TECK · Teck Resources Limited

Teck Resources Limited delivered exceptional Q1 2026 results, with Adjusted EBITDA surging to $2.1 billion from $927 million in Q1 2025, propelled by record copper sales volumes of 155,100 tonnes company-wide and particularly at Quebrada Blanca (QB), where sales reached an all-time high of 70,300 tonnes despite production of 55,500 tonnes due to inventory drawdown. Copper prices averaged US$5.83 per pound, up 38% year-over-year, significantly boosting the copper segment's gross profit before depreciation to $1.8 billion from $704 million. Zinc segment performance also improved, with gross profit before depreciation at $387 million, driven by higher prices and optimized operations at Trail, contributing $257 million. President and CEO Jonathan Price highlighted QB's operational stability amid challenges like a planned maintenance shutdown and February's shorter month, with throughput improvements in March signaling enhanced performance. Cash flow from operations of $1.0 billion strengthened the balance sheet, lifting net cash by $338 million to March 31 and liquidity to $9.8 billion by April 22. The merger of equals with Anglo American, approved by shareholders on December 9, 2025, and by Canadian regulators on December 15, 2025, advances toward completion pending remaining approvals, promising US$800 million annual synergies and EBITDA uplift from QB-Collahuasi optimization. Safety metrics remained strong with HPI frequency at 0.05. Guidance for 2026 production and Q2 sales remains unchanged, underscoring confidence in sustained execution.