
approximately $100 million to $400 to $500 million as we are advancing the timing of water treatment from future years to support continued mine development. The
investment in water treatment will further increase treatment capacity to 90 million litres per day.
In addition to the capital set out above and as previously announced, the aggregate cost of the incremental measures required under the October 2020 Direction
issued by Environment and Climate Change Canada (the Direction) is preliminarily estimated at $350 to $400 million between 2021 and 2030.
Operating costs associated with water treatment were approximately $0.75 per tonne in 2020 and, as previously disclosed, are projected to increase gradually over
the long term to approximately $3 per tonne as additional water treatment becomes operational. Long-term capital costs for construction of additional treatment
facilities are expected to average approximately $2 per tonne annually.
Final costs of implementing the Plan and the Direction for managing water quality will depend in part on the technologies applied, on regulatory developments and on
the results of ongoing environmental monitoring and modelling. The timing of expenditures will depend on resolution of technical issues, permitting timelines and other
factors. Certain cost estimates are based on limited engineering and the feasibility of certain measures has not yet been confirmed. Implementation of the Plan also
requires additional operating permits. We expect that, in order to maintain water quality, some form of water treatment will continue for an indefinite period after mining
operations end. The Plan contemplates ongoing monitoring to ensure that the water quality targets set out in the Plan are in fact protective of the environment and
human health, and provides for adjustments if warranted by monitoring results. This ongoing monitoring, as well as our continued research into treatment
technologies, could reveal unexpected environmental impacts, technical issues or advances associated with potential treatment technologies that could substantially
increase or decrease both capital and operating costs associated with water quality management, or that could materially affect our ability to permit mine life
extensions in new mining areas.
28
Excerpt from Teck’s Q2 2021 Press Release

Capital Expenditures Guidance
29
(Teck’s share in CAD$ millions)
2020 2021
Guidance1
Sustaining
Copper $ 161 $ 160
Zinc 188 155
Steelmaking coal2 571 430
Energy 91 85
Corporate 12 -
Total sustaining $ 1,023 $ 830
Growth3
Copper4 $ 41 $ 125
Zinc 7 25
Steelmaking coal 411 460
Corporate 4 5
$ 463 $ 615
Total
Copper $ 202 $ 285
Zinc 195 180
Energy 91 85
Corporate 16 5
$ 1,486 $ 1,445
2020 2021
Guidance1
QB2 capital expenditures $ 1,643 $ 2,500
Total before SMM/SC contributions 3,129 3,945
Estimated SMM/SC contributions (660) (440)
Estimated QB2 project financing
draw to capex (983) (1,425)
Total, net of partner contributions
and project financing $ 1,486 $ 2,080
QB2
2020 2021
Guidance1
Capitalized Stripping
Copper $ 145 $ 205
Zinc 51 70
$ 499 $ 675
Capitalized Stripping
Sustaining and Growth Capital

Commodity Price Leverage1
30
2021 Mid-Range
Production Estimates2,5 Change
Estimated Effect on
Annualized Profit3 ($M)
Estimated Effect on
Annualized EBITDA3 ($M)
US$ exchange C$0.01 $55 $87
Copper (kt) 282.5 US$0.01/lb $4 $7
Zinc4 (kt) 912.5 US$0.01/lb $9 $12
Steelmaking coal (Mt) 25.5 US$1/tonne $18 $29
WCS5 (Mbbl) 7.4 US$1/bbl $6 $8
WTI6 US$1/bbl $2 $3

Tax-Efficient Earnings in Canada and Chile
31
Canada: ~C$4.5 billion in available tax pools at December 31, 2020
• Includes:
‒ $3.8 billion in Canadian federal net operating loss carryforwards
‒ $0.3 billion in Canadian Development Expenses (30% declining balance p.a.)
‒ $0.4 billion in allowable capital loss carryforwards
• Applies to cash income taxes in Canada
• Does not apply to:
‒ Resource taxes in Canada
‒ Cash taxes in foreign jurisdictions
Chile: ~C$800 million in available tax pools at December 31, 2020
• Chilean net operating loss carryforwards
• Applies to cash income taxes for QB2

Share Structure & Principal Shareholders
32
Shares Held Percent Voting Rights
Class A Shareholdings
Temagami Mining Company Limited 4,300,000 55.4%
SMM Resources Inc (Sumitomo) 1,469,000 18.9%
Other 1,996,503 25.7%
7,765,503 100.0%
Class B Shareholdings
Temagami Mining Company Limited 725,000 0.1%
SMM Resources Inc (Sumitomo) 295,800 0.1%
China Investment Corporation (Fullbloom) 59,304,474 11.3%
Other 463,056,146 88.5%
523,381,420 100.0%
Total Shareholdings
Temagami Mining Company Limited 5,025,000 0.9% 33.1%
SMM Resources Inc (Sumitomo) 1,764,800 0.3% 11.3%
China Investment Corporation (Fullbloom) 59,304,474 11.2% 4.6%
Other 465,052,649 87.6% 51.0%
531,146,923 100.0% 100.0%
Teck Resources Limited at December 31, 2020

Collective Agreements
Operation Expiry Dates
Antamina July 31, 2021
Highland Valley Copper September 30, 2021
Trail Operations May 31, 2022
Cardinal River June 30, 2022
Quebrada Blanca
January 31, 2022
March 31, 2022
November 20, 2022
Carmen de Andacollo
September 30, 2022
December 31, 2022
Line Creek May 31, 2024
Elkview October 31, 2026
Fording River April 30, 2027
33

Endnotes: Overview and Financial Strategy
Slide 21: Global Customer Base
1. Gross profit before depreciation and amortization is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
Slide 22: Strong Financial Position
1. As at July 26, 2021.
2. Based on Teck’s US$3.5 billion of public notes outstanding as at June 30, 2021, excluding project finance debt, draws on the revolving credit facility, leases and debt at Antamina and Neptune Terminals.
3. As at July 26, 2021. The sensitivity of our EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on our current balance sheet, our 2021 mid-range production estimates, current
commodity prices and a Canadian/U.S. dollar exchange rate of $1.25. See Teck’s Q2 2021 press release for further details.
4. All production estimates are subject to change based on market and operating conditions.
5. The effect on our EBITDA of commodity price movements will vary from quarter to quarter depending on sales volumes. Our estimate of the sensitivity of EBITDA to changes in the U.S. dollar exchange rate is sensitive to commodity price
assumptions. See Caution Regarding Forward-Looking Statements for a further discussion of factors that may cause actual results to vary from our estimates. EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures”
slides.
6. Zinc includes 295,000 tonnes of refined zinc and 617,500 tonnes of zinc contained in concentrate.
7. Sensitivities from Teck’s 2020 Annual Report. The sensitivity of our annual profit attributable to shareholders and EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on a
26.0 million tonne production volume estimate, our current balance sheet, current commodity prices and a Canadian/U.S. dollar exchange rate of $1.30. See Teck’s Q4 2020 press release for further details.
Slide 23: Teck Illustrative Cash Flows – QB2 Full Production
1 Adjusted EBITDA is H1 2021 Adjusted EBITDA annualized and price adjusted assuming copper prices of US$4.50, US$4.00, and US$3.50 per pound, and a hard coking coal (HCC) price of US$199/t FOB Australia. All other commodity prices
are at H1 2021 actual average prices of copper US$4.13 per pound, zinc US$1.29 per pound, steelmaking coal US$137.50 per tonne realized price, Western Canadian Select (WCS) US$49.78 per barrel, West Texas Intermediate (WTI)
US$62.16 per barrel and a Canadian/U.S. dollar exchange rate of $1.25. The sensitivity of our EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices are: C$0.01 change in US$ FX = C$87 million EBITDA; US$
0.01/lb change in copper price = C$7 million EBITDA; US$ 0.01/lb change in zinc price = C$12 million EBITDA; US$1/tonne change in steelmaking coal price = C$29 million EBITDA; US$1/bbl change in WCS price = C$8 million EBITDA;
US$1/bbl change in WTI price = C$3 million EBITDA. EBITDA and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
2 QB2 EBITDA assumes a C1 cash cost of US$1.28/lb, a Canadian/U.S. dollar exchange rate of $1.25, and annual copper sales of 290,000 tonnes. EBITDA is a non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
3 Annualized H1 2021 cash taxes adjusted for future Canadian cash taxability on the basis of spot HCC prices, and future QB2 taxability, post-QB2 ramp up and post QB2 accelerated tax depreciation period. QB2 cash taxes are calculated on a
post-financing basis.
4 Annualized H1 2021 cash interest paid.
5 Lease payments are annualized H1 2021 lease payments (C$130 million/year).
6 Q2 2021 guidance for capital expenditures.
7 Base dividend of C$0.20/share, paid quarterly.
8 QB2 project finance repayments are two semi-annual principal repayments of US$147 million each.
9 Per share amounts assume 532.4 million shares outstanding as at June 30, 2021.
Slide 25: Disciplined Approach to M&A
1. Carmen de Andacollo gold stream transaction occurred in USD at US$162 million.
2. Antamina silver stream transaction occurred in USD at US$610 million.
3. Sandstorm royalty transaction occurred in USD at US$22 million.
4. Teena transaction occurred in AUD at A$10.6 million.
5. San Nicolàs transaction occurred in USD at US$50 million.
6. Waneta Dam transaction closed July 26, 2018 for C$1.2 billion.
7. QB2 Partnership (sale of 30% interest of project to Sumitomo; SMM and SC) for total consideration of US$1.2 billion, including US$800 million earn-in and US$400 million matching contribution; converted at FX of 1.34 on March 29, 2019.
8. EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
34

Endnotes: Overview and Financial Strategy
Slide 26: Production Guidance
1. As at September 20, 2021. See Teck’s Q2 2021 press release and Teck’s press release “Teck Investor and Analyst Day and Guidance Update” dated September 20, 2021 for further details.
2. Metal contained in concentrate.
3. We include 100% of production and sales from our Quebrada Blanca and Carmen de Andacollo mines in our production and sales volumes, even though we do not own 100% of these operations, because we fully consolidate their results in our
financial statements. We include 22.5% and 21.3% of production and sales from Antamina and Fort Hills, respectively, representing our proportionate ownership interest in these operations.
4. Copper production includes cathode production at Quebrada Blanca and Carmen de Andacollo.
5. Total zinc includes co-product zinc production from our 22.5% proportionate interest in Antamina.
6. Three-year guidance 2022-2024 excludes production from QB2.
Slide 27: Sales and Unit Cost Guidance
1. As at September 20, 2021. See Teck’s Q2 2021 press release and Teck’s press release “Teck Investor and Analyst Day and Guidance Update” dated September 20, 2021 for further details.
2. Metal contained in concentrate.
3. Copper unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Copper net cash unit costs include adjusted cash cost of sales and smelter processing charges, less cash margins for by-products including
co-products. Guidance for 2021 assumes a zinc price of US$1.30 per pound, a molybdenum price of US$14.00 per pound, a silver price of US$25 per ounce, a gold price of US$1,800 per ounce and a Canadian/U.S. dollar exchange rate of
$1.24.
4. After co-product and by-product margins.
5. Zinc unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Zinc net cash unit costs are mine costs including adjusted cash cost of sales and smelter processing charges, less cash margins for by-products.
Guidance for 2021 assumes a lead price of US$1.00 per pound, a silver price of US$25 per ounce and a Canadian/U.S. dollar exchange rate of $1.24. By-products include both by-products and co-products.
6. Steelmaking coal unit costs are reported in Canadian dollars per tonne.
7. Non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
Slide 29: Capital Expenditures Guidance
1. As at July 26, 2021. See Teck’s Q2 2021 press release for further details.
2. Steelmaking coal sustaining capital guidance for 2021 includes $245 million of water treatment capital. 2020 includes $267 million of water treatment capital.
3. Growth expenditures include RACE21TM capital expenditures for 2021 of $150 million, of which $30 million relates to copper, $5 million relates to zinc, $110 million relates to steelmaking coal, and $5 million relates to corporate projects.
4. Copper growth guidance for 2021 includes studies for HVC 2040, Antamina, QB3, Zafranal, San Nicolás and Galore Creek.
Slide 30: Commodity Price Leverage
1. As at July 26, 2021. The sensitivity of our annual profit attributable to shareholders and EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on our current balance sheet, our
2021 mid-range production estimates, current commodity prices and a Canadian/U.S. dollar exchange rate of $1.25. See Teck’s Q2 2021 press release for further details.
2. All production estimates are subject to change based on market and operating conditions.
3. The effect on our profit attributable to shareholders and on EBITDA of commodity price and exchange rate movements will vary from quarter to quarter depending on sales volumes. Our estimate of the sensitivity of profit and EBITDA to changes
in the U.S. dollar exchange rate is sensitive to commodity price assumptions.
4. Zinc includes 295,000 tonnes of refined zinc and 617,500 tonnes of zinc contained in concentrate.
5. Bitumen volumes from our energy business unit.
6. Our WTI oil price sensitivity takes into account our interest in Fort Hills for respective change in revenue, partially offset by the effect of the change in diluent purchase costs as well as the effect on the change in operating costs across our
business units, as our operations use a significant amount of diesel fuel.
35

Responding to COVID-19―Five Pillar Approach
37
Prevention Employee
Support
Communities &
Public Health
Business
Continuity
Communication
Prioritizing the health and safety of our people and communities
Health, Safety, Environment
and Communities Performance

0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
2016 2017 2018 2019 2020 Jun-21
High-Potential Incident Frequency
Serious High-Potential Incident Frequency
Potentially Fatal Occurrence Frequency
Teck Operated Incident Frequency
(per 200,000 hours worked)
• Safety performance in H1 2021 vs. FY 2020
- 38% reduction in High-Potential Incidents
- 26% decrease in Lost-Time Injury Frequency
• Continued implementation of High
Potential Risk Program to reduce the most
significant risks
• 1 fatality in January 2021 following a fatality-free
year in 2020. Carried out in-depth investigation
to identify measures to prevent reoccurrence
38
Overall, 80% reduction in
High-Potential Incident Frequency
from 2016 to June 2021

Communities
Engaging throughout the mining
life-cycle to create lasting benefits
• $10.8 billion in economic benefits
generated in 2020
• 72% local employment at operations
• Dedicated $20 million COVID-19 fund to
support local communities
• Global citizenship initiatives Copper
& Health and Zinc & Health
39
Indigenous
Peoples
Respect for culture and heritage; early
engagement and focus on working to achieve
Free, Prior and Informed Consent (FPIC)
• 72 active Indigenous agreements covering
all operations
• $192 million spent with Indigenous
businesses in 2020
• Support for reconciliation: Reconciliation
Canada, Indian Residential School Society,
Indspire youth bursary

40
Tailings
Meeting global best practices for safety at our
tailings facilities throughout their life-cycle
• Fully applying GISTM by August 2023
• All active and closed tailings facilities meet
or exceed regulatory requirements
• 0 significant tailings-related environmental
incidents in 2020 and to-date in 2021
• 100% of facilities evaluated annually by a
third-party Engineer of Record
Water
Working to protect water quality and
reducing use in water-scarce regions.
• Tripling Elk Valley treatment capacity
in 2021. Commissioned 20 M l/day Elkview
SRF
• Achieved 13% reduction in freshwater
use at Chilean operations
• Reused and recycled water at mining
operations 3.3 times
• Constructing dedicated desalination plant at
QB2

Biodiversity &
Reclamation
Working towards a net-positive impact
on biodiversity
• 5,930 hectares of cumulative land
reclaimed to date
• Joint Management Agreement reached
with the Ktunaxa Nation for over 7,000
hectares of conservation lands
• Joined 1t.org Corporate Alliance to
conserve, restore and grow one trillion
trees by 2030
41
Responsible
Production
Reducing waste and pollution and keeping
materials in use
• 27,583 tonnes of waste recycled in 2020
• 43,100 tonnes of urban ore and secondary
sources recycled at Trail Operations in 2020
• Piloting blockchain-enabled product passport

Inclusion, Equity
& Diversity
Fostering a workplace where everyone is
included, valued and equipped for today
and the future
• Named to Forbes World’s Best
Employers 2020
• 20% women in total Teck workforce, vs
Bloomberg 2019 industry average of 15.7%
• 28% women in senior management
• One-third of all new hires are women
42
Governance
Transparency and accountability to drive results
for all our stakeholders
• 25% of Teck’s board of directors are women,
above the Osler 2020 industry average in
Canada of 16%
• Executive remuneration linked to HSEC
performance through integration into corporate,
business unit and personal components

Focus on Sustainability Leadership
Ambitious sustainability goals in eight strategic themes
43
Climate Change Responsible Production
Water Tailings Management Biodiversity and
Reclamation
Health and Safety Our People
Communities and
Indigenous Peoples

Climate Change
Starting from a strong position
44
Low-quartile CO2 emissions per tonne of copper, zinc and steelmaking coal production
1
Teck
Carbon pricing
already built into
majority of business
CO2 Coal Intensity Curve (2020), t CO2e/t saleable coal
Cumulative production (Million tonnes)
Steelmaking Coal
Zinc
Among lowest
carbon intensity
miners globally
CO2 Zinc Intensity Curve (2020), t CO2e/t Zinc equivalent
CO2 Copper Intensity Curve (2020), t CO2e/t Copper equivalent
5 10
Copper
Teck
Well-positioned
for a Low-Carbon
Economy
5 10 15
Teck
50 150
100 200 250
Source: Skarn Associates, Q2 2021 update to 2020 dataset for global carbon intensity performance of steelmaking coal assets.
Includes Scope 1 and 2 emissions.

