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Copper Growth Projects

Teck continues to actively advance its industry-leading copper growth portfolio. The approach is driven by balancing growth 

and return of capital, value-focused de-risking and the optimization of funding sources. As part of Teck’s copper growth 

strategy, within the Project Satellite initiative, Teck, together with our partners, continues to advance five significant base 

metals assets containing copper, zinc and nickel. We are meeting project, permitting and commercial milestones in order to 

position Teck with various high-quality options to maximize value from copper demand well beyond the ramp-up of QB2 and 

the continued operation of our core copper-producing assets. The Project Satellite initiative comprises five assets, namely 

Zafranal, San Nicolás, Galore Creek, Mesaba and Schaft Creek, all of which are located in the Americas in jurisdictions that 

Teck is familiar with and has experience conducting detailed studies, advancing permitting activities, developing strong 

community and stakeholder relationships, and operating mines in a productive, sustainable and safe manner. 

Work in 2022 on the Zafranal copper-gold project located in Arequipa Region, Peru, will be focused on completing 

public hearings and regulator-led technical reviews of the project’s Social and Environmental Impact Assessment 

(SEIA) permit application as well as meeting the project’s community commitments and key stakeholder engagement 

activities in the areas of health, capacity building, cultural heritage resource management, and water. The San 

Nicolás copper-zinc project located in Zacatecas State, Mexico initiated a feasibility study in the first quarter of 2022 

with completion targeted in the fourth quarter of 2023. In addition, work will include submitting an Environmental 

Impact Assessment (MIA-R), continuing social and environmental baseline studies, and completing additional 

socio-economic studies in support of advancing through permitting and the next investment decision milestone. 

Partnering negotiations for San Nicolás are ongoing and first production is targeted for 2026. At the Galore Creek 

copper-gold-silver project located in Tahltan Territory within the Golden Triangle of northwest British Columbia, we 

and our partner have appointed Fluor to prepare a prefeasibility study. Work in 2022 will continue to advance 

prefeasibility field study work, baseline social and environmental field programs, and early permitting activities 

targeted for completion in the second half of 2023. Copper Growth Projects

Teck continues to actively advance its industry-leading copper growth portfolio. The approach is driven by balancing growth 

and return of capital, value-focused de-risking and the optimization of funding sources. As part of Teck’s copper growth 

strategy, within the Project Satellite initiative, Teck, together with our partners, continues to advance five significant base 

metals assets containing copper, zinc and nickel. We are meeting project, permitting and commercial milestones in order to 

position Teck with various high-quality options to maximize value from copper demand well beyond the ramp-up of QB2 and 

the continued operation of our core copper-producing assets. The Project Satellite initiative comprises five assets, namely 

Zafranal, San Nicolás, Galore Creek, Mesaba and Schaft Creek, all of which are located in the Americas in jurisdictions that 

Teck is familiar with and has experience conducting detailed studies, advancing permitting activities, developing strong 

community and stakeholder relationships, and operating mines in a productive, sustainable and safe manner. 

Work in 2022 on the Zafranal copper-gold project located in Arequipa Region, Peru, will be focused on completing 

public hearings and regulator-led technical reviews of the project’s Social and Environmental Impact Assessment 

(SEIA) permit application as well as meeting the project’s community commitments and key stakeholder engagement 

activities in the areas of health, capacity building, cultural heritage resource management, and water. The San 

Nicolás copper-zinc project located in Zacatecas State, Mexico initiated a feasibility study in the first quarter of 2022 

with completion targeted in the fourth quarter of 2023. In addition, work will include submitting an Environmental 

Impact Assessment (MIA-R), continuing social and environmental baseline studies, and completing additional 

socio-economic studies in support of advancing through permitting and the next investment decision milestone. 

Partnering negotiations for San Nicolás are ongoing and first production is targeted for 2026. At the Galore Creek 

copper-gold-silver project located in Tahltan Territory within the Golden Triangle of northwest British Columbia, we 

and our partner have appointed Fluor to prepare a prefeasibility study. Work in 2022 will continue to advance 

prefeasibility field study work, baseline social and environmental field programs, and early permitting activities 

targeted for completion in the second half of 2023. At Schaft Creek, located in northwest British Columbia, and 

Mesaba, located in northeast Minnesota, we are investing additional resources to progress environmental and social 

baseline field studies and focused design and engineering work, including resource modelling, geometallurgical and 

geotechnical studies, mining and mineral processing studies, siting studies, and capital and operating cost 

estimations, in support of advancing each asset into prefeasibility studies.

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