Copper Growth

In the second quarter, we continued to advance our copper growth strategy with prudent investments in our industry-leading copper growth portfolio. Important milestones included the receipt of the Social Environmental Impact Assessment (SEIA) permit and authorization for the Zafranal copper-gold development project in Peru, the start of significant equipment salvage and recycling program at NewRange Copper Nickel’s NorthMet historic brownfield plant site, startup of significant seasonal drilling, metallurgical and geotechnical programs, and social and environmental baseline programs at Galore Creek and Schaft Creek. In addition, we made meaningful advances in study work, community engagement and permitting across all of the assets. Our copper growth strategy balances growth and return of capital with maintaining a strong balance sheet, and is informed by setting milestone objectives with prudent investment plans to de-risk development of each of the assets, including permitting.

The following are the targeted upcoming key milestones related to each asset in our copper growth portfolio, with more details included below:

• Quebrada Mill Expansion (QBME): Feasibility study completion H2 2023.

• NorthMet: Feasibility study completion H1 2024.

• San Nicolás: Feasibility study completion H1 2024 and Environmental Impact Assessment permit

application finalized with plans to submit in Q3 2023.

• HVC2040: Feasibility study completion and EIA submission in H2 2023.

• Zafranal: Capital and operating cost estimate updates and commence detailed engineering in H2

2023.

• Galore Creek: Prefeasibility study work completed in H2 2023.

The feasibility study for the QBME project, which entails an increase in concentrator throughput of approximately 50% with the addition of one identical semi-autogenous grinding line, continues to advance as planned. This configuration will optimize the timeline to progress the development of the orebody, while leveraging existing infrastructure to maximize capital efficiency. The feasibility study, initiated in mid-2022, is expected to be completed in the second half of 2023. In the second quarter, we continued to progress the permitting process and submitted responses to the initial inquiries from the regulator. QBME is expected to be a significant contributor to our near-term copper growth portfolio.

The NewRange Copper Nickel joint venture (NewRange) was formed late in the first quarter of 2023 and brings together two large, well-defined mineral resources in the established Iron Range mining region of Minnesota, USA under a new leadership and management team. The management team is now focused on resolving outstanding permitting issues and advancing development of the NorthMet deposit as well as permitting of the Mesaba deposit to deliver critical minerals copper, nickel, cobalt, platinum and palladium. Updates to the NorthMet feasibility study are ongoing, including design, construction, execution plans and cost estimates and is expected to be completed by the first half of 2024. In addition, the team is managing a significant equipment salvage and recycling program at NewRange’s NorthMet historic brownfield plant site, which commenced in June 2023. Efforts are underway to reinstate the NorthMet 404 Wetland Permit revoked by the U.S. Army Corps of Engineers, which is the first negative permitting result on the NorthMet project since receipt of the original EIA in 2018. The management team is working with local, state, and federal officials, Indigenous Peoples, communities of interest and supporters of the project, including organized labour, to have the 404 Wetland Permit reinstated.

On April 6, 2023, we announced that Teck and Agnico Eagle formed a joint venture by way of earn-in agreement to advance the San Nicolás copper-zinc development project located in Zacatecas, Mexico. During the second quarter, Teck and Agnico Eagle began to operationalize the 50/50 joint venture governance model, which has each partner working together to advance permitting and development of the project. The joint venture partners are targeting completion of the feasibility study in the first half of 2024 and have finalized the Environmental Impact Assessment permit application with plans to submit it to the Mexican regulator in the third quarter of 2023.

At Highland Valley Copper, work continues on a feasibility study, detailed social baseline studies, community discussions and related environmental permitting work for our HVC 2040 project, which has the potential to extend operations to at least 2044. Completion of the feasibility study, expected in the second half of 2023, is running in parallel to community discussions and an EIA submission is planned in the second half of 2023.

On May 12, 2023, we announced the receipt of the SEIA permit and authorization for the Zafranal copper- gold development project in Peru from SENACE, Peru's National Service of Environmental Certification for Sustainable Investments. In addition, the project team is advancing updates to the capital and operating cost estimates from the January 2020 feasibility study, which we expect to complete in the second half of 2023. Following completion of the updated capital and operating cost estimates, we intend to commence detailed engineering studies later in 2023.

At the Galore Creek copper-gold-silver deposit located in northwestern B.C., Teck and its partner Newmont Corporation continue to advance prefeasibility study work on the project which is expected to conclude in the second half of 2023. A substantial seasonal field campaign, comprised of resource, geotechnical, and metallurgical drilling, extensive environmental baseline studies, and targeted site investigations, commenced in late May 2023, which is planned to continue into early October 2023 in support of planned permitting activities and completion of the prefeasibility study.

Strategic, technical and commercial assessments, including focused field programs, permitting and community engagement work for the advancement of Schaft Creek and NuevaUnión are ongoing.