Climate Change
Our climate strategy
45
Positioning Teck for
a low-carbon economy
• Producing metals and
minerals required for
transition to a low-carbon
economy
• Rebalancing portfolio
towards copper
• Efficient, low-cost and
low-carbon operations will
keep Teck competitive
Support for appropriate
carbon pricing policies
• We support broad-based
effective carbon pricing
• Best method to encourage
global action on climate
change
• Work with associations/
government on policy
solutions to limit climate
change to 1.5◦C
Reducing our
carbon footprint
Long-term targets:
• Carbon neutral by 2050
• Reduce carbon intensity
of operations by 33% by
2030
• Work with customers and
transportation providers to
reduce downstream
emissions
Adapting to the
physical impacts
of climate change
• Increase resilience
of operations
• Incorporate climate
scenarios into
project design and
mine closure
planning

Climate Change
Our pathway to net zero
Renewable energy
Electrification &
alternative material
handling
Electrification &
low-carbon fuels
Methane recovery
& abatement Offsets
Power supply
2020‒2030: Target readily available;
cost-competitive technologies in these areas
Abatement
Options
Emissions
sources
Mobile equipment Stationary combustion &
process
Fugitive methane
2020 2030 2040 2050 2020 2030 2040 2050 2020 2030 2040 2050 2020 2030 2040 2050 2020 2030 2040 2050
Projected
timeframe
for delivery
46

Sustainability Reporting and Rankings
47
Top-ranked mining company
World & North American Indices
Gold Class Award 2021
“A” rating since 2013
Outperforming 4 of 5 largest peers
Top ranked diversified
metals mining company
Top ranked North
American company
Top percentile, mining subsector
Ranked among the top 10% of
Metals & Mining companies
Our Reporting Frameworks
GRI Standards
SASB Standards
Task Force on Climate Related
Financial Disclosures (TCFD)
ESG Rankings
Industry Groups

ESG Resources for Investors
Holistic reporting suite
Please see our Disclosure Portal and
Sustainability Information for Investors
48
• Sustainability reporting for 20 years
in Core accordance with the Global
Reporting Initiative (GRI) Standards and
G4 Mining and Metals Sector Disclosures
• Sustainability Report is aligned with
Sustainability Accounting Standards
Board (SASB)
• Task Force for Climate-Related Financial
Disclosure (TCFD) aligned report
“Climate Change Outlook 2021”
• Separate data download with ESG data
of interest to investment community

Near-Term Copper
Growth - QB2 Project
Photo: Concentrator, August 2021

 Vast, long life deposit
 Very low strip ratio
 Low all in sustaining costs (AISC)1
 Potential to be a top 20 producer
 High grade, clean concentrates
 Significant brownfield development
 Community agreements in place and strong local relationships
 Project has surpassed the halfway point
 Expansion potential (QB3) with potential to be a top 5 producer
Highlights
Chile
Peru
Bolivia
Tarapacá
Region
Arica y
Parinacota
Region
Antofagasta
Region
Arica
Iquique
QB2
Teck, SMM, SC, ENAMI
Collahuasi
Anglo American,
Glencore, Mitsui
El Abra
Freeport-McMoRan,
Codelco
Radomiro
Tomic
Codelco Chuquicamata
Codelco
Ministro
Hales
Codelco
Cerro
Colorado
BHP
Spence
BHP
Centinela
Antofagasta, Marubeni
Gabriela Mistral
Codelco
Escondida
BHP, Rio Tinto, Mitsubishi Argentina
Sierra Gorda
KGHM, SMM, SC
Location
QB2 Project
Executing on a world class development asset
50

QB2 Update
Positioning for successful start-up
51
Driving value by linking people, process,
and workplace design
Remote Integrated Operations Centre
Located in Santiago and opened in Q1 2020
Operational Readiness and Commissioning
• Focus to ensure a seamless transition to operations
• Integrated Operations and Business Partner Model
• Operations leadership team in place and ramping up
workforce
Operational Areas
• Open pit mine (120Mtpa peak)
• Concentrator (143ktpd)
• Tailings management facility (1.4Bt capacity)
• Concentrate and water supply pipelines (165km)
• Port facility (including a desalination plant and
concentrate filtration plant)

QB2 Update
Keys to delivering first copper
52
Alignment with Bechtel and Contractors
Executing on the Critical Path at Concentrator
• Line 1 grinding and flotation drive first copper
• Followed by Line 2 and subsystems (i.e. moly plant,
pebble crushers)
Port to Pond - Enablers for Start-up
• Energization of the electrical grid
• Early commissioning of the desal plant
• Delivering water to the pond ahead of final dam completion
Commissioning of AHS Fleet
CAT 794 on AHS calibration pad
Partnership with Bechtel key success factor
through completion

QB2’s Competitive Cost Position
Competitive Operating Cost &
Capital Intensity Low Cash Cost Position
53
Based on Sanction Case (Including 199 Mt Inferred Resources)
Refer to “QB2 Project Economics Comparison” and “QB2 Reserves and Resources Comparison” slides for Reserve Case (Excluding Inferred Resources)
The description of the QB2 project Sanction Case includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that
would enable them to be categorized as mineral reserves. Inferred resources are subject to greater uncertainty than measured or indicated resources and it cannot be assumed that they
will be successfully upgraded to measured and indicated through further drilling.
C1 Cash Cost2 & AISC3 Curve1 (US$/lb, 2023E)
• Given the exceptionally low strip ratio, consistent grade
profile, compact site layout, and high level of automation,
QB2 is expected to have attractive and relatively stable
operating costs
• Exceptional strip ratio of 0.70 LOM, meaning for every one
tonne of ore mined, only 0.70 tonnes of waste need to be
mined (0.44 over first 5 full years)
− Compares to other world class asset strip ratios of 2.6
for Escondida, 3.0 for Antamina, and 3.7 for Collahuasi1
− Major benefit to sustaining capital since it reduces
mobile fleet size and replacement costs
Antamina
Escondida
Collahuasi
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
- 25% 50% 75% 100%
US$/lb
Cumulative Paid Metal (%)
AISC C1 Cash Cost
QB2
(first 5 full years)
US$1.38/lb
QB2
(first 5 full years)
US$1.28/lb

Vast, Long Life Deposit at Quebrada Blanca
Significant extension potential
• QB2 uses only ~18% of the 2020 reserve and
resource tonnage1
• Deposit is capable of supporting a very long
mine life based on throughput rate of 143 ktpd2
by utilizing further tailings capacity at already
identified sites
• Actively evaluating potential options to exploit
value of full resource through mill expansion
and / or mine life extension
• Beyond the extensive upside included in the
defined QB deposit, the district geology is highly
prospective for exploration discovery and
resource addition; mineralization is open in
multiple directions
54
.
1,259 1,202 1,401 1,432
1,325 1,472
1,891
3,621
2,141
3,393
3,492
3,119
2017 AIF 2018 Resource
Update
2019 AIF 2020 AIF
Inferred
M&I (Exclusive)
P&P
Resources (excluding reserves)
+94%3
Reserve and Resource Tonnage (Mt)
1
Based on Sanction Case (Including 199 Mt Inferred Resources)
Refer to “QB2 Project Economics Comparison” and “QB2 Reserves and Resources Comparison” slides for Reserve Case (Excluding Inferred Resources)

QB2 Funding Model
Minimized Teck execution funding through partnership and project finance
55
QB2 Funding Model - Post January 2019 (US$B)
2.1
1.1
1.3
1.8
1.1
0.3
0.1
1.3
0.3
0.3
0.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Project Spend Project Finance SMM & SC Teck
Ownership – 0%
Funding – 48%
Ownership – 30%
Funding – 37%
Ownership – 60%
Funding – 15%
US$5.2 billion
4
2021 2,3 2022 2,3
2019/20 1,3

QB2 Project Finance Facility
56
• Senior debt will continue to be drawn pro-rata under a
pre-determined Senior Debt-to-Shareholder funding ratio
until US$2.5 billion is drawn
• Pre-completion, senior debt is guaranteed on a pro-rata
basis (after consideration of ENAMI’s 10% carried interest)
‒ Teck 66.67% / SMM 27.77% / SC 5.56%
• Senior debt becomes non-recourse after successfully
achieving operational completion tests
• Semi-annual amortization payments of US$147 million will
begin no later than June 15, 2023; facility matures in 2031
• The facility requires partial debt repayment upon dividend
distribution to equity partners
Photo: QB2 concentrator, September 2021.

ENAMI Interest in Quebrada Blanca
Organizational Chart
• The government of Chile owns a 10% non-funding
interest in Compañía Minera Teck Quebrada Blanca
S.A. (CMTQB) through its state-run minerals company,
Empresa Nacional de Minería (ENAMI)
• ENAMI has been a partner at QB since 1989 and is
a 10% shareholder of Carmen de Andacollo
• ENAMI is not required to fund QB2 development costs
• Project equity funding in form of:
‒ 25% Series A Shares
‒ 75% Shareholder Loans
• Until shareholder loans are fully repaid, ENAMI is
entitled to a minimum dividend, based on net income,
that approximates 2.0-2.5% of free cash flow
‒ Thereafter, ENAMI receives 10% of dividends /
free cash flow
57
.
CMTQB
TRCL
ENAMI
Teck
10%
(Series B)
100%
90%
(Series A)
JVCo
SMM
66.67%
100%
33.33%
SC
83.33% 16.67%
Chile HoldCo
QB1 / QB2 / QB3

Quebrada Blanca Accounting Treatment
Balance Sheet Cash Flow
• 100% of project spending included in property, plant and
equipment
• Debt includes 100% of project financing
• Total shareholder funding to be split between loans and
equity approximately 75%/25% over the life of the project
• Sumitomo (SMM/SC)1 contributions will be shown as
advances as a non-current liability and non-controlling
interest as part of equity
• Teck contributions, whether debt or equity, eliminated on
consolidation
• 100% of project spending included in capital
expenditures
• Sumitomo1 contribution recorded within financing
activities and split approximately 75%/25% as:
‒ Loans recorded as “Advances from Sumitomo”
‒ Equity recorded as “Contributions from
Non-Controlling Interests”
• 100% of draws on project financing included in financing
activities
• After start-up of operations
‒ 100% of profit in cash flow from operations
‒ Sumitomo’s1 30% and ENAMI’s 10% share of
distributions included in non-controlling interest
58
Income Statement
• Teck’s income statement will include 100% of QB’s
revenues and expenses
• Sumitomo’s1 30% and ENAMI’s 10% share of profit will
show as profit attributable to non-controlling interests

QB2 Project Economics Comparison
59
7 8
Reserve
Case1
Sanction
Case2
Mine Life Years 28 28
Strip Ratio
First 5 Full Years 0.16 0.44
LOM3 0.41 0.70
C1 Cash Cost4
First 5 Full Years US$/lb $1.29 $1.28
LOM3 US$/lb $1.47 $1.37
AISC5
First 5 Full Years US$/lb $1.40 $1.38
LOM3 US$/lb $1.53 $1.42

QB2 Reserves and Resources Comparison
Reserve Case (as at Nov. 30, 2018)1,2 Sanction Case (as at Nov. 30, 2018)2,4
60
Reserves Mt
Cu
Grade %
Mo
Grade %
Silver
Grade ppm
Proven 409 0.54 0.019 1.47
Probable 793 0.51 0.021 1.34
Reserves 1,202 0.52 0.020 1.38
Resources
(Exclusive of
Reserves)5
Mt
Cu
Grade %
Mo
Grade %
Silver
Grade ppm
Measured 36 0.42 0.014 1.23
Indicated 1,436 0.40 0.016 1.13
M&I (Exclusive) 1,472 0.40 0.016 1.14
Inferred 3,194 0.37 0.017 1.13
+ Inferred in SC pit 199 0.53 0.022 1.21
Reserves Mt
Cu
Grade %
Mo
Grade %
Silver
Grade ppm
Proven 476 0.51 0.018 1.40
Probable 924 0.47 0.019 1.25
Reserves 1,400 0.48 0.018 1.30
Resources
(Exclusive of
Reserves)3
Mt
Cu
Grade %
Mo
Grade %
Silver
Grade ppm
Measured 36 0.42 0.014 1.23
Indicated 1,558 0.40 0.016 1.14
M&I (Exclusive) 1,594 0.40 0.016 1.14
Inferred 3,125 0.38 0.018 1.15

Endnotes: Near-Term Copper Growth - QB2 Project
Slide 50: QB2 Project
1. All-in sustaining costs (AISC) are net cash unit costs (also known as C1 cash costs) plus sustaining capital expenditures. Net cash unit costs are calculated after cash margin by-product credits assuming US$10.00/lb molybdenum and
US$18.00/oz silver. Net cash unit costs for QB2 include stripping costs during operations. AISC, Net cash unit cost and cash margins for by-products are non-GAAP financial measures which do not have a standardized meanings prescribed by
International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles in the United States. These measures may differ from those used by other issuers and may not be comparable to such measures as reported by
others. These measures are meant to provide further information about our financial expectations to investors. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in
accordance with IFRS. For more information on our calculation of non-GAAP financial measures please see our Management’s Discussion and Analysis for the year ended December 31, 2018, which can be found under our profile on SEDAR
at www.sedar.com.
Slide 53: QB2’s Competitive Cost Position
1. Source: Wood Mackenzie. Average 2021-2040.
2. C1 cash costs (also known as net cash unit costs) are presented after by-product credits assuming US$10.00/lb molybdenum and US$18.00/oz silver. C1 cash costs for QB2 include stripping costs during operations. Net cash unit costs and C1
cash costs are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
US$18.00/oz silver. Net cash unit costs for QB2 include stripping costs during operations. AISC, net cash unit cost and cash margins for by-products are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
Slide 54: Vast, Long Life Deposit at Quebrada Blanca
1. Reserves and resources as at December 31, 2020.
2. Based on Sanction Case mine plan tonnage.
3. Resources are reported separately from, and do not include that portion of resources classified as reserves.
Slide 55: QB2 Funding Model
1. Excludes working capital, interest, and COVID-19 capital, includes escalation and contingency, at actual CLP exchange rate.
2. Excludes working capital, interest, and COVID-19 capital, includes escalation and contingency, at 775 CLP exchange rate.
3. Assumes 100% of project finance and partner funding is attributed towards capital spend versus working capital, interest and COVID-19 costs.
4. 2019-2021.
Slide 58: Quebrada Blanca Accounting Treatment
1. Sumitomo Metal Mining Co. Ltd. and Sumitomo Corporation are collectively referred to as Sumitomo.
Slide 59: QB2 Project Economics Comparison
1. Based on go-forward cash flow from January 1, 2017. Based on all equity funding structure.
2. Based on go-forward cash flow from January 1, 2019. Based on optimized funding structure.
3. Life of Mine annual average figures exclude the first and last partial years of operations.
4. C1 cash costs are presented after by-product credits assuming US$10.00/lb molybdenum and US$18.00/oz silver. Net cash unit costs are consistent with C1 cash costs. C1 cash costs for QB2 include stripping costs during operations. Net cash
unit costs and C1 cash costs are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
US$18.00/oz silver. Net cash unit costs for QB2 include stripping costs during operations. AISC, net cash unit cost and cash margins for by-products are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
61

Endnotes: Near-Term Copper Growth - QB2 Project
Slide 60: QB2 Reserves and Resources Comparison
1. Mineral reserves are constrained within an optimized pit shell and scheduled using a variable grade cut-off approach based on NSR cut-off US$13.39/t over the planned life of mine. The life-of-mine strip ratio is 0.41.
2. Both mineral resource and mineral reserve estimates assume long-term commodity prices of US$3.00/lb Cu, US$9.40/lb Mo and US$18.00/oz Ag and other assumptions that include: pit slope angles of 30–44º, variable metallurgical recoveries
that average approximately 91% for Cu and 74% for Mo and operational costs supported by the Feasibility Study as revised and updated.
3. Mineral resources are reported using a NSR cut-off of US$11.00/t and include 23.8 million tonnes of hypogene material grading 0.54% copper that has been mined and stockpiled during existing supergene operations.
4. Mineral reserves are constrained within an optimized pit shell and scheduled using a variable grade cut-off approach based on NSR cut-off US$18.95/t over the planned life of mine. The life-of-mine strip ratio is 0.70.
5. Mineral resources are reported using a NSR cut-off of US$11.00/t outside of the reserves pit. Mineral resources include inferred resources within the reserves pit at a US$ 18.95/t NSR cut-off and also include 23.8 million tonnes of hypogene
material grading 0.54% copper that has been mined and stockpiled during existing supergene operations.
62

Right Approach: Portfolio of Copper Growth Options
Value realization through production or M&A
Teck is positioned to realize value from a robust pipeline
of copper projects
• Investment in exploration and strategic M&A over the last
20 years has secured quality opportunities
• Focus on integrated technical, social, environmental and
commercial de-risking of opportunities
• Leadership, experience and systems in place to fulfill strategy
We seek to maximize shareholder returns and maintain a
strong balance sheet
• Reduce Teck’s equity requirements through partnering, streams,
infrastructure carve-outs and project financing
• Maintain investment grade metrics to support strong liquidity
• Rigorous capital allocation framework to balance growth and
cash returns
64
QB2 Case Study
De-risked at project sanction:
• ~80% engineered and >70% procured
• Key permits approved
Reduced equity requirements:
• US$1.2B transaction payment received
• Partnership further reduced Teck’s funding
• US$2.5B project finance
Right sized balance sheet:
• Repaid US$4B in debt1 and regained investment grade
rating
Return of capital to shareholders:
• C$1.2B of share buy backs and ~C$700M in dividends2
Total Capex Partner Project Finance Teck

65
Near
Term
Medium
Term
Future
Potential
Right Approach: Actively Strengthening our Portfolio
Prudent investments in near-term, medium-term, and future growth options
Zafranal
Cu-Au
Prefeasibility
Feasibility (Q2 2019)
SEIA submission in H2 2021
San Nicolás
Cu-Zn-Au-Ag
Scoping
Prefeasibility (Q1 2021)
EIA submission-ready
QB3
Cu-Mo-Ag
Identifying resource
upside
Preparing for Prefeasibility
94% growth in QB Resource
Galore Creek
Cu-Au-Ag
Asset management
Initiated Prefeasibility
Leveraging existing permits
NuevaUnión
Cu-Au-Mo
Prefeasibility
Feasibility completed (2020)
EIA submission-ready
Mesaba
Cu-Ni-PGM
Scoping and concept
studies
Preparing for Prefeasibility
Environmental Baseline
District Assessment
Schaft Creek
Cu-Mo-Au-Ag
Feasibility
(2013 Copper Fox)
Scoping update (2020)
Teck’s copper growth portfolio is
supported by recent and extensive studies
Holistic portfolio approach to capital
allocation
Continue to increase the quality of our
medium-term and future potential growth
options
Teck is positioned to maximize value from copper
demand growth well beyond the ramp-up of QB2
2017 2021

QB2
Zafranal
San
Nicolás
QB3
Galore Creek
Mesaba
Schaft
Creek
NuevaUnión
-5.0%
50.0%
105.0%
1.5 3.5 5.5
Right Assets: Portfolio of Copper Growth Options
Value optionality guided by commercial discipline
66
Medium-term Options
Framing Options Near-term Options Delivering Value
Deliberate risk-adjusted capital allocation process
Value
Creation
Potential
Early Stage Options Investment | Execution
Bubble size reflects LOM average annual CuEq production1 (shown on a 100% project basis).
QB3 presented as different sizes to reflect expansion options.
150
ktpa
300
ktpa
CuEq Production Legend

