https://www.teck.com/media/2022-AIF.pdf

Schaft Creek, Canada (Copper-Molybdenum-Gold-Silver)

The Schaft Creek property, located in Tahltan territory in northwestern British Columbia, approximately 61 kilometres south of Telegraph Creek and 37 kilometres northeast of the Galore Creek property, is a joint venture between Teck and Copper Fox Metals Inc., with Teck holding a 75% interest and acting as the operator.

The drilling, metallurgical sampling and test work, geotechnical field investigations, and baseline environmental studies planned for 2021 were adversely impacted by unseasonable weather in northwestern British Columbia, which resulted in partial completion of the field programs. Updated capital and operating cost estimation work, in part based on field information to be collected in 2021, was deferred until 2022. Commitments to the Tahltan were met; however, continued COVID-19 restrictions did not allow for new community engagement and investment activities to be carried out.

Expenditures in 2021 were less than planned due to delays in field work and associated project engineering work. Planned expenditures in 2022 are $6.6 million.