Zafranal Cu-Au Porphyry (80%)
Feasibility complete, SEIA submission in H2 20211
Path to Value Realization:
• Continue prudent investments to de-risk the project
improving capital and operating costs
• SEIA submission in H2 2021
67
Peru
After-Tax NPV8
US$1.0B
After-Tax IRR
23.3%
Initial Capex
US$1.23B
Payback Period
2.3 Years
Avg 1st 5 year3
C1 Cash Cost2
US$1.18/lb
Avg 1st 5 year3
Head Grade
0.57% Cu
Avg 1st 5 year3
Production
125 kt Cu
42 koz Au
Avg 1st 5 year3
EBITDA2
US$0.6B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2021 2022 2023 2026
SEIA
Submitted
Evaluation Process
Virtual Public Hearings
Final Review Process
SEIA
Approval
Sanction
Construction 3 years
Production
Pre-sanction Engineering
0%
25%
50%
75%
100%
-
25
50
75
100
125
150
175
200
225
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
Payable Cu (kt) Payable CuEq (kt) EBITDA Margin (RHS)
Feasibility Study Production Profile
Long Life Asset
• 19 year mine life with mine life extension
opportunities though pit expansion and district
resource development
Quality Investment
• Attractive front-end grade profile
• Mid cost curve forecast LOM C1 cash costs2
• Competitive capital intensity
Mining Jurisdiction
• Strong support from Peruvian regulators
including MINEM and SENACE
• Engaged with all communities
Illustrative Timeline
Metal price assumptions: US$3.50/lb Cu; US$1,400/oz Au

68
Prefeasibility Study Production Profile
Long Life Asset
• One of the world’s most significant
undeveloped VHMS deposits
• Updated Resources Statement
Quality Investment
• Expect C1 cash costs2 in the 1st quartile
• Competitive capital intensity
• Co-product Zn and Au & Ag credits
Mining Jurisdiction
• Well-established mining district in Mexico
• Community engagement well underway
0%
25%
50%
75%
100%
-
25
50
75
100
125
150
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Payable Cu (kt) Payable CuEq (kt) EBITDA Margin (RHS)
San Nicolás Cu-Zn (Ag-Au) VHMS (100%)
Prefeasibility and Environmental Impact Assessment completed1
Path to Value Realization:
• Prefeasibility and EIA completed in Q1 2021 and Q3 2021
• Assessing partnering and development options
Mexico
After-Tax NPV8
US$1.5B
After-Tax IRR
32.5%
Initial Capex
US$842M
Payback Period
2.6 Years
Avg 1st 5 year3
C1 Cash Cost2
US$(0.13)/lb
Avg 1st 5 year3
Head Grade
1.07% Cu
Avg 1st 5 year3
Production
63 kt Cu, 147 kt
Zn, 31 koz Au
Avg 1st 5 year3
EBITDA2
US$0.5B
Illustrative Timeline
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2021 2022 2023 2025
EIA Submission EIA Approval
Sanction
Construction 2 years
Production
Commissioning
Start FS
ETJ Submission ETJ Approval
FS Complete
Early Works
Q2
Q1
2026
Site prep.
& Adv. Eng.
Metal price assumptions: US$3.50/lb Cu, US$1.15/lb Zn, US$1,400/oz Au and US$18/oz Ag

69
Preparing for prefeasibility and leveraging QB2 ESG Platform Initiating prefeasibility and reducing access cost and risk
Production
Potential
• Evaluating 50% to
200% increase in
addition to QB2
Permitting
• Environmental, social
and regulatory
programs in place
Resources3,4
• M&I 3.6 Bt 0.37% Cu,
0.016% Mo, 1.1g/t Ag
• Inf 3.1Bt 0.35% Cu,
0.017% Mo, 1.1g/t Ag
Timetable
• Right-size expansion
and preparing for
prefeasibility
Capital Intensity
• Low to medium due
to brownfield
• Reduced execution /
operational risk
Production
Potential5
• 179 ktpa Cu
• 224 koz/pa Au and
4.01 Moz/pa Ag
Permitting
• Leveraging existing
permits
• Tahltan / regulator
engagement
Capital Intensity
• Low to medium due
to high grade
resource & significant
past investment
Cost Position2
• LOM C1 Cost
US$0.65-0.75/lb Cu
• Notable Au and Ag
by-product credits
Resources6,7,8
• M&I 1.1 Bt 0.47% Cu,
0.26 g/t Au, 4.2 g/t Ag
• Inf 0.2 Bt 0.27% Cu,
0.21 g/t Au, 2.7 g/t Ag
Timetable
• Complete
prefeasibility in
H1 2023
Medium-Term Development Options
Partnerships reduce capital needs | Options allow more flexible capital allocation
Chile and Canada
Cu%
Cost Position
• Highly competitive
500m
Galore Creek Resources, Teck AIF 2020
Resource Pit
Long section looking west
Surface
QB Hypogene Reserves1 and Resources, Teck AIF 2020
Long section looking north
Resource Pit
QB2 Sanction Case Pit
Surface
QB3 Cu-Mo-Ag (60% Interest)
500m
0.15
0.8
0.5
0.3
0.05
Galore Creek Cu-Au-Ag (50% Interest)

3
4
2
1
5
6
7
Right Assets: Portfolio of Copper Growth Options
Multiple high quality copper options
Near Term Options
1 Zafranal (Cu-Au), Peru1,2 Teck 80% | MMC 20%
Feasibility Study complete; SEIA submission in H2 2021
First five years: 133 ktpa CuEq; C1 Costs US$1.18/lb Cu. US$1.2B capex; NPV8 US$1,026M; IRR 23.3%
2 San Nicolás (Cu-Zn-Au-Ag), Mexico1,2 Teck 100%
Prefeasibility Study complete Q1 2021
First five years: 125 ktpa CuEq; C1 Costs (US$0.18)/lb Cu. US$0.8B capex; NPV8 US$1,499M; IRR 34.0%
Medium Term Options
3 QB3 (Cu-Ag-Mo), Chile1,3 Teck 60% | SMM/SC 30%| ENAMI 10%
Prefeasibility Study stage; Various scenarios: Potential 348 - 624ktpa CuEq; Highly competitive C1 costs
4 Galore Creek (Cu-Au-Ag), BC, Canada1 Teck 50% | Newmont 50%
Prefeasibility Study stage; Potential 230 ktpa CuEq; C1 Costs of US$0.65-0.75/lb Cu
Future Potential
5 NuevaUnión (Cu-Au-Ag-Mo), Chile1 Teck 50% | Newmont 50%
Feasibility Study being optimized; Potential 254 ktpa CuEq; C1 Costs of US$1.00-1.10/lb Cu
6 Mesaba (Cu-Ni, PGM-Co), Minnesota, USA1 Teck 100%
Scoping study complete; Potential 239 ktpa CuEq; C1 Costs US$0.80-0.90/lb Cu
7 Schaft Creek (Cu-Mo-Au-Ag), BC, Canada1 Teck 75% | Coppex Fox 25%
Scoping Study being updated; Potential 161 ktpa CuEq; C1 Costs US$0.60-0.70/lb Cu
This slide discloses the results of economic analysis of mineral resources. Mineral resources that are not mineral reserves and do not have demonstrated economic viability.
Projections for QB3, Galore Creek, Mesaba and Schaft Creek include inferred resources that are considered too speculative geologically to have the economic considerations applied
to them that would enable them to be categorized as mineral reserves. Inferred resources are subject to greater uncertainty than measured or indicated resources and it cannot be
assumed that they will be successfully upgraded to measured and indicated through further drilling.
Teck Greenfield Discovery
Teck Greenfield Discovery

Endnotes: Copper Growth Strategy
Slide 64: Right Approach: Portfolio of Copper Growth Options - Value realization through production or M&A
1. Total debt repayment between Q4 2015 and Q3 2019.
2. Share buybacks and dividends since Q4 2017 (one year prior to project sanction).
Slide 65: Right Assets: Portfolio of Copper Growth Options - Value optionality guided by commercial discipline
1. CuEq calculated with price assumptions: US$3.50/lb Cu; US$1.15/lb Zn; US$6.90/lb Ni; US$21/lb Co; US$10/lb Mo; US$1,400/oz Au; US$18/oz Ag; US$1,300/oz Pd; $1,200/oz Pt. Averages exclude first and last partial years of production.
Slide 67: Zafranal Cu-Au Porphyry (80%)
1. Financial summary based on At-Sanction Economic Assessment using: US$3.50/lb Cu and US$1,400/oz Au. Detailed Engineering, Permitting and Project Set-up costs not included. All calendar dates and timeline are preliminary potential
estimates.
2. EBITDA and C1 cash cost are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
3. First five full years of production.
Slide 68: San Nicolás Cu-Zn (Ag-Au) VHMS (100%)
1. Financial summary based on At-Sanction Economic Assessment using: US$3.50/lb Cu, US$1.15/lb Zn, US$1,400/oz Au and US$18/oz Ag. Go-forward costs of Prefeasibility, Detailed Engineering, Permitting and Project Set-up costs not
included. All calendar dates and timeline are preliminary potential estimates.
2. EBITDA and C1 cash cost are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
3. First five full years of production (Year 2 – Year 6).
Slide 69: Medium Term Development Options
1. QB Hypogene Reserves: 1,432Mt at 0.51% Cu, 0.021% Mo, 1.4 g/t Ag.
2. C1 cash cost is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. C1 cash cost are shown net of by-product credits. All averages exclude first and last partial years of production.
3. QB Hypogene Mineral Resources (exclusive of reserves) from Teck’s 2020 AIF. Estimates were prepared assuming metal prices of US$3.00/lb Cu and US$ 9.4/lb Mo, pit slope angles of 30 – 42 degrees and variable metallurgical recoveries.
4. QB Hypogene Mineral Resources are constrained by a pit shell developed using Whittle™ software considering similar assumptions as for Reserves. Resources are reported at Net Smelter Return cut-off of US$ 8.35/t.
5. Galore Creek Production potential was calculated with price assumptions: US$3.50/lb Cu; US$1,400/oz Au; US$18/oz Ag.
6. Galore Creek Mineral Resources are estimated using metal price assumptions of US$3.00/lb copper, US$1,200/oz gold and US$20/oz silver using a US$8.84/t Net Smelter Return cut-off.
7. Galore Creek Mineral Resources are reported within a constraining pit shell developed using Whittle™ software. Inputs to the pit optimization include the following assumptions: metal prices; pit slope angles of 36.3 – 51.9 degrees; variable
metallurgical recoveries averaging 90.6% for copper, 73.1% for gold and 64.5% for silver.
8. Galore Creek Mineral Resources have been estimated using a US$8.84/t Net Smelter Return cut-off, which are based on cost estimates from a 2011 Prefeasibility Study. Assumptions consider that major portions of the Galore Creek Project are
amenable for open pit extraction.
Slide 70: Right Assets: Portfolio of Copper Growth Options - Multiple high quality copper options
1. Financials and CuEq calculated with price assumptions: US$3.50/lb Cu; US$1.15/lb Zn; US$6.90/lb Ni; US$21/lb Co; US$10/lb Mo; US$1,400/oz Au; US$18/oz Ag; US$1,300/oz Pd; US$1,200/oz Pt. C1 cash costs are shown net of by-product
credits. All averages exclude first and last partial years of production.
2. Financial summary based on At-Sanction Economic Assessment. Go-forward costs of Prefeasibility, Detailed Engineering, Permitting and Project Set-up costs not included.
3. Various paths to expansion including 50% increase, doubling and tripling of throughput.
71

RACE21TM Technology
and Innovation Program
Please see the video of the RACE21TM
presentation at our Investor & Analyst
Day here, starting at ~1:28

RACE - Teck’s Path to Transformation
A journey kickstarted in 2019 to unlock the potential of technology and our people
… to reduce operating cost and significantly improve safety, sustainability, and productivity
Renew
the technology and data infrastructure
Automate
operations
Connect
systems across the value chain
Empower
Teck’s workforce through digital
73

Strengthen Existing High-Quality Assets
Through RACE21TM
74
Transformational
safety impact
Step-change impact to
operational efficiency
Increased productivity
through technology and
innovation
Increased margins
Advanced data analytics
and artificial intelligence to
reduce risk of heavy vehicle
/ light vehicle interactions
Increased copper
throughput by ~7% and
recovery by ~2% at
Highland Valley Copper
Record haul truck
productivities at our coal
sites, up 0.5% versus
same period last year
Improved zinc feed
margins by $5 per tonne
processed at our
Trail Operations
RACE21TM is driving operational improvements and transforming our business
through technology and innovation
Focus
Examples

Base Metals
Business Units –
Copper and Zinc

76
• High-quality operating assets with strong
margins
• Substantial near-term growth from QB2
• Operational excellence underpins cost
competitiveness
• Driving improved performance with RACE21TM
Building on our foundation of quality assets and operating discipline
Near-term copper
production growth1
~100%
Per year copper
equivalent
production by 20232
>850kt
Gross Profit Margin
before Depreciation
& Amortization3
>50%
Illustrative EBITDA
from Base Metals
with QB24,5
$3.8B
Expanding our high-quality Base Metals business
Illustrative Copper and Zinc Proforma: includes QB2 on a 100% consolidation basis; QB2 EBITDA assumes 290ktpy copper sales and US$1.28/lb C1 cash cost.
Illustrative EBITDA assumes a copper price of US$3.50/lb and zinc price of US$1.15/lb.

Reserves2
M&I Res.2
Inferred Res.2
(CuEq Mt)
34.1
56.8
50.3
36.2
10.8
13.1
21.6
58.1
57.9
Operating
Jurisdictions
Canada, USA,
Chile, Peru
Zambia, Mauritania,
Panama, Spain, Turkey,
Finland
Chile
77
Teck Antofagasta
First Quantum
11%
62%
0%
528
855 887
988
832 828
Teck
2020A
Teck
2023E
First Quantum
2020A
First Quantum
2023E
Antofagasta
2020A
Antofagasta
2023E
Copper Zinc (CuEq) Other (CuEq)
Source: Production for 2020 is sourced from company disclosures. Production for 2023 is sourced from Wood Mackenzie asset models.

C1 Cost2
(US$/lb Cu)
$1.28 $1.16 $1.21 $1.33 $1.14 $1.14
Enterprise
Value3 (C$B)
$29.9 $27.3
78
Teck Antofagasta
First Quantum
11%
62%
0%
528
855 887
988
832 828
Teck
2020A
Teck
2023E
First Quantum
2020A
First Quantum
2023E
Antofagasta
2020A
Antofagasta
2023E
Copper Zinc (CuEq) Other (CuEq) Attributable (CuEq)
Source: Production and C1 costs for 2020 are sourced from company disclosures. Production for 2023 is sourced from Wood Mackenzie asset models. C1 costs
for 2023 are sourced from S&P Global Market Intelligence, Metals & Mining.

79
Quality assets with strong margins
• Antamina, Highland Valley and Carmen de Andacollo
provide a stable, low-cost operating foundation
• QB2 has low strip ratio and AISC3 in second quartile
• Continuous improvement is core to operating
philosophy
Significant near-term growth and options
• QB2 first production in the second half of 2022
• Teck is positioned to realize value from a robust
pipeline of copper projects
• Multiple high-quality near-term (San Nicolas and
Zafranal), medium-term (QB3 and Galore Creek) and
mine life extension (HVC and Antamina) options
Industry Leading Copper Growth
Continue to prudently advance the growth portfolio to increase the value and certainty of options
Teck Consolidated Copper Production2 (kt Cu)
276 276
290
2020A ProForma
QB2 Consolidated (100%) Teck 2020 Actual
~100%
40%
50%
60%
70%
2017 2018 2019 2020 H1 2021
Gross Profit Margin Before Depreciation & Amortization
from Operations Consistently ~45-55%1

80
Quality assets with strong margins
• Red Dog is a first quartile cash cost operation
• Trail produces refined zinc, lead, and other products
with clean, renewable power and strong recycling
capabilities
Integrated business model
• Unique position as largest net zinc miner
• Exposure to price increases and market changes
Attractive development opportunities
• Significant potential mine life extension in Red Dog
district, with large, high grade mineralized system
• Several of the top next generation zinc assets
World Class Zinc Business
Large scale, low-cost integrated business
Maximizing cash flows from quality assets
Gross Profit Margin before Depreciation & Amortization
from Mining Operations Consistently >50%1
Teck Has Several Large Undeveloped Zinc Assets2
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
Contained
Zn
+
Pb
(Mt)
Grade
Zn
+
Pb
(%)
40%
50%
60%
70%
2017 2018 2019 2020 H1 2021
Bar height = size of the deposit. Yellow marker = estimated grade.

RACE21TM – Processing Analytics Journey
Significant improvements realized within our processing plants
81
Red Dog Operations
• Advanced grinding control has realized a ~9% increase
in production rates1
Highland Valley Copper
• Deployed real-time optimization models have realized
a ~7% increase in copper production2
Flotation
Optimization
Red Dog
Grinding Circuit
Highland Valley Copper IPM Flotation Recommendations

82
• High quality, growing copper business
• World class zinc business
• Focus on operating discipline
• Significant improvements driven by RACE21TM
Significant Base Metals Cash Flow
Expanding our high-quality Base Metals business
Photo: QB2 concentrator, August 2021.

Operations Improvement and
Cash Flow Focus in Copper
Productivity & Cost Management
• Focus on reliability and maintenance
and cross site sharing
• RACE21TM and continuous
improvement pipeline driving benefits
across sites – a key driver of margins
• Cost reductions embedded in plans
83
Focused Investment Priorities
• Key water, tailings and regulatory projects
drive sustaining capital requirements
• Near-term higher sustaining spending
from tailings facility costs at Antamina
• Long-term sustaining capex (2024+)
in copper expected at $125 million,
excluding QB2 and life extension projects

Copper Unit Costs
84
Operating Cost1 Breakdown in 2020
Labour 30%
Contractors and Consultants 11%
Operating Supplies 16%
Repairs and Maintenance Parts 16%
Energy 20%
Other 6%
Total 100%
Operating Costs
47%
Unit Costs1 in 2020
Royalties
2%
Depreciation
and
Amortization
24%
Transportation
6%
Operating Costs
68%

Operations Improvement and
Cash Flow Focus in Zinc
Productivity
• Focus on asset management and cross
site sharing
• RACE21TM and continuous
improvement pipeline driving benefits
across sites – a key driver of margins
• Cost reductions embedded in plans
85
Focused Investment Priorities
• Key water, tailings and regulatory projects
drive sustaining capital requirements
• Near term higher sustaining spending from
tailings related projects at Red Dog and air
quality and asset renewal at Trail Operations
• Long-term sustaining capex (2024+) in zinc
expected at $150 million, excluding life
extension projects

Zinc Unit Costs
86
Labour 35%
Energy 18%
Other 17%
Total 100%
Operating Costs
47%
Unit Costs1 in 2020
Depreciation
and
Amortization
24% Operating Costs
68%
Depreciation and
Amortization
13%
Operating
Costs
38%
Transportation
12%
Concentrate
Purchases
26%
Royalties
11%

Red Dog Sales Seasonality
• Operates 12 months
• Ships ~ 4 months
• Shipments to inventory in Canada
and Europe; Direct sales to Asia
• ~65% of zinc sales in second half
of year
• ~100% of lead sales in second half
of year
• Sales seasonality causes net cash
unit cost seasonality
87
Zinc Sales 1 (%)
Lead Sales1 (%)
21%
16%
31% 32%
0%
10%
20%
30%
40%
Q1 Q2 Q3 Q4
0% 1%
66%
33%
0%
20%
40%
60%
80%
Q1 Q2 Q3 Q4

Red Dog Net Cash Unit Cost Seasonality
Five-Year Average Red Dog Net Cash Unit Costs1 (US$/lb)
88
• Seasonality of Red Dog unit costs largely due to lead sales during the shipping season
• Higher net cash unit costs expected in 2021 compared to 2020 due primarily to lower
production volumes in 2020, as well as lower contribution from silver by-products
-
0.20
0.40
0.60
Q1 Q2 Q3 Q4

Red Dog in Bottom Quartile of Zinc Cost Curves
Higher zinc prices illustrate continuing tight market
Total Cash + Capex Cost Curve 20211 (US¢/lb)
89
0
20
40
60
80
100
120
140
160
180
0% 25% 50% 75% 100%
2021 Costs Based on Current Prices Current Spot LME Price
RED DOG

Red Dog Extension Project
Long Life Asset
• Aktigiruq exploration target of 80-150 Mt
@ 16-18% Zn + Pb1
• Anarraaq Inferred Resource2: 19.4 Mt
@14.4% Zn, 4.2% Pb
Quality Project
• Premier zinc district
• Significant mineralized system
• High grade
Stable Jurisdiction
• Operating history
• ~12 km from Red Dog operations
90
Qanaiyaq
Aktigiruq
Anarraaq
Paalaaq
Su-Lik
Aqqaluk
Main
Looking Northwest

Endnotes: Base Metals Business Units
Slide 76: Significant Base Metals Growth - Expanding our high-quality Base Metals business
1. Source: Wood Mackenzie base case copper production dataset. Consolidated production estimate was derived based on accounting standards for consolidation. Copper production growth estimate uses 2020 actual production and Wood
Mackenzie data for 2023.
2. Production for 2023 is sourced from Wood Mackenzie asset models and is shown on a consolidated reporting basis. Copper equivalent production includes copper, zinc, molybdenum, lead and gold, considering production from Teck’s Copper
and Zinc mining assets only. Copper equivalent production is calculated using the following prices: US$3.50/lb Cu, US$1.15/lb Zn, US$0.90/lb Pb, US$10.50/lb Mo, US$1,650/oz Au.
3. Mining operations only, and therefore excludes Trail. Calculated as Gross Profit Before Depreciation & Amortization divided by reported Revenue, sourced from Teck’s public disclosures for the period of 2017 through the first half of 2021. Gross
Profit Before Depreciation & Amortization Margin from Mining Operations is a non-GAAP financial measure.
4. Illustrative Base Metals EBITDA is H1 2021 Adjusted EBITDA for our Copper and Zinc Business Units annualized and price adjusted assuming prices of US$3.50/lb Cu and US$1.15/lb Zn. All other commodity prices are at H1 2021 actual
average prices with a Canadian / U.S. dollar exchange rate of $1.25. The sensitivity of our EBITDA to changes in commodity prices are: US$0.01/lb change in copper price = C$7 million EBITDA; US$ 0.01/lb change in zinc price = C$12 million
EBITDA. EBITDA and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
5. QB2 EBITDA assumes a C1 cash cost of US$1.28/lb, a Canadian/U.S. dollar exchange rate of 1.25 and annual copper sales of 290,000 tonnes. EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
on a consolidated reporting basis. Copper equivalent production for 2020 is calculated using annual average prices of: US$2.83/lb Cu, US$1.05/lb Zn, US$0.85/lb Pb, US$8.68/lb Mo, US$US$1,779/oz Au, US$20.70/oz Ag, US$6.43/lb Ni.
Copper equivalent production for 2023 is calculated using the following prices: US$3.50/lb Cu, US$1.15/lb Zn, US$0.90/lb Pb, US$10.50/lb Mo, US$1,650/oz Au, US$22.50/oz Ag, US$6.90/lb Ni.
2. Teck’s contained equivalent copper metal at 100% basis for all Copper and Zinc assets. See Teck’s 2020 AIF for further information, including the grade and quantity of reserves and resources for these assets and the grade of the other metals
used to determine the copper equivalent. Contained equivalent copper metal for peers are sourced from SNL Financial – S&P Global Market Intelligence. Copper equivalent is calculated using prices of: US$3.50/lb Cu; US$1.15/lb Zn;
US$6.90/lb Ni; US$21/lb Co; US$10/lb Mo; US$1,400/oz Au; US$18/oz Ag; US$1,300/oz Pd; US$1,200/oz Pt.
on a consolidated reporting basis, except where noted as attributable for ownership. Copper equivalent production for 2020 is calculated using annual average prices of: US$2.83/lb Cu, US$1.05/lb Zn, US$0.85/lb Pb, US$8.68/lb Mo,
US$US$1,779/oz Au, US$20.70/oz Ag, US$6.43/lb Ni. Copper equivalent production for 2023 is calculated using the following prices: US$3.50/lb Cu, US$1.15/lb Zn, US$0.90/lb Pb, US$10.50/lb Mo, US$1,650/oz Au, US$22.50/oz Ag,
US$6.90/lb Ni.
2. 2020 C1 cash cost data is sourced from company disclosures and are for copper operations only. Expected 2023 C1 cash cost data is sourced from S&P Global Market Intelligence (formerly SNL Metals & Mining) cost curve database
considering primary copper mines and total cash costs on a by-product basis for Teck and peers, and weighted on a consolidated production basis.
3. Enterprise Value, or Total Enterprise Value is as of market close on August 30, 2021 and is sourced from S&P Capital IQ.
Slide 79: Industry Leading Copper Growth
1. Calculated as reported Gross Profit before D&A divided by reported Revenue, sourced from Teck’s public disclosures. Margin data from 2017-2020 are for the full year, while margin data for 2021 reflects available results through the first half of
2021 only. Gross Profit Before Depreciation & Amortization Margin from Operations is a non-GAAP financial measure.
2. We include 100% of production from our Quebrada Blanca and Carmen de Andacollo mines in our production and sales volumes, even though we do not own 100% of these operations, because we fully consolidate their results in our financial
statements. We include 22.5% of production from Antamina, representing our proportionate ownership interest in the operation. QB2 is on a consolidated basis and is based on the QB2 Sanction Case first five full years of copper production.
US$18.00/oz silver. Net cash unit costs for QB2 include stripping costs during operations. AISC, Net cash unit cost and cash margins for by-products are non-GAAP financial measures which do not have a standardized meanings prescribed by
International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles in the United States. These measures may differ from those used by other issuers and may not be comparable to such measures as reported by
others. These measures are meant to provide further information about our financial expectations to investors. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in
accordance with IFRS. For more information on our calculation of non-GAAP financial measures please see our Management’s Discussion and Analysis for the year ended December 31, 2018, which can be found under our profile on SEDAR at
www.sedar.com.
91

Endnotes: Base Metals Business Units
Slide 80: World Class Zinc Business
1. Mining operations only, and therefore excludes Trail. Calculated as Gross Profit before D&A divided by reported Revenue, sourced from Teck’s public disclosures. Margin data from 2017-2020 are for the full year, while margin data for 2021
reflects available results through the first half of 2021 only. Gross Profit Margin Before Depreciation & Amortization from Mining Operations is a non-GAAP financial measure.
2. Sources: S&P Global Market Intelligence, SNL Metals & Mining Database, Teck Public Disclosures.
3. 80-150 Mt @ 16-18% Zn + Pb. Aktigiruq is an exploration target, not a resource. Refer to press release of September 18, 2017, available on SEDAR. Potential quantity and grade of this exploration target is conceptual in nature. There has been
insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
4. Inferred resource of 58 Mt @ 11.1% Zn and 1.5% Pb, at a 6% Zn + Pb cut off, estimated in compliance with the Joint Ore Reserves Committee (JORC) Code. Excludes Myrtle.
Slide 81: RACE21TM – Processing Analytics Journey
1. Production rate increase is compared against a historical throughput baseline established for similar operating conditions when the tools were not in use.
2. Copper production increase is compared against a historical baseline established for similar operating conditions when the tools were not in use.
Slide 84: Copper Unit Costs
1. Copper unit costs are reported in US dollars per pound. Non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
Slide 86: Zinc Unit Costs
1. Zinc unit costs are reported in US dollars per pound. Non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
Slide 87: Red Dog Sales Seasonality
1. Average sales from 2016 to 2020.
Slide 88: Red Dog Net Cash Unit Cost Seasonality
1. Average quarterly net cash unit cost in 2016 to 2020, before royalties. Based on Teck ‘s reported financials. Net cash unit cost is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
Slide 89: Red Dog in Bottom Quartile of Zinc Cost Curves
1. Source: Data compiled by Teck from information from Wood Mackenzie, LME – Based on WM Forecast information and estimates for 2021 based on current short term average prices.
Slide 90: Red Dog Extension Project
1. Aktigiruq is an exploration target, not a resource. Refer to press release of September 18, 2017, available on SEDAR. Potential quantity and grade of this exploration target is conceptual in nature. There has been insufficient exploration to
define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
2. Based on Teck’s 2020 Annual Information Form.
92

Copper Supply Needed for Electrification Targets
Supply committed pre-pandemic insufficient to meet growing demand
Supply response falling short
• >80% of the current committed mine projects were
sanctioned prior to the pandemic
• Under an IEA 1.5 degree scenario, copper demand
will grow by >12 Mt in the next 10 years
• In the last 20 years (China growth), copper mine
production only grew 7 Mt
• Only 2.4 Mt is committed over the next five years
Demand accelerating in mid-term
• Automakers are raising five-year targets for EV fleets;
up by 18% in the last six months
• Wind and solar driven by corporate agendas
• Current electric grid requires >10% increase to meet
near term targets of 40% EV penetration
94
Teck well positioned for future copper demand growth
15,000
16,500
18,000
19,500
21,000
2019 2020 2021 2022 2023 2024 2025 2026
2019-2021
890 kt
2021-2023
1,730 kt
2023-2026
-170 kt
0
5
10
15
20
2020 2021 2022 2023 2024 2025 2026
Mar-21 Jun-21 Sep-21
4.2%
6.8%
Global Market Share
8.6%
10.4%
12.6%
14.8%
18.1%
Copper Mine Growth1 (kt)
EV Change in Projected Growth
Last Six Months2 (BEV + PHEV M units)
Smelter Demand

Copper Market
• Demand for raw materials and mine disruptions
keep concentrate demand high
‒ Mine production cuts over 1.4 Mt in 2020,
disruptions low in Q2/Q3 2021 YTD ~0.6 Mt
‒ Chinese/EU smelters face power restrictions
‒ Spot TC/RC rise to mid-50’s to low 60’s
• LME price coming off record highs, but Chinese
cathode premiums rise on falling stocks
• SHFE stocks fall, nearing 2009 lows
• Scrap availability falling on lower prices and
reduced inventories from May 2021 highs
• Tight scrap market is pushing cathode
premiums higher; Chinese cathode premiums
US$85-105 per tonne in Q3 2021
Copper Scrap is 18% of Supply and 20% of Total Demand2
Scrap Availability Falls on lower Copper Price1
95
Cathode Demand 23.6 Mt Copper Demand 29.6 Mt
Wire Rod
74%
Billet 13%
Cable/Slab
13% Electrical
Network
28%
Construction
28%
Industrial
Machinery
11%
Consumer
& General
21%
Transport
12%
(600)
400
1,400
2,400
3,400
Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
RMB/Mt
Price Spread between #1 Bare Bright Copper and Copper Cathode
Rational Price Spread

• Chinese mine production flat to 2024 on lack of resources
• Total probable projects: 900 kmt
Mine kmt
Kamoa – Kakula 535
PT – Freeport (vs 2019) 435
Quebrada Blanca 2 300
Quellaveco to 2024 275
Cobre Panama 252
China to 2024 345
All others (Spence, Chuqui UG, Escondida) 1,090
SXEW Reductions to 2024 (360)
Reductions & Closures (654)
Mine Production Set To Increase 2.2 Mt By 20241
Includes:
96
12,000
14,000
16,000
18,000
20,000
22,000
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Other China
PT Freeport Cobre Panama
Quellaveco Quebrada Blanca
Kamoa-Kakula New Mines
Global Copper Mine Production2 (kt contained)
Global Copper Mine Production Increasing Slowly

97
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$110
$120
Annual/Mid Year Spot
TC/RCs Spot and Annual Falling1 (US$/lb)
Copper Disruptions Continue To Impact Mines
Smelters now facing power supply issues
Disruptions (kt)2;
-1,800
-1,600
-1,400
-1,200
-1,000
-800
-600
-400
-200
0
2005 2007 2009 2011 2013 2015 2017 2019 2021
3.6%
2.7%
4.0%
6.6%
4.3%
Run
Rate

Rapid Growth in Chinese Copper Smelter Capacity
China added 3.2 Mt since 2019 (2.1 Mt still ramping up)
98
Chinese Copper Mine Growth1
(kt)
0
100
200
300
400
2021
137kt
2022
130 kt
2023
25 kt
+2.1 Mt of New Smelting Capacity2
(kt blister)
0
100
200
300
400
500
600
700
800
900
1000
2020
510 kt
2021 – 2023
1,615 kt
2023+
1,900 kt

99
Chinese Imports Shift to Concentrates3
(Copper content, kt)
0
2,000
4,000
6,000
8,000
10,000
12,000
2016 2017 2018 2019 2020 2021e 2022e
Concentrates Blister Scrap Cathode
Chinese Scrap/Blister Imports Fall2
(Copper content, kt)
0
500
1,000
1,500
2,000
2,500
2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e
Blister Scrap
• Cathode imports drop in 2021, after tight concentrates and
scrap market in 2020 saw record cathode imports
• Concentrates imports continue to rise on smelter demand
• Reclassified scrap/blister rising off the 2020 lows
Copper Supply
Chinese imports shift to concentrates to feed smelter capacity increases

Copper Metal Stocks
Raw material shortages increase cathode demand
• Exchange stocks have fallen 310 kt since June,
now equivalent to 4.6 days of global consumption
• SHFE stocks have decreased 110 kt and bonded
stocks are down ~200 kt since the announced
release of government stockpiles
• Visible global copper inventories have fallen 35%
since June, all of it within China
• Rapidly rising copper prices pushed consumers to
scrap markets in H1, consumers now returning to
cathode market as scrap tightness increases
• Underlying demand remains supported despite cuts
to power supplies, supply chain inventories low
100
Daily Copper Prices (US$/mt) and Stocks1 (kt)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
LME Stocks Comex
SHFE Bonded Estimate
Price

Endnotes: Copper Market
Slide 94: Copper Supply Needed for Electrification Targets
1. Copper concentrate supply and smelter demand 2019 – 2020 actuals and 2021 – 2026 forecasts, includes committed projects and projected 4% disruption allowance. Wood Mackenzie, CRU, Teck. As at September 30th, 2021.
2. Change in BEV/PHEV market share projections by global auto makers. Source: CRU.
Slide 95: Copper Market
1. Source: Shanghai Metal Market.
2. Source: Wood Mackenzie.
Slide 96: Global Copper Mine Production Increasing Slowly
1. Source: Data compiled by Teck based on information from Wood Mackenzie and Company Reports (average production first 10 years).
2. Source: Data compiled by Teck based on information from Wood Mackenzie and Teck’s analysis of publicly available quarterly financial reports and other public disclosures of various entities.
Slide 97: Copper Disruptions Continue to Impact Mines
1. Source: Data compiled by Teck based on information from Wood Mackenzie, CRU, and Metal Bulletin.
2. Source: Data compiled by Teck based on information from Wood Mackenzie and Teck’s analysis of publicly available quarterly financial reports and other public disclosures of various entities.
Slide 98: Rapid Growth in Chinese Copper Smelter Capacity
1. Includes mine projects with copper capacity >10 ktpa. Source: BGRIMM.
2. Source: BGRIMM, SMM, Teck.
Slide 99: Copper Supply
1. Source: Wood Mackenzie, GTIS, BGRIMM, SMM.
2. Source: Wood Mackenzie, GTIS, BGRIMM, SMM.
Slide 100: Copper Metal Stocks
1. Source: LME, Comex, SHFE, SMM.
101

Zinc Outperforms Market Expectations
Chinese mine production continues to underperform expectations
103
0%
10%
20%
30%
40%
2016 2017 2018 2019 2020 2021E 2022E 2023E
0
2,000
4,000
6,000
8,000
China production Additional concenrate required
Share of imported concs
Concentrate market remains tight through 2021
• Spot TCs relatively unchanged at historically low levels
• Energy shortages impacting Chinese smelters
• Chinese mine production growth limited going forward
• South American supply/logistics continue to struggle
Metal market better than projected
• Chinese mine supply did not deliver as analysts projected
• Galvanized steel demand strong globally, record high prices
• Auto production backlog likely to continue into 2022
• Ex-China infrastructure spending is now beginning
• Decarbonization trend will be steel intensive
• Galvanizing steel extends service life, reducing scrapping
0¢
40¢
80¢
120¢
160¢
0
500
1,000
1,500
2014 2015 2016 2017 2018 2019 2020 2021
LME Comex SHFE Bonded Estimate LME Price
China Zinc Concentrate Supply1 (Kmt)
Global Visible Stocks2 (kt)
(RHS US¢/lb)
(RHS imports as a percentage of total feed)

Zinc Market
Raw materials shortages and improving demand support prices
• Demand for raw materials and mine disruptions due to
COVID-19 kept concentrate demand strong
‒ Mine production in 2020 declined ~1 Mt, while
smelter cuts were only ~300 kt
‒ Ongoing spread of the virus and COVID-19
protocols continue to impact production in 2021
‒ Despite return of mine production, concentrate
supply remains tight; Spot TCs have remained
stable in 2021, currently at ~US$80/dmt
‒ Concentrate market remained tight in 2021;
lower production due to technical issues, delayed
ramp-ups, droughts, and ongoing COVID-19
protocols at sites and ports
• Construction, infrastructure, and automobile demand
driving zinc demand in China
‒ Galvanized utilization rates rebounded after Lunar
New Year to 91% in March and has since averaged
86%, well above the long-term average of 78%
‒ China zinc premiums remain above ~US$100/t for
ten straight months so far
Zinc Tied to the Protection of Steel for 60% of Total Demand2
Steel Demand in China Supporting Zinc Price1
25
50
75
100
Operating
Rates
%
Total Smelter Operating Rates Large Zinc Smelters
Operating Rates at Galvanizers
104
Zinc Demand 13.1 Mt Zinc End Uses 13.1 Mt
Consumer
Products
6%
Construction
51%
Transport
20%
Industrial
Machinery
7%
Infrastructure
16%
Galvanizing
52%
Oxides &
Chemical
7%
Brass &
Semi Cast
16%
Semi-
Manufactured
6%
Die Cast
Alloys
15%
Other
4%

0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Chinese Zinc Mine and Smelter Production
Mine production flat while smelter production increases
105
Chinese Refined Production Up 13% Since 20182
(kt Contained)
Chinese Mine Production Flat Since 20181
(kt Contained)
Delayed projects and decreasing ore grades continue to impact Chinese mines

3.0
3.3
3.5
3.8
4.0
100
350
270
180
300
250 237
392
495
360
200
-630
83
-38
-153
40
-50
50
-800
-600
-400
-200
0
200
400
600
Early-year estimate Adjusted estimate
106
Estimated Chinese Zinc Mine Growth
Rarely Achieved1 (Kmt Contained)
Zinc Ore Grades Falling at Chinese Mines3
(Ore grade, zinc %)
-4,000
-3,000
-2,000
-1,000
0
1,000
New Mines China Mines ROW Mines Change
Changes in Mine Production Since Q1 20182
Global Zinc Mine Production Remains Under Pressure
Ongoing risk to supply growth in 2021

0
200
400
600
800
1,000
1,200
1,400
1,600
Jan-12
Aug-12
Mar-13
Oct-13
May-14
Dec-14
Jul-15
Feb-16
Sep-16
Apr-17
Nov-17
Jun-18
Jan-19
Aug-19
Mar-20
Oct-20
May-21
Domestic Commercial Stocks Bonded Stocks
Smelter + Consumer Stocks
503
770 788
627 627
1,095 1,109
1,174
0
200
400
600
800
1,000
1,200
1,400
2016 2017 2018 2019 2020 2021 2022 2023
Zinc Stocks Continue to Decrease
Despite Refined Production Increases in China
107
Additional Zinc Metal
Required to Fill the Gap3 (kt)
De-stocking Continues
Chinese Stocks at Record Lows1,2 (kt)
• August 2021 stocks down 23% yoy; down 66% from decade-ago high
• SRB released stocks for first time since 2012 in an attempt to influence prices; Prices have not responded and stocks
have remained flat since June
• Additional metal required to meet 2021 demand

• Following the return of Chinese mine production
after COVID-19 shutdowns, increasing smelter
production kept China reliant on imported
concentrate
• Chinese mine production decreased 1.6% in 2020
on declining ore grades and delayed projects
• Mine production is recovering in South America,
after losing >1.0 Mt of production in 2020;
production may return to 2018 levels this year
• 2021 global zine mine production currently
forecast to grow 7.2% over 2020, but up only
3.9% over 2019 levels. Smelter production
globally is forecast to be up 5.2% over the same
two year period
Zinc Supply
Mine production increasing in 2021, but remains at risk due to COVID-19
108
Zinc Mine Production1 (kt contained)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2017 2018 2019 WM Q4
2019 F
2020 2021 2022 2023
ROW Others China
Glencore Dugald River
Gamsberg New Century
New Mines WM Pre-Covid 2020 Forecast

Zinc Concentrate Treatment Charges
Stable in 2021, near historical lows
Treatment Charges1 (USD/dmt)
109
0
50
100
150
200
250
300
350
Spot TC Benchmark TC
Spot TCs
down 75%
vs. Feb 2020 peak
Benchmark TCs
down 47% YoY

Zinc Metal Stocks
Global shipping backlog unable to keep up with demand causing falling inventory
• Deficits over past 5 years drove down stocks,
with total stocks at only 8.1 days of global
consumption by the end of September 2021,
compared to 38 days in 2012-2013
• Despite rising stocks earlier in the year,
escalating demand reduced stock by one third
since March 2021 peak
• Total stocks now below low levels from start
of 2021
- LME stocks down 30% since April high of
just under 300 kt
- LME warehouses incentivizing traders to
lock up metal on exchange in rent deals
- SHFE stocks increased 94% since July low,
steadily building since August
110
Daily Zinc Prices1,2 (US$/mt)
and Stocks1,2 (kmt)
0
500
1,000
1,500
2,000
2,500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
LME Stocks Bonded SHFE Price

Largest Global Net Zinc Mining Companies
Teck is the Largest Net Zinc Miner1(kt)
Provides significant exposure to a rising zinc price
111
0
50
100
150
200
250
300
Teck
Public Company
Private Company

Endnotes: Zinc Market
Slide 103: Zinc Outperforms Market Expectations
1. China zinc concentrate supply requirements 2016 – 2023 estimates. Source: China NBS/CNIA, BGRIMM, Teck.
2. Global Visible Stocks. Source: LME, ICE, SHFE, SMM. To September 30th, 2021.
Slide 104: Zinc Market
1. Source: Shanghai Metal Market.
2. Source: Based on information from the International Zinc Study Group Data.
Slide 105: Chinese Zinc Mine and Smelter Production
1. Source: Data compiled by Teck based on information from BGRIMM, CNIA, Antaike.
Slide 106: Global Zinc Mine Production Remains Under Pressure
1. Source: Data compiled by Teck based on information from BGRIMM, CNIA, Antaike. Early year estimates from consolidation of several analyst views in the year preceding.
3. Source: Data compiled by Teck based on information from BGRIMM, CNIA, Antaike., NBS.
Slide 107: Zinc Stocks Continue to Decrease While Refined Production Increases in China
1. Source: Data compiled by Teck Analysis based on information from SHFE, SMM,
2. Source: ”Smelter + consumer stocks” refers to zinc metal held in the plants of smelters and semi producers and those on the road; ”Bonded stocks” refers to zinc stored in bonded zones and will need to complete Customs clearance before
entering China; ”Domestic commercial stocks” refers to zinc stored in SHFE warehouses and other domestic commercial warehouses not registered in SHFE.
3. Source: Data compiled by Teck Analysis based on historic numbers from China Customs, and forecasts based on data from BGRIMM, Antaike and Teck’s commercial contacts.
Slide 108: Zinc Supply
1. Source: Data compiled by Teck based on information from Wood Mackenzie, BGRIMM, CNIA, Antaike and Teck analysis.
Slide 109: Zinc Concentrate Treatment Charges
1. Source: Wood Mackenzie.
Slide 110: Zinc Metal Stocks
1. Source: Data compiled by Teck from information from LME, SHFE, SMM.
2. Source: Data compiled by Teck from information from LME, Fastmarkets, Argus, Acuity, company reports.
Slide 111: Largest Global Net Zinc Mining Companies
1. Source: Data compiled by Teck from information from Wood Mackenzie. Company smelter production netted against company mine production on an equity basis.
112

Steelmaking Coal
Business Unit

114
• Diversified, long term customer base
• Stable long term strip ratio
• Long term production run rate of
26-27 million tonnes per annum
• Positive social license with a history of
50+ years of continuous operations
• Integrated operations and supply chain
with dedicated market access
Tier-One Steelmaking Coal Portfolio
Proven commitment to responsible mining through innovation
Fully Integrated
Operating Mines
4
Mtpa
Steelmaking Coal
Production Capacity
(attributable)
~27
Steelmaking Coal
12-year Historical Average
Annual Impairment
Adjusted EBITDA Margin1
49%
Steelmaking Coal
12-year Historical Average
Annual Impairment
Adjusted EBITDA1
$2.2B

Steelmaking Coal Operating Strategy
115
Optimized Supply Chain
• Improved market access and reliability for customers
• Pit to port integration maximizes short and long term Elk Valley synergies
Increase Margins Not Volumes
• Strategically replaced high cost tonnes with low cost tonnes –
Elkview Plant Expansion
• Leveraging technology to lower unit costs and increase throughput – RACE
Innovation Drives Best in Class Productivity and Asset Utilization
• Leaders in haul truck productivity improvement
‒ Record 2020 haul truck productivity
• Asset life cycle optimization to minimize capital investment requirements;
Advanced plant & mining analytics
Commitment to Strong Social and Environmental Performance
• Improving water quality
• Reducing carbon footprint
~800 Mt of reserves2 support long term production run rate of 26-27 million tonnes per annum
Fording River
~9.0 Mtpa
20km
Greenhills
~4.7 Mtpa
Line Creek
~4.0 Mtpa
Elkview
~9.0 Mtpa
Elkford
Sparwood
Map and Production Capacity1

Executing on the Elk Valley Water Quality Plan
116
Tripling treatment capacity in 2021 >50 million litres per day; 90 million litres per day by 2025
Active Water Treatment Facilities (AWTF)
• Tank based biological treatment process removes
nitrate and transforms selenium into a solid form
Saturated Rock Fill (SRF)
• Uses naturally-occurring biological process in old
mining areas that are backfilled with rock and
saturated with water
Saturated Rock Fill (SRF)

50 150
100 200 250
Optimally Positioned For a Decarbonizing Future
117
• Teck’s premium hard coking coal improves blast
furnace efficiency and decreases CO2 emissions
per tonne of steel
• Within the lowest carbon performance of the
commodity range, assisted by access to low
carbon sources of electricity in B.C.
• Evaluating renewable and alternative energy
sources and storage capabilities and introducing
efficient and emissions-free fleet technology
Steelmaking Coal CO2 Intensity Curve1
(t CO2e/t saleable coal)
Will be even more cost competitive
with rising CO2 prices globally
Highest quality HCC leading to amongst the lowest CO2 emissions in steelmaking coal
Teck

1
★
Proven Operator, Managing for Margin
And Costs Through Cycles
118
Strong EBITDA1 and EBITDA Margin1 generation potential through all cycles
Low Price Environment
Cost focus to protect margins and maximize Free Cash Flow1
2013: Cost Reduction Program (CRP) is introduced
2013-2016: Operating Excellence drives cost reduction
and productivity improvement
2020: CRP in response to pandemic disruption
High Price Environment
Production focus to capture high margins and maximize
Free Cash Flow1
2016-2019: Historic bull-run focused on maximizing
Free Cash Flow1
Q4 2020+: Product and sales strategy to maximize
record CFR China prices
2
3
4
3
1
4
2
★
0%
10%
20%
30%
40%
50%
60%
70%
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1-2021
Annual Impairment
Adjusted EBITDA
$1.5B
Annual Impairment
Adjusted EBITDA
$3.0B
Annual
Impairment
Adjusted EBITDA
$0.8B
Steelmaking Coal Impairment Adjusted EBITDA1
& Impairment Adjusted EBITDA Margin1 (%)
2

Top Quartile Margins in Steelmaking Coal
119
Managing our Core Business Drivers to
Optimize Margins
• Neptune capacity increase and third-party logistics
contracts
‒ Lowering port costs, increase logistics chain
flexibility and improved reliability
• RACE21TM transformation
‒ Lowering operating costs and increasing EBITDA1
potential
• Stable long term strip ratio, maintaining best in class
truck productivity
• Strong margins in any market with exceptional cash
generating potential
Strong Cash Flow Generation Potential2
Clean Coal
Production per
Annum Change
Estimated Effect on
Annualized Profit3
Estimated Effect on
Annualized EBITDA3
Coal 26 Mt US$50/t C$950M C$1,500M
Steelmaking coal competitively positioned to continue to deliver strong returns
Seaborne Steelmaking Coal Delivered Operating Margin4
Teck Adjusted
For Today’s
Premium Pricing
to China
BHP
Teck

Steelmaking Coal Unit Costs
120
Labour 34%
Energy 14%
Other 4%
Total 100%
Transportation
29%
Depreciation
and
Amortization
24%
Operating Costs
47%
Unit Costs1 in 2020

Sustain Production Capacity and Productivities
In Steelmaking Coal
Maintaining historical dollar per tonne
sustaining investment levels
2010-2016: Average spend of ~$11 per tonne1
• Swift at Fording River and Line Creek
• Reinvestment in 5 shovels, 50+ haul trucks
2017-2024: Average spend of ~$11-13 per tonne1
• Plant expansion at Elkview, mine life extension
projects and Neptune sustaining investments
• Reinvestment in equipment fleets and
infrastructure to increase mining productivity
and processing efficiencies
121
Sustaining capital is now inclusive of production capacity investments previously called Major Enhancement.
Sustaining Capital, Excluding Water Treatment1 ($/t)
Long term run rate for sustaining capital is ~$11-13 per tonne

122
Significant benefits from moving to a haul truck rebuild
strategy, vs. replacing 930E trucks after ~100,000 hours
• Reduces capital spending for new truck purchases
• Increases fleet operating hours
• Reduces fleet operating costs
Expected to reduce capex by ~$360 million1 over 10 years,
with an NPV of ~C$235 million and a payback of ~3.9 years
• Includes rebuilding engines and truck beds; opportunity to
further reduce capex requirements by rebuilding frames
• Assumes cost savings of C$3.4 million per truck, or 47%,
based on the cost of a new 930E 5 truck of C$7.2 million
and the cost of an average 930E 4 rebuild of C$3.8 million
• Smooths capital costs over the next 10 years and avoids
the purchase of >100 new haul trucks
Haul Truck Rebuild Strategy
Potential to significantly reduce capital costs
Opportunity to extend the program to other vehicles in the fleet

West Coast Port Capacity
123
• Current capacity 35 Mtpa
• Teck contracted capacity, following expiry of our
current contract on March 31, 2021:
‒ 2021: 12.55-13.55 Mt, including ~5 Mt in Q1 2021
‒ From 2022: 5-7 Mtpa at fixed loading charges
‒ Total of 33 Mt over agreement term
WESTSHORE TERMINALS
• Current capacity 18 Mtpa
• Teck contract:
‒ January 2021 to December 2027
‒ Ramps up to 6 Mtpa over 2021
RIDLEY TERMINALS
Teck’s Contracted West Coast
Port Capacity (Nominal Mt)
Westshore Terminals
Neptune Coal Terminal
Ridley Terminals
6
5-7
>18.5
• World class design and equipment for enhanced reliability
• Capacity growth to >18.5 Mtpa
• ~$150M infrastructure investment in upstream
supply chain
• 100% ownership of coal capacity
NEPTUNE COAL TERMINAL

Endnotes: Steelmaking Coal Business Unit
Slide 114: Tier-One Steelmaking Coal Portfolio
1. The 12-year historical average annual Impairment Adjusted EBITDA and Impairment Adjusted EBITDA Margin are for the 2009 to 2020 period, inclusive. Impairment Adjusted EBITDA and Impairment Adjusted EBITDA Margin are non-GAAP
financial measures. See “Non-GAAP Financial Measures” slides.
Slide 115: Steelmaking Coal Operating Strategy
1. Metallurgical Clean Coal production capacity from Teck’s 2020 Annual Information Form, shown on an attributable basis to Teck (80% Greenhills).
2. Metallurgical Clean Coal Mineral Reserves from Teck’s 2020 Annual Information Form. Reserves is shown on a mine and property total and is not limited to Teck’s proportionate interest, annual production supported by reserves is shown on an
attributable basis to Teck (80% Greenhills).
Slide 117: Optimally Positioned For a Decarbonizing Future
1. Source: Skarn Associates, Q2 2021 update to 2020 dataset for global carbon intensity performance of steelmaking coal assets. Includes Scope 1 and 2 emissions.
Slide 118: Proven Operator, Managing for Margin and Costs Through Cycles
1. Free Cash Flow, EBITDA, Impairment Adjusted EBITDA, EBITDA Margin, Impairment Adjusted EBITDA Margin are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
2. Annualized.
Slide 119: Top Quartile Margins in Steelmaking Coal
2. Sensitivities from Teck’s 2020 Annual Report. The sensitivity of our annual profit attributable to shareholders and EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on a 26.0
million tonne production volume estimate, our current balance sheet, current commodity prices and a Canadian/U.S. dollar exchange rate of $1.30. See Teck’s Q4 2020 press release for further details.
3. The effect on our profit attributable to shareholders and on EBITDA of commodity price and exchange rate movements will vary from quarter to quarter depending on sales volumes. Our estimate of the sensitivity of profit and EBITDA to changes
in the U.S. dollar exchange rate is sensitive to commodity price assumptions. EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
4. Source: Teck, Wood Mackenzie Seaborne Metallurgical Coal Cost Curve August 2021. Teck’s total cost includes royalties normalized to Wood Mackenzie’s 2021 FY FOB Australia HCC price assumption of US$130.74 per tonne.
Slide 120: Steelmaking Coal Unit Costs
1. Steelmaking coal unit costs are reported in Canadian dollars per tonne. Non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
Slide 121: Sustain Production Capacity and Productivities in Steelmaking Coal
1. Historical spend has not been adjusted for inflation or foreign exchange. 2021-2025 average spend assumes annualized average production of 27 million tonnes. All dollars referenced are Teck’s portion net of POSCAN credits for Greenhills
Operations at 80% and excludes the portion of sustaining capital relating to water treatment. Sustaining capital is now inclusive of production capacity investments previous called Major Enhancement. Excludes capital leases and growth capital.
Slide 122: Haul Truck Rebuild Strategy
1. Assumes 107 trucks rebuilt over a ten-year period and an 8% discount rate.
124

Steelmaking Coal Facts
Global Coal Production1:
~7.4 billion tonnes
Steelmaking Coal Production2:
~1,130 million tonnes
Export Steelmaking Coal2:
~320 million tonnes
Seaborne Steelmaking Coal2:
~285 million tonnes
126
• ~0.7 tonnes of steelmaking coal is used to
produce each tonne of steel3
• Up to 100 tonnes of steelmaking coal is required
to produce the steel in the average wind turbine4
Our market is seaborne hard coking coal2: ~190 million tonnes

Steelmaking Coal Prices Resilient Despite Import Ban
Australian banned exports absorbed by strong steel market
Steelmaking coal prices diverge on import ban
• CFR prices into China hit all time high
• Chinese steel production continues to grow at 1.1 Gt
annualized YTD
• Chinese mine supply constrained on quality, logistics,
and ongoing safety inspections
• Imports from Mongolia constrained due to COVID-19
• Ten-year average seaborne FOB price of ~US$170/t,
or US$180/t on an inflation-adjusted basis1
Steel prices support steel mill margins
• Steel prices hit record highs in 2021 across all markets
• Current order books well supported into 2022
• Strong demand led to record steel prices, incentivizing
production and supporting raw material prices
127
Rising demand exceeds market’s ability to adjust to trade dispute
Steelmaking Coal Prices1 (US$/t)
Hot Rolled Coil Prices (US$/t)
0
200
400
600
800
2010 2012 2014 2016 2018 2020
HCC FOB Australia HCC CFR China LT AVG FOB
0
500
1,000
1,500
2,000
2010 2012 2014 2016 2018 2020
USA Germany China India Brazil

0
20
40
60
2016 2017 2018 2019 2020 2021E 2022E
Canada Russia US Other Australia
Australian Coal Ban Absorbed
Displaced Australian coal taken up by ex-China market
Australian HCC finds new homes; market pivots
• Australian coal banned; ROW to fill the Chinese gap
• Australian exports to China drop to zero from ~34 Mt
• Increased demand ex-China & repositioning absorbed
Australian surplus; took market ~6 months to sort out
logistics/supply
• No indication of change to import ban into 2022
China remains short steelmaking coal
• China relied on increased domestic production, imports from
Mongolia, Canada/USA & others
• Mongolia down 7% YTD due to COVID-19 (2021: -8.6 Mt)
• Domestic production up 3% YTD, estimated +9 Mt for 2021
• Seaborne imports ex-Australia up 136% YTD, estimated
+16 Mt for 2021
• China short ~13–20 Mt this year based on historic imports
and production
128
Teck capitalizing on Chinese market opportunity while maintaining existing contracts
Australian HCC Exports1 (Mt)
China HCC Imports2 (Mt)
28-30 Mt
33 33 31
43
0
50
100
2018 2019 2020 Nov/20-Jun/21
Annlzd
Others S.America SE Asia Europe JKT India China

Long Term Steelmaking Coal Demand Well Supported
Planned blast furnace capacity set to grow
129
Financial commitments being made for multi-decade traditional steel making
0
20
40
60
80
100
120
140
160
180
2021 2025 2030
Myanmar Vietnam Malaysia Indonesia
Cambodia Philippines India Exp. India Greenfield
Asian blast furnace capacity continues to grow
• Asia committing to 20+ years of traditional steel making
• European steel mills seek alternatives to coal feed
• Hydrogen pilot plants only, commercial technology still decades
away and currently prohibitively expensive
• Seek alternative carbon abatement in CCS/CCUS
Blast Furnace Capacity2 (Mt)
South-East Asia1
India1

Steelmaking Coal Demand Growth Forecast
Continued recovery with majority of banked blast furnaces restarted
Seaborne Steelmaking Coal Imports1 (Mt)
Change 2021 vs. 2019
130
Includes:
• China: Impact of the ban on Australian coal, domestic
production flat, Mongolian imports down further
• Europe/JKT: All banked furnaces restarted
• India: Growing steel production; unchanged
long-term fundamentals
• Brazil: Strong domestic demand (residential
construction, automotive) and export market
• SE Asia: Economic recovery
318
291
310
7
2
11
5
4 3 2
17
6
9
4 6
260
270
280
290
300
310
320
330
2019 China Europe India JKT Brazil SE Asia 2020 China Europe India JKT Brazil SE Asia 2021E

Indian Steelmaking Coal Imports
Mid- & long-term imports supported by strong demand and government targets
131
Indian Seaborne Coking Coal Imports2 (Mt)
Indian Crude Steel Production1 (Mt)
India 2021 crude steel production and seaborne coking coal imports surpassing 2019 levels
0
20
40
60
80
100
120
0
10
20
30
40
50
60
70

Chinese Steelmaking Coal Imports – Australia Ban
2021 seaborne imports down by -22 Mt with ex-Australia up +8 Mt YTD
132
Chinese Coking Coal Imports2 (Mt)
Chinese Crude Steel Production (CSP), Hot Metal
Production (HMP) and Coal Production (Mt)1
China domestic production up 3%, Mongolia imports down -21%
• +8.7 Mt YoY for domestic coking coal production… safety inspections limit growth forward
• -2.7 Mt YoY for Mongolian coking coal imports… pandemic closes borders reduces imports
35
60
48
35 36
43 38 41
49
27
19
15
15
13
24
26
28
34 24
15
0
10
20
30
40
50
60
70
80
Mongolian Coking Coal Imports Seaborne Coking Coal Imports
0
100
200
300
400
500
600
0
200
400
600
800
1000
1200
CSP (LHS) HMP (LHS) Coking Coal Production (RHS)

Chinese Steel Margins
Steel margins rebound on record high steel prices
China Hot Rolled Coil (HRC) Margins and Steelmaking Coal (HCC) Prices1 (US$/t)
133
-50
0
50
100
150
200
250
300
350
400
450
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Gross HRC profits Argus PHCC CFR China TSI 62% Fe CFR China

0
200
400
600
800
1000
1200
2010 2012 2014 2016 2018 2020 2022 2024
Chinese Scrap Use Remains Low
Scrap supply limits EAF share in steel output
134
China’s scrap ratio lower than global average of 38%1
(2019)2
Crude Steel
Electric Arc Furnace
Hot Metal
China Steel Use By Sector
(2000-2020)3
2025 EAF share forecast to be similar to 20104
83%
69%
55%
42% 40% 34%
22%
0%
20%
40%
60%
80%
100%
Turkey USA EU Russia Korea Japan China
Construction
50-60%
Machinery
15-20%
Auto
5-10%
Others
15-25%

Steelmaking Coal Supply Growth Forecast
Supply forecast to recover; while crude steel production up significantly
Seaborne Steelmaking Coal Exports1 (Mt)
Change 2021 vs. 2019
135
• USA: YTD exports up 5% on higher CFR prices, but still
down 17% over 2019 on production/logistics issues
• Russia: Higher exports possible but railways key to new
projects. Spot rail car rates double over last year.
• Canada: Growth restricted due to wildfires
• Mozambique: still not at 2019 levels.
• Australia: Production to increase in 2022
314
281
304
1 6
5
5
3 2 1 0
11
3
5
12
2 1
260
270
280
290
300
310
320
Crude steel production up ~125 Mt over 2019 levels; Steelmaking coal exports down ~10 Mt

Australia and US Steelmaking Coal Exports
2021 Australia and US coal exports down vs. 2019
136
US Exports2 (Mt)
Australian Exports1 (Mt)
0
20
40
60
80
100
120
140
160
180
200
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021E 0
10
20
30
40
50
60
70
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021E

Canadian & Mozambique Steelmaking Coal Exports
2021 Canadian exports impacted by B.C. wildfires
137
Mozambique Exports2 (Mt)
Canadian Exports1 (Mt)
0
5
10
15
20
25
30
35
40
0
1
2
3
4
5
6
7
8
9

2nd Largest Seaborne Steelmaking Coal Supplier
Competitively positioned to supply steel producers worldwide
138
CHINA
2013: ~30%
2017: ~15%
2019: ~10%
2020: ~15%
INDIA
2013: ~5%
2017: ~10%
2019: ~15%
2020: ~15%
Sales Distribution
AMERICAS
~5%
EUROPE
2013: ~15%
2017: ~20%
2019: ~15%
2020: ~15%
ASIA EXCL. CHINA & INDIA
2013: ~40%
2017: ~45%
2019: ~55%
2020: ~50%
Targeting increased sales to China to capture current CFR China price premium

Endnotes: Steelmaking Coal Market
Slide 126: Steelmaking Coal Facts
1. Source: IEA.
2. Source: Wood Mackenzie (Long Term Outlook H2 2020).
3. Source: World Coal Association. Assumes all of the steel required is produced by blast furnace-basic oxygen furnace route.
4. Source: The Coal Alliance. Assumes all of the steel required is produced by blast furnace-basic oxygen furnace route.
Slide 127: Steelmaking Coal Prices Resilient Despite Import Ban
1. Ten-year steelmaking coal prices are calculated from January 1, 2011. Inflation-adjusted prices are based on Statistics Canada’s Consumer Price Index. Source: Argus, Teck. As at September 28th , 2021.
2. Ten-year steel hot rolled coil. Source: CRU, Teck. As at September 28th, 2021
Slide 128: Australian Coal Ban Absorbed
1. Australian hard coking coal exports by market 2018 – 2020 and post ban annualized (November 2020 – June 2021 Actuals) in millions of tonnes. Source: IHS/GTIS, Australian Bureau of Statistics.
2. Chinese hard coking coal imports by country of origin 2016 to 2020 with estimates for 2021 based on exports to June/July 2021 annualized. Estimates for 2022 based on currently projected production increases and no change to import ban
observed by market analysts as at September 2021. Source: IHS/GTIS, Teck, Wood Mac, CRU. As at September 15th, 2021
Slide 129: Steelmaking Coal Market
1. Ten-year steelmaking coal prices are calculated from January 1, 2011. Inflation-adjusted prices are based on Statistics Canada’s Consumer Price Index. Source: Argus, Teck. As at May 13, 2021.
Slide 130: Steelmaking Coal Demand Growth Forecast
1. Source: Data compiled by Teck based on information from Wood Mackenzie (Short Term Outlook March 2021).
2. Source: Data compiled by Teck based on information from (Metallurgical Coal Market Outlook March 2021)
Slide 131: Indian Steelmaking Coal Imports
1. Source: Data compiled by Teck based on information from WSA.
2. Source: Data compiled by Teck based on information from Global Trade Atlas. 2021E is an annualized number based on the 2021 year to date actual.
Slide 132: Chinese Steelmaking Coal Imports – Australian Ban
1. Source: Data compiled by Teck based on information from NBS and Fenwei. 2021 is Q1 annualized for crude steel production and hot metal production and Fenwei estimate for coking coal production.
2. Source: Data compiled by Teck based on information from China Customs and Wood Mackenzie (Short Term Outlook January 2021). 2021 is based on information from Wood Mackenzie.
Slide 133: Chinese Steel Margins
1. Source: China HRC Gross Margins is estimated by Mysteel. China Domestic HCC Price is Liulin #4 price sourced from Sxcoal and is normalized to CFR China equivalent. Seaborne HCC Price (CFR China) is based on Argus Premium HCC
CFR China. Plotted to April 16, 2021.
Slide 134: Chinese Scrap Use Remains Low
1. Source: Bureau of International Recycling, BIR Global Facts and Figures, 11th Edition.
2. Source: Data compiled by Teck based on information from Bureau of International Recycling.
3. Source: Data compiled by Teck based on information from China Metallurgy Industry Planning and Research Institute.
4. Source: Data compiled by Teck based on information from Wood Mackenzie (Long Term Outlook H2 2020) and CRU (Crude Steel Market Outlook April 2021).
139

Endnotes: Steelmaking Coal Market
Slide 135: Steelmaking Coal Supply Growth Forecast
1. Source: Data compiled by Teck based on information from Wood Mackenzie (Short Term Outlook March 2021).
Slide 136: Australia and US Steelmaking Coal Exports
1. Source: Data compiled by Teck based on information from IHS Global Trade Atlas. 2021E is an annualized number based on the 2021 year to date actual.
2. Source: Data compiled by Teck based on information from T.Parker. 2021E is an annualized number based on the 2021 year to date actual.
Slide 137: Canadian & Mozambique Steelmaking Coal Exports
1. Source: Data compiled by Teck based on information from IHS Global Trade Atlas. 2021E is an annualized number based on the 2021 year to date actual.
2. Source: 2010-2021E numbers are based on information from Wood Mackenzie’s Long Term Outlook H2 2020 and Short Term Outlook August 2021.
140

Executive Summary
142
Global steel industry emits
7-10% of total GHG emissions
• Meeting the objective of the
Paris Accord will rely on a range
of steelmaking abatement
technologies
• Together they can reduce
steelmaking emissions by more
than 80% by 2050
Demand for high-quality
seaborne hard coking coal
used in blast furnace
steelmaking is forecast to
remain strong
• Forecast long-term demand for
steel is strong in high growth
importing regions such as India
and South-East Asia where blast
furnace steelmaking will
dominate
• Teck’s high-quality seaborne
steelmaking coal will continue to
be a key resource for the
low-carbon transition
Steel demand is forecast to
remain strong through to 2050
• Steel is not substitutable for most
applications
• Steel is required for infrastructure
development, including that
required to support electrification
and decarbonization
Blast furnace CCUS is the only
technology capable of
decarbonizing steelmaking at
the rate and scale required by
2050
• >70% of the world’s steelmaking
uses blast furnaces
• Leverages sunk cost of more
than US$1 trillion of young blast
furnaces, which will last well into
the second half of this century
• Blast furnace CCUS is the only
technology commercially ready
for near-term adoption

Steel is Essential for Economic Growth
In a Low-Carbon World
143
World’s largest metal
market today
Enables low-carbon
energy system
Suited for a circular
economy
Essential to lifting
global living standards
Steel is widely used and hard
to substitute
Growth continues to be driven
by decarbonization and
ongoing economic development
Fundamental to renewable
energy transition and
1.5°C target of Paris Accord
Steelmaking coal required
while alternatives evolve and
carbon abatement policy
advances
Easily recyclable (e.g., without
alloy issue of aluminum)
80%+ recycle rate of steel
scrap in developed economies2
Middle class expected to grow
by 2-3 billion people by 2050,
mostly in India and
South-East Asia (SEA)
Rural communities are moving
to cities, driving infrastructure
build
~25%
Lower CO2 footprint in steel
relative to cement1
>90%
Lower CO2 footprint of recycled
steel compared to new steel1
~165%
Increase in combined annual
demand growth for India and
SEA3 between 2019 and 2050
1,800
90 25
Steel Aluminum Copper
Global Production in 2019 (Mt)

Steel Demand Is Robust Through 2050
In all IEA Scenarios
1. Integrated steel demand model closely approximating the IEA Sustainable Development Scenario.
2. Integrated steel demand model closely approximating the IEA Stated Policies Scenario.
Finished steel demand, billion tonnes
2.0
1.5
0.5
0
1.0
2.5
2030
Current 2040 2050
1.8
2.1 2.1 2.0
Standard Growth scenario – IEA SDS1
▪ Industrialized growth in India and
South East Asia
▪ China plateaus until 2030 before
converging to Japan/Germany levels
▪ Growth in North America from green
infrastructure development
Developing
India
China
Mature
144
Muted Growth scenario
▪ China decline to Western European
levels by 2050
Robust Growth scenario – IEA STEPS2
▪ China grows for several more years and
then joins developed Asian rate
1.8
2.1
1.9
2.3
1.8
2.4
Billion
tonnes

Blast Furnace + CCUS Will Lead
Large-Scale Decarbonization Adoption
145
Blast Furnace + CCUS adoption will lead through 20502
Blast Furnace + CCUS is adoption ready
Blast Furnace + CCUS is commercially feasible
• Leverages >US$1 trillion of young installed blast furnace fleet
• Ample global CCUS storage capacity of ~5 trillion tonnes CO2
Proven technology in hard-to-abate industries
• CCUS operates in power generation, refining, petrochemicals,
agrichemicals, and steel/iron industry
Accelerators to adoption
• Large-scale hub and cluster transportation and storage
infrastructure will support economies of scale
Fastest path to large-scale decarbonization
• >75% of global steel is produced through the blast furnace route
• Requires moderate CO2 pricing (> US$50/t -$150/t CO2) to be
economic
• Cost reductions achieved with generational learning
2019 2050
2030 2040
NG-DRI + CCUS
100%
Scrap
BF + CCUS
H2-DRI
NG-DRI
BF
1.8 2.0
Total Steel Demand (Bt) – Standard Growth Scenario
2.1 2.1

Blast Furnace + CCUS is the Only Technology
That can be Adopted with Speed and Scale
146
Large-scale green hydrogen adoption
is unlikely before 2040
To make hydrogen steelmaking cost competitive,
ample access to low-cost hydrogen (US$1-2/kg) is
required. This implies:
Stable supply of renewable power <US$1.5c/KWh
• Significant investment in large-scale renewable infrastructure
development that does not exist today
• ~60% lower wind and solar costs
Low-cost, highly-efficient electrolyzers
• Decline in electrolyzer capex by ~80%
• High-capacity scale-up and utilization rates
• Sufficient H2 storage capacity to allow stable and
continuous supply
High-grade iron ore pellet availability
• Availability constraints on high-grade iron-ore pellets suitable
for DRI will limit H2-DRI adoption beyond 2030
3.2 2.1 1.4 1.1
Levelized Cost of Energy2 – China (US$c/kWh)
Total Cost of Ownership1 (US$/t liquid steel)
China (SDS – 1.7o scenario)
Brownfield BF + CCUS
750
800
2030
2020 2025 2035 2040 2045 2050
0
400
450
500
550
600
650
700
H2-DRI
Greenfield BF + CCUS
CCUS retrofit of brownfield blast furnaces
(Brownfield BF + CCUS) remains most competitive
Greenfield H2-Direct Reduced Iron
(H2-DRI) becomes more competitive
than Greenfield BF + CCUS after ~2040

Despite Robust Steel Demand, Long-Term Demand
for Steelmaking Coal Is Expected to Decline…
147
Steelmaking Coal Demand1 (Mtpa) Global demand for non-seaborne hard
coking coal is expected to decline by 2050
due to 3 factors:
1. Increased steel scrap availability
and recycling in mature regions
2. Declining coke rates due to blast
furnace efficiency gains, expected to
erode some coking coal demand
3. Ramp up of direct reduced iron (DRI)
steelmaking using natural gas and
hydrogen, expected to displace some
coking coal demand mainly after 2040
191 235 188
629 539
182
Current 2030 2050
Seaborne HCC
Other
Steelmaking
Coal2
The magnitude
of steelmaking coal
demand will
ultimately be driven
by the pace of
decarbonization

…But Long-Term Demand for Seaborne Hard Coking
Coal Will Remain Robust
148
• Seaborne HCC demand is expected to
remain resilient due to steel demand growth in
regions that rely on lower-cost seaborne hard
coking coal (HCC) imports (e.g., India and
South-East Asia) for blast furnace steelmaking
• Premium hard coking coal such as Teck’s
product is expected to be favored as it
improves blast furnace efficiency and lowers
emissions
Seaborne hard
coking coal demand
will benefit from
strong growth in
major importing
regions where blast
furnace steelmaking
will dominate
South-East Asia
Current 2030
India
Developed Asia
2050
China
Rest of World
191
235
188
Seaborne Steelmaking Coal Demand1 (Mtpa)

Blast Furnace Capacity Development is Well
Underway in India and South-East Asia
149
Financial commitments being made for multi-decade traditional steel making
0
20
40
60
80
100
120
140
160
180
2021 2025 2030
Myanmar Vietnam Malaysia Indonesia
Cambodia Philippines India Exp. India Greenfield
• Asia committing to 20+ years of traditional steel making
• European steel mills seek alternatives to coal feed
• Hydrogen pilot plants only, commercial technology still
decades away and currently prohibitively expensive
• Seek alternative carbon abatement in CCUS
Blast Furnace Capacity2 (Mt)
South-East Asia1
India1

Teck’s Hard Coking Coal Is Optimally Positioned For
a Decarbonizing Future
150
Highest quality HCC leading to
lowest CO2 emissions in
steelmaking
Teck’s HCC has amongst lowest
Scope 1 and Scope 2 emissions
relative to peers
Globally advantaged seaborne
logistics and cost position
• Teck’s emissions intensity is within the
lowest of the commodity range,
assisted by access to low carbon
sources of electricity in B.C.
• Teck mines will be even more cost
competitive with rising CO2 prices
globally
CO2 Coal Intensity Curve1
(t CO2e/t saleable coal)
• Teck premium HCC is amongst the highest
quality in the world, benchmarking
favorably to premium Australian coking
coal on strength and volatility2
• Teck HCC improves blast furnace
efficiency and decreases CO2 emissions
per tonne of steel
• Proximity to the Pacific Ocean gives
direct access to Asia
• By 2050, forecast cost position in the
1st-2nd quartile due to scarce new projects
and high-cost for domestic suppliers
switching to export
150 300
50 200 250
100
Simplified 2030 Seaborne HCC
Supply Curve3
Cumulative production (Mt)
Teck
0
Cumulative production (Mt)
150
50 200 250
100
Low
Phosphorus
Teck
Future
High
Strength
Low
Sulphur
Low
Ash

Endnotes: Steelmaking Coal Resilience
Slide 143: Steel is Essential for Economic Growth In a Low-Carbon World
1. Source: Teck.
2. Source: WSA, IEA.
3. India (from ~100 Mt in 2019 to 300 Mt in 2050) and South-East Asia (from ~100 Mt in 2019 to ~230 Mt in 2050) IEA SDS Scenario assumptions on CO2 pricing (~US$0/t CO2 in 2020 to ~US$160/t in 2050).
Slide 144: Steel Demand Is Robust Through 2050 in all IEA Scenarios
1. IEA Sustainable Development Scenario (SDS) +1.7C and internal analysis.
2. IEA Stated Policies Scenario and internal analysis.
Slide 145: Blast Furnace + CCUS Will Lead Large-Scale Decarbonization Adoption
1. Global CCUS Institute estimates.
2. IEA Sustainable Development Scenario (SDS) +1.7oC.
Slide 146: Blast Furnace + CCUS is the Only Technology That can be Adopted with Speed and Scale
1. IEA forecast and internal analysis, Sustainable Development Scenario (SDS) +1.7oC.
2. LCOE based on Solar PV.
Slide 147:Despite Robust Steel Demand, Long-Term Demand for Steelmaking Coal Is Expected to Decline…
2. Comprised of landborne hard coking coal and global semi-soft coking coal.
Slide 148: …But Long-Term Demand for Seaborne Hard Coking Coal Will Remain Robust
Slide 149: Blast Furnace Capacity Development is Well Underway in India and South-East Asia
1. Announced planned blast furnace expansions and greenfield blast furnaces projects, various company announcements.
2. Announced potential blast furnace capacity increases by country. Source: Various Company Announcements, Wood Mackenzie, CRU, Platts, Teck As at September 15, 2021.
Slide 150: Teck’s Seaborne Steelmaking Coal Is Optimally Positioned For a Decarbonizing Future
1. Source: Skarn Associates, 2019.
2. Source: Coking coal peers company filings and presentations.
3. 2050 HCC operating cost, including royalty and price differential, $/t, FOB, real 2020$), MineSpans, 2021.
151

Fort Hills Oil Sands Mine
State of the art oil sands mining facility
153
Capacity
200+kbpd
(Dec 2018)
High Ore Quality1
(11.4% bitumen grade)
Low GHG
Intensity2
Long Life
Resource1
(550Mbbls Teck share)

154
• Mining contractors now on site to
support ramp-up
• Major water inflows are capped
• Process underway to stabilize and
maintain pit wall slope
• Recent operational performance show
clear signs of improvements in mine
productivity
Focus on transforming Fort Hills into a Best-in-Class1 mineable oil sands asset
Fort Hills Operations Update
Operational problems being addressed, with continued focus on production ramp-up

Fort Hills Financial Outlook
Financial performance improves once production is stabilized
155
EBITDA3 – Teck’s Share (C$ million)
Assumptions
2021
Fort Hills
Potential
NYMEX WTI US$67.93 US$75.00
WTI-WCS differential US$13.01 US$12.00
C$/US$ exchange rate 1.24 1.25
Production – barrels/day1 20,045 41,330
Adjusted operating costs2 C$43/bbl C$23/bbl
Improved financial performance expected with stable two-train production
Nameplate
Capacity
194,000 bpd1
Adjusted
Operating
Costs
C$22/bbl
(Dec 2018)2
$-
$100
$200
$300
$400
$500
$600
2021 Fort Hills Potential
Nameplate
Capacity
194,000 bpd1
Adjusted
Operating
Costs
C$23/bbl
(Dec 2018)2
+$560M

Significant EBITDA Upside Potential
Providing the basis for strong and steady cash flow for decades
156
Potential annual EBITDA of $300 million to $700 million with debottlenecking
WTI @
US$75/BBL
WTI @
US$60/BBL
WTI-WCS differential US$10.75 US$10.75
C$/US$ exchange rate 1.25 1.25
Adjusted operating costs2 C$23/bbl C$23/bbl
EBITDA1 Potential – Teck’s Share (C$ million)
Assumptions
• Debottlenecking could add incremental
capacity of 20,000 – 40,000 barrels per day
• Regional synergies may provide further
opportunities for cost efficiencies and
production optimization
$200
$300
$400
$500
$600
$700
$800
$900
194,000 bpd
(nameplate)
214,000 bpd
(phase 1)
234,000 bpd
(phase 2)
EBITDA (@ US$60 WTI) EBITDA (@ US$75 WTI)
+$100M
+$150M

Best In Class Low Carbon Intensity Production
Our Fort Hills blend can displace carbon intensive crudes
157
• Emissions intensity of Canadian oil sands
has declined by 25%; estimated reduction
of 15% to 20% by 2030
• PFT bitumen emissions from mining
significantly lower than others
• Fort Hills PFT currently the new bar
for low emissions
• Fort Hills will displace barrels of crude
from higher emitters
Source: Bloomberg, BMO Capital Markets
Total Life Cycle Emissions Intensity
(kg CO2e/bbl refined product – gasoline/diesel)
Lower carbon intensity than 50% of the US refined barrels of oil

Endnotes: Energy Business Unit
Slide 153: Fort Hills Oil Sands Mine
1. Source: Oil Sands Magazine. https://www.oilsandsmagazine.com/projects/suncor-fort-hills-mine
2. Source: Oil Sands Magazine. https://www.canadianenergycentre.ca/this-oil-sands-crude-has-lower-ghg-emissions-than-the-u-s-average/
Slide 154: Fort Hills Operations Update
1. Best-in-class (BIC) defined as >90% mine and plant availability and a competitive cost structure of <$C23 per barrel.
Slide 155: Fort Hills Financial Outlook
1. Short-term outlook assumes production at nameplate capacity of 194,000 barrels per day, equating to 41,330 barrels per day for Teck share.
2. Short-term outlook assumes Teck’s actual adjusted operating costs of C$22.48 per barrel in December 2018. Adjusted operating costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
Slide 156: Significant EBITDA Upside Potential
2. Adjusted operating costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.
Slide 157: Best in Class Low Carbon Intensity Production
1. Bitumen production assumes the mid-point of our 2021 production guidance range.
158

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
-
20
40
60
80
Crude Oil Prices Supported by Supply Restraints
Demand-supply imbalance leading to price recovery
160
Demand returning to pre-COVID-19 levels
• Q4 2021 and 2022 annual forecast >100 Mbpd
• Prior to Hurricane Ida, US refinery capacity at 92%
Supply restraint – inventory drawdowns
• US: 1.5 Mbpd below peak
• OPEC+: Managed/ratable return to market
Canadian differentials steady; forecast
to narrow on improved pipeline egress
• Enbridge Line 3: In-service Q4 2021
• TransMountain TMX: In service Q4 2022
• US/China/India largest heavy crude importers
Q1
2021
Q2 Q3 Q4 Q1
2022
Q2 Q3 Q4
80
90
100
110
Demand Supply
NYMEX WTI
WCS Differential
Benchmark Pricing (US$/bbl)
Global Crude/Liquids Demand/Supply (Mbpd)

Non-GAAP Financial Measures
162
Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This document refers to a number of Non-GAAP Financial
Measures which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS or Generally Accepted Accounting Principles (GAAP) in the United States.
The Non-GAAP Measures described below do not have standardized meanings under IFRS, may differ from those used by other issuers, and may not be comparable to such measures as reported by others. These measures have
been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these measures because we believe they assist readers in understanding the results of our operations and financial position
and are meant to provide further information about our financial results to investors. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS.
Adjusted profit attributable to shareholders – For adjusted profit, we adjust profit attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our
balance sheet or are not indicative of our normal operating activities. We believe adjusted profit helps us and readers better understand the results of our core operating activities and the ongoing cash generating potential of our
business.
Adjusted basic earnings per share – Adjusted basic earnings per share is adjusted profit divided by average number of shares outstanding in the period.
Adjusted diluted earnings per share – Adjusted diluted earnings per share is adjusted profit divided by average number of fully diluted shares in a period.
EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.
Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit attributable to shareholders as described above.
Impairment adjusted EBITDA - Impairment adjusted EBITDA margin is EBITDA margin after impairments net of impairment reversal.
EBITDA margin – EBITDA margin is EBITDA as a percentage of revenue.
Impairment adjusted EBITDA margin - Impairment adjusted EBITDA margin is EBITDA margin after impairments net of impairment reversal.
The adjustments described above to profit attributable to shareholders and EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers
in understanding the ongoing cash generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay
dividends.
Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with the depreciation and amortization expense added back. We believe this measure assists us and readers to
assess our ability to generate cash flow from our business units or operations.
Gross profit margins before depreciation and amortization – Gross profit margins before depreciation are gross profit before depreciation and amortization, divided by revenue for each respective business unit or operation. We
believe this measure assists us and readers to compare margins on a percentage basis among our business units. All operations in the Copper BU are mining operations. Mining operations in the Zinc BU are Red Dog and Pend
Oreille.
Unit costs – Unit costs for our steelmaking coal operations are total cost of goods sold, divided by tonnes sold in the period, excluding depreciation and amortization charges. We include this information as it is frequently requested
by investors and investment analysts who use it to assess our cost structure and margins and compare it to similar information provided by many companies in the industry.
Adjusted site cash cost of sales – Adjusted site cash cost of sales for our steelmaking coal operations is defined as the cost of the product as it leaves the mine excluding depreciation and amortization charges, out-bound
transportation costs and any one-time collective agreement charges and inventory write-down provisions.
Total cash unit costs – Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described above, plus the smelter and refining charges added back in determining adjusted revenue. This
presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis.
Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product,
the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations. Readers should be aware that this metric, by excluding certain items and reclassifying cost and revenue items,
distorts our actual production costs as determined under IFRS.

163
Adjusted cash cost of sales – Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time
collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization as these costs are non-cash and discounted cash flow
valuation models used in the industry substitute expectations of future capital spending for these amounts.
Adjusted operating costs – Adjusted operating costs for our energy business unit is defined as the costs of product as it leaves the mine, excluding depreciation and amortization charges, cost of diluent for blending to transport
our bitumen by pipeline, cost of non-proprietary product purchased and transportation costs of our product and non-proprietary product and any one-time collective agreement charges or inventory write-down provisions.
Cash margins for by-products – Cash margins for by-products is revenue from by- and co-products, less any associated cost of sales of the by and co-product. In addition, for our copper operations, by-product cost of sales also
includes cost recoveries associated with our streaming transactions.
Adjusted revenue – Adjusted revenue for our copper and zinc operations excludes the revenue from co-products and by-products, but adds back the processing and refining charges to arrive at the value of the underlying payable
pounds of copper and zinc. Readers may compare this on a per unit basis with the price of copper and zinc on the LME.
Adjusted revenue for our energy business unit excludes the cost of diluent for blending and non-proprietary product revenues, but adds back crown royalties to arrive at the value of the underlying bitumen.
Blended bitumen revenue – Blended bitumen revenue is revenue as reported for our energy business unit, but excludes non-proprietary product revenue, and adds back crown royalties that are deducted from revenue.
Blended bitumen price realized – Blended bitumen price realized is blended bitumen revenue divided by blended bitumen barrels sold in the period.
Operating netback – Operating netbacks per barrel in our energy business unit are calculated as blended bitumen sales revenue net of diluent expenses (also referred to as bitumen price realized), less crown royalties,
transportation and operating expenses divided by barrels of bitumen sold. We include this information as investors and investment analysts use it to measure our profitability on a per barrel basis and compare it to similar information
provided by other companies in the oil sands industry.
The debt-related measures outlined below are disclosed as we believe they provide readers with information that allows them to assess our credit capacity and the ability to meet our short and long-term financial obligations.
Net debt – Net debt is total debt, less cash and cash equivalents.
Debt to debt-plus-equity ratio – debt to debt-plus-equity ratio takes total debt as reported and divides that by the sum of total debt plus total equity, expressed as a percentage.
Net debt to net debt-plus-equity ratio – net debt to net debt-plus-equity ratio is net debt divided by the sum of net debt plus total equity, expressed as a percentage.
Debt to Adjusted EBITDA ratio – debt to adjusted EBITDA ratio takes total debt as reported and divides that by adjusted EBITDA for the twelve months ended at the reporting period, expressed as the number of times adjusted
EBITDA needs to be earned to repay all of the outstanding debt.
Net debt to Adjusted EBITDA ratio – net debt to adjusted EBITDA ratio is the same calculation as the debt to adjusted EBITDA ratio, but using net debt as the numerator.
Net debt to capitalization ratio – net debt to capitalization ratio is net debt divided by the sum of total debt plus equity attributable to shareholders. The ratio is a financial covenant under our revolving credit facility.

164
Reconciliation of Profit (Loss) and Adjusted Profit
Three months
ended June 30,
Six months
ended June 30,
(CAD$ in millions) 2021 2020 2021 2020
Profit (loss) attributable to shareholders $ 260 $ (149) 565 $ (461)
Add (deduct) on an after-tax basis:
Asset impairment — — — 474
COVID-19 costs — 147 — 169
Environmental costs 44 69 11 (18)
Inventory write-downs (reversals) — 38 (6) 65
Share-based compensation 24 17 34 (5)
Commodity derivatives (20) (20) (5) (5)
Taxes and other 31 (13) 66 (36)
Adjusted profit attributable to shareholders1 $ 339 $ 89 665 $ 183
Adjusted basic earnings per share1 2 $ 0.64 $ 0.17 1.25 $ 0.34
Adjusted diluted earnings per share1 2 $ 0.63 $ 0.17 1.23 $ 0.34

165
Three months
ended June 30,
Six months
ended June 30,
(Per share amounts) 2021 2020 2021 2020
Basic earnings (loss) per share $ 0.49 $ (0.28) $ 1.06 $ (0.86)
Add (deduct):
Asset impairment — — — 0.88
COVID-19 costs — 0.28 — 0.31
Environmental costs 0.08 0.13 0.02 (0.03)
Inventory write-downs (reversals) — 0.07 (0.01) 0.12
Share-based compensation 0.05 0.03 0.06 (0.01)
Commodity derivatives (0.04) (0.04) (0.01) (0.01)
Other 0.06 (0.02) 0.13 (0.06)
Adjusted basic earnings per share $ 0.64 $ 0.17 $ 1.25 $ 0.34
Three months
ended June 30,
Six months
ended June 30,
(Per share amounts) 2021 2020 2021 2020
Diluted earnings (loss) per share $ 0.48 $ (0.28) $ 1.05 $ (0.86)
Add (deduct):
Asset impairment — — — 0.88
COVID-19 costs — 0.28 — 0.31
Environmental costs 0.08 0.13 0.02 (0.03)
Inventory write-downs (reversals) — 0.07 (0.01) 0.12
Share-based compensation 0.04 0.03 0.06 (0.01)
Commodity derivatives (0.04) (0.04) (0.01) (0.01)
Other 0.07 (0.02) 0.12 (0.06)
Adjusted diluted earnings per share $ 0.63 $ 0.17 $ 1.23 $ 0.34
Reconciliation of Basic Earnings (Loss) Per Share to Adjusted Basic Earnings (Loss) Per Share and
Reconciliation of Diluted Earnings (Loss) Per Share to Adjusted Diluted Earnings Per Share

We include net debt measures as we believe they provide readers with information that allows them to assess our credit capacity and the ability to meet
our short and long-term financial obligations, as well as providing a comparison to our peers. 166
(A)
Twelve
months ended
December 31,
2020
(B)
Six Months
ended
June 30,
2020
(C)
Six months
ended
June 30,
2021
(A-B+C)
Twelve months
ended
June 30,
2021
Total debt at period end $ 6,947 (F) $ 7,892 (G)
Less: cash and cash equivalents
at period end (450) (312)
Net debt $ 6,497 (H) $ 7,580 (I)
Debt to adjusted
EBITDA ratio 2.7 (F/D) 2.3 (G/E)
Net Debt to adjusted
EBITDA ratio 2.5 (H/D) 2.2 (I/E)
Equity attributable to
shareholders of the company 20,039 (J) 20,557 (K)
Obligation to
Neptune Bulk Terminals 138 (L) 158 (M)
Adjusted Net debt to
capitalization ratio 0.24 (H+L)/(F+J+L) 0.27
(I+M)/
(G+K+M)
(A)
Twelve
months ended
December 31,
2020
(B)
Six Months
ended
June 30,
2020
(C)
Six months
ended
June 30,
2021
(A-B+C)
Twelve months
ended
June 30,
2021
Profit (loss) $ (944) $ (496) $ 552 $ 104
Finance expense net of
finance income 268 161 102 209
Provision for (recovery of)
income taxes (192) (135) 418 361
Depreciation and amortization 1,510 692 748 1,566
EBITDA $ 642 $ 222 $ 1,820 $ 2,240
Add (deduct):
Asset impairment 1,244 647 — 597
COVID-19 costs 336 229 — 107
Environmental costs 270 (25) 15 310
Inventory write-down
(reversals) 134 93 (10) 31
Share-based compensation 47 (7) 47 101
Other (41) (59) 91 109
Adjusted EBITDA $ 2,570 (D) $1,093 $ 1,956 $ 3,433 (E)
Reconciliation of Net Debt to Adjusted EBITDA Ratio

167
Three months
ended June 30,
Six months
ended June 30,
(CAD$ in millions) 2021 2020 2021 2020
Profit (loss) $ 260 $ (185) $ 552 $ (496)
Finance expense net of finance income 51 114 102 161
Provision for (recovery of) income taxes 209 (66) 418 (135)
Depreciation and amortization 370 314 748 692
EBITDA 890 177 1,820 222
Add (deduct):
Asset impairment — — — 647
COVID-19 costs — 185 — 229
Environmental costs 61 96 15 (25)
Inventory write-downs (reversals) — 57 (10) 93
Share-based compensation 33 23 47 (7)
Taxes and other 32 (25) 91 (59)
Adjusted EBITDA $ 989 $ 485 $ 1,956 $ 1,093
Reconciliation of EBITDA and Adjusted EBITDA

168
(C$ in millions)
For the 12 Years Ending
December 31, 2020
Steelmaking Coal
Profit (loss) before taxes $ 15,847
Finance expense net of finance income 398
Depreciation and amortization 7,808
EBITDA $ 24,053
Impairments net of impairment reversal 2,114
Impairment Adjusted EBITDA (A) $ 26,167
Revenue (B) $ 54,047
Impairment Adjusted EBITDA Margin (A/B) 48%
Reconciliation of Impairment Adjusted EBITDA and Impairment Adjusted EBITDA Margin

169
Reconciliation of Gross Profit Before Depreciation and Amortization and
Reconciliation of Gross Profit (Loss) Margins Before Depreciation
Three months
ended June 30,
Six months
ended June 30,
(CAD$ in millions) 2021 2020 2021 2020
Gross profit $ 689 $ 139 $ 1,343 $ 537
Depreciation and amortization 370 314 748 692
Gross profit before depreciation and amortization $ 1,059 $ 453 $ 2,091 $ 1,229
Reported as:
Copper
Highland Valley Copper $ 194 $ 93 $ 396 $ 170
Antamina 254 60 456 183
Carmen de Andacollo 59 16 106 76
Quebrada Blanca 11 4 22 7
Other — 1 — —
518 174 980 436
Zinc
Trail Operations (3) 13 40 24
Red Dog 91 116 216 274
Other 8 3 11 17
96 132 267 315
Steelmaking coal 457 220 869 641
Energy (12) (73) (25) (163)
Gross profit before depreciation and amortization $ 1,059 $ 453 $ 2,091 $ 1,229
Three months
ended June 30,
Six months
ended June 30,
(CAD$ in millions) 2021 2020 2021 2020
Revenues
Copper (A) $ 821 $ 405 $ 1,588 $ 975
Zinc (B) 461 479 1,031 1,087
Steelmaking coal (C) 1,112 792 2,159 1,815
Energy (D) 164 44 327 220
Total $ 2,558 $ 1,720 $ 5,105 $ 4,097
Gross profit (loss), before
depreciation and amortization
Copper (E) $ 518 $ 174 $ 980 $ 436
Zinc (F) 96 132 267 315
Steelmaking coal (G) 457 220 869 641
Energy (H) (12) (73) (25) (163)
Total $ 1,059 $ 453 $ 2,091 $ 1,229
Gross profit margins before depreciation
Copper (E/A) 63% 43% 62% 45%
Zinc (F/B) 21% 28% 26% 29%
Steelmaking coal (G/C) 41% 28% 40% 35%
Energy (H/D) (7)% (166)% (8)% (74)%

1. Average period exchange rates are used to convert to US$ per pound equivalent.
We include unit cost information as it is frequently requested by investors and investment analysts who use it to assess our cost structure and margins
and compare it to similar information provided by many companies in our industry. 170
Three months
ended June 30,
Six months
ended June 30,
(CAD$ in millions, except where noted) 2021 2020 2021 2020
Revenue as reported $ 821 $ 405 $ 1,588 $ 975
By-product revenue (A) (94) (41) (179) (118)
Smelter processing charges (B) 28 27 58 64
Adjusted revenue $ 755 $ 391 $ 1,467 $ 921
Cost of sales as reported $ 392 $ 302 $ 793 $ 716
Less:
Depreciation and amortization (89) (71) (185) (177)
By-product cost of sales (C) (20) (5) (40) (25)
Adjusted cash cost of sales (D) $ 283 $ 226 $ 568 $ 514
Payable pounds sold (millions) (E) 140.7 116.4 284.1 272.2
Per unit amounts – CAD$/pound
Adjusted cash cost of sales (D/E) $ 2.01 $ 1.94 $ 2.00 $ 1.89
Smelter processing charges (B/E) 0.20 0.23 0.20 0.23
Total cash unit costs – CAD$/pound $ 2.21 $ 2.17 $ 2.20 $ 2.12
Cash margin for by-products – ((A – C)/E) (0.53) (0.31) (0.49) (0.34)
Net cash unit costs – CAD$/pound $ 1.68 $ 1.86 $ 1.71 $ 1.78
Three months
ended June 30,
Six months
ended June 30,
US$ amounts1
Average exchange rate (CAD$ per US$1.00) $ 1.23 $ 1.39 $ 1.25 $ 1.37
Per unit amounts – US$/pound
Adjusted cash cost of sales $ 1.64 $ 1.40 $ 1.61 $ 1.39
Smelter processing charges 0.16 0.17 0.16 0.17
Total cash unit costs – US$/pound $ 1.80 $ 1.57 $ 1.77 $ 1.56
Cash margin for by-products (0.43) (0.22) (0.39) (0.25)
Net cash unit costs – US$/pound $ 1.37 $ 1.35 $ 1.38 $ 1.31
Copper Unit Cost Reconciliation

1. Average period exchange rates are used to convert to US$ per pound equivalent.
(C$ in millions, except where noted)
Three months ended
December 31, 2020
Three months ended
December 31, 2019
Year ended
December 31, 2020
Year ended
December 31, 2019
Revenue as reported $ 820 $ 592 $ 2,419 $ 2,469
By-product revenue (A) (104) (68) (300) (311)
Adjusted revenue $ 756 $ 562 $ 2,259 $ 2,322
Cost of sales as reported $ 452 $ 462 $ 1,560 $ 1,852
Less:
Inventory (write-downs) provision reversal - (20) - (24)
Labour settlement and strike costs - (22) - (35)
By-product cost of sales (C) (29) (19) (71) (58)
Adjusted cash cost of sales (D) $ 321 $ 292 $ 1,106 $ 1,272
Per unit amounts (C$/lb)
Total cash unit costs (C$/lb) $ 2.09 $ 2.08 $ 2.10 $ 2.24
Cash margin for by-products (C$/lb) ((A-C)/E) (0.43) (0.31) (0.39) (0.39)
Net cash unit costs (C$/lb) $ 1.66 $ 1.77 $ 1.71 $ 1.85
US$ AMOUNTS1
Average exchange rate (C$/US$) $ 1.30 $ 1.32 $ 1.34 $ 1.33
Per unit amounts (US$/lb)
Total cash unit costs (US$/lb) $ 1.60 $ 1.58 $ 1.57 $ 1.68
Cash margin for by-products (US$/lb) (0.33) (0.24) (0.29) (0.29)
Net cash unit costs (US$/lb) $ 1.27 $ 1.34 $ 1.28 $ 1.39
Copper Unit Cost Reconciliation

172
1. Red Dog mining operations.
2. Average period exchange rates are used to convert to US$ per tonne equivalent.
and compare it to similar information provided by many companies in our industry.
Three months
ended June 30,
Six months
ended June 30,
Per unit amounts – CAD$/pound
Total cash unit costs – CAD$/pound $ 0.75 $ 0.65 $ 0.76 $ 0.63
Cash margin for by-products – ((A - C)/E) — (0.05) — (0.02)
Net cash unit costs – CAD$/pound $ 0.75 $ 0.60 $ 0.76 $ 0.61
US$ amounts2
Per unit amounts – US$/pound
Total cash unit costs – US$/pound $ 0.61 $ 0.47 $ 0.62 $ 0.46
Cash margin for by-products — (0.04) — (0.02)
Net cash unit costs – US$/pound $ 0.61 $ 0.43 $ 0.62 $ 0.44
Three months
ended June 30,
Six months
ended June 30,
Revenue as reported $ 461 $ 479 $ 1,031 $ 1,087
Less:
Trail Operations revenues as reported (465) (395) (926) (847)
Other revenues as reported (3) (2) (5) (4)
Add back: Intra-segment revenues as reported 106 89 236 185
$ 99 $ 171 $ 336 $ 421
By-product revenues (A) — (10) (2) (12)
Adjusted revenue $ 127 $ 214 $ 437 $ 539
Less:
Trail Operations cost of sales as reported (489) (405) (928) (868)
Other cost of sales as reported 5 1 6 13
Add back: Intra-segment purchases as reported 106 89 236 185
$ 22 $ 91 $ 159 $ 225
Less:
Royalty costs 19 6 (17) (7)
By-product cost of sales (C) — (2) — (2)
Adjusted cash cost of sales (D) $ 27 $ 59 $ 103 $ 138
Zinc Unit Cost Reconciliation (Mining Operations)

1. Average period exchange rates are used to convert to US$ per tonne equivalent.
Three months
ended June 30,
Six months
ended June 30,
Cost of sales as reported $ 879 $ 734 $ 1,730 $ 1,511
Less:
Transportation costs (A) (258) (197) (514) (439)
Inventory write-down reversal (B) — (32) 10 (27)
Labour settlement (C) — (4) — (4)
Adjusted site cash cost of sales (D) $ 397 $ 339 $ 786 $ 704
Tonnes sold (millions) (E) 6.2 5.0 12.4 10.7
Per unit amounts – CAD$/tonne
Adjusted site cash cost of sales (D/E) $ 64 $ 68 $ 63 $ 66
Transportation costs (A/E) 42 39 42 41
Inventory write-downs (B/E) — 6 (1) 3
Labour settlement (C/E) — 1 — —
Unit costs – CAD$/tonne $ 106 $ 114 $ 104 $ 110
US$ amounts1
Per unit amounts – US$/tonne
Adjusted site cash cost of sales $ 52 $ 49 $ 51 $ 48
Transportation costs 34 28 33 30
Inventory write-down reversal — 5 (1) 2
Labour settlement — 1 — —
Unit costs – US$/tonne $ 86 $ 83 $ 83 $ 80
Steelmaking Coal Unit Cost Reconciliation

1. Calculated per unit amounts may differ due to rounding.
2. Bitumen price realized represents the realized petroleum revenue (blended bitumen sales revenue) net of diluent expense, expressed on a per barrel
basis. Blended bitumen sales revenue represents revenue from our share of the heavy crude oil blend known as Fort Hills Reduced Carbon Life Cycle
Dilbit Blend (FRB), sold at the Hardisty and U.S. Gulf Coast market hubs. FRB is comprised of bitumen produced from Fort Hills blended with purchased
diluent. The cost of blending is affected by the amount of diluent required and the cost of purchasing, transporting and blending the diluent. A portion of
diluent expense is effectively recovered in the sales price of the blended product. Diluent expense is also affected by Canadian and U.S. benchmark
pricing and changes in the value of the Canadian dollar relative to the U.S. dollar. 174
Energy Operating Netback, Bitumen & Blended Bitumen Price Realized Reconciliations and
Adjusted Operating Costs and Adjusted Operating Costs1
Three months
ended June 30,
Six months
ended June 30,
Revenue as reported $ 164 $ 44 $ 327 $ 220
Less:
Cost of diluent for blending (59) (33) (113) (130)
Non-proprietary product revenue (13) (1) (41) (8)
Add back: crown royalties (D) 3 — 4 3
Adjusted revenue (A) $ 95 $ 10 $ 177 $ 85
Less:
Inventory write-down — (23) — (46)
Cash cost of sales $ 176 $ 95 $ 352 $ 337
Less:
Cost of diluent for blending (59) (33) (113) (130)
Cost of non-proprietary product purchased (12) (1) (37) (4)
Transportation for non-proprietary product
purchased3 (2) (3) (6) (4)
Transportation for costs FRB (C) (24) (26) (48) (55)
Adjusted operating costs (E) $ 79 $ 32 $ 148 $ 144
Three months
ended June 30,
Six months
ended June 30,
Blended bitumen barrels sold (000’s) 2,187 2,226 4,462 6,645
Less diluent barrels included in blended
bitumen (000’s) (573) (568) (1,171) (1,745)
Bitumen barrels sold (000’s) (B) 1,614 1,658 3,291 4,900
Per barrel amounts – CAD$
Bitumen price realized (A/B)2 $ 58.85 $ 6.03 $ 54.13 $ 17.34
Crown royalties (D/B) (1.69) (0.10) (1.28) (0.64)
Transportation costs for FRB (C/B) (14.67) (16.01) (14.59) (11.24)
Adjusted operating costs (E/B) (49.74) (19.07) (45.12) (29.54)
Operating netback – CAD$ per barrel $ (7.25) $ (29.15) $ (6.86) $ (24.08)

3. Reflects adjustments for costs not directly attributed to the production of Fort Hills bitumen, including transportation for non-proprietary product purchased.
We include unit cost information as it is frequently requested by investors and investment analysts who use it to assess our cost structure and margins and
compare it to similar information provided by many companies in our industry. 175
Energy Operating Netback, Bitumen & Blended Bitumen Price Realized Reconciliations and
Adjusted Operating Costs and Adjusted Operating Costs1
Three months
ended June 30,
Six months
ended June 30,
Revenue as reported $ 164 $ 44 $ 327 $ 220
Less: non-proprietary product revenue (13) (1) (41) (8)
Add back: crown royalties 3 — 4 3
Blended bitumen revenue (A) $ 154 $ 43 $ 290 $ 215
Blended bitumen barrels sold (000’s) (B) 2,187 2,226 4,462 6,645
Blended bitumen price realized –
(CAD$/barrel) (A/B) = D1 $ 70.23 $ 19.30 $ 65.15 $ 32.32
Average exchange rate (CAD$ per US$1.00) (C) 1.23 1.39 1.25 1.37
Blended bitumen price realized –
(US$/barrel) (D/C)1 $ 57.18 $ 13.93 $ 52.24 $ 23.67

176
(C$ in millions) 2003 to Q2 2021
Cash Flow from Operations $49,310
Debt interest paid (6,010)
Capital expenditures, including capitalized stripping costs (30,828)
Payments to non-controlling interests (NCI) (620)
Free Cash Flow $11,852
Dividends paid $4,540
Payout ratio 38%
Reconciliation of Free Cash Flow

177
Reconciliation of Gross Profit Before Depreciation & Amortization Margin from Mining Operations
Year ended
December 31, 2017
Year ended
December 31, 2018
Year ended
December 31, 2019
Year ended
December 31, 2020
Six months ended
June 30, 2021
Gross profit $ 4,567 $ 4,621 $ 3,340 $ 1,333 $ 1,343
Add back: Depreciation and amortization 1,492 1,483 1,619 1,510 748
Gross profit before depreciation and amortization $ 6,059 $ 6,104 $ 4,959 $ 2,843 $ 2,091
Revenues
Copper $ 4,567 $ 4,621 $ 3,340 $ 1,333 $ 1,343
Zinc
Trail 2,266 1,942 1,829 1,761 926
Red Dog 1,752 1,696 1,594 1,394 336
Pend Oreille 105 98 56 - -
Other 8 8 8 9 5
Intra-segment revenues (635) (650) (519) (494) (236)
$ 3,496 $ 3,094 $ 2,968 $ 2,700 $ 1,031
Steelmaking Coal 6,014 6,349 5,522 3,375 2,159
Energy - 407 975 454 327
Total Revenues $ 11,910 $ 12,564 $ 11,934 $ 8,948 $ 5,105
Gross profit (loss) before depreciation and amortization
Copper $ 1,154 $ 1,355 $ 1,080 $ 1,242 $ 980
Zinc
Trail 209 91 - 65 40
Red Dog 971 990 837 717 216
Pend Oreille 19 (5) (4) - -
Other (26) 9 (2) 33 11
Intra-segment revenues - - - - -
$ 1,173 1,085 $ 831 $ 815 $ 267
Steelmaking Coal 3,732 3,770 2,904 1,009 869
Energy - (106) 144 (223) (25)
Total gross profit (loss) before deprecation and amortization $ 6,059 $ 6,104 $ 4,959 $ 2,843 $ 2,091

178
Year ended
December 31, 2017
Year ended
December 31, 2018
Year ended
December 31, 2019
Year ended
December 31, 2020
Six months ended
June 30, 2021
Gross profit (loss) margins before depreciation (%)
Copper 48% 50% 44% 51% 62%
Zinc
Trail 9% 5% - 4% 4%
Red Dog 55% 58% 53% 51% 64%
Pend Oreille 18% (5%) (7%) - -
Other (325%) 113% (25%) 367% 220%
Intra-segment revenues - - - - -
34% 35% 28% 30% 26%
Steelmaking Coal 62% 59% 53% 30% 40%
Energy - (26%) 15% (49%) (8%)
Zinc Mining Assets
Revenue
Red Dog $ 1,752 $ 1,696 $ 1,594 $ 1,394 $ 336
Pend Oreille 105 98 56 - -
$ 1,857 $ 1,794 $ 1,650 $ 1,394 $ 336
Gross profit (loss) before depreciation and amortization
Red Dog $ 971 $ 990 $ 837 $ 717 $ 216
Pend Oreille 19 (5) (4) - -
$ 990 $ 985 $ 833 $ 717 $ 216
Gross profit (loss) margins before deprecation
and amortization 53% 55% 50% 51% 64%
Reconciliation of Gross Profit Before Depreciation & Amortization Margin from Mining Operations (cont.)

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