Galore pfs extended AGAIN!! H2 2024!!

Copper Growth

In the third quarter, we continued to advance our copper growth strategy with prudent investments in our industry-leading copper growth portfolio. Our copper growth strategy balances growth and return of capital with maintaining a strong balance sheet and is informed by milestone objectives with prudent investment plans across the entire portfolio to de-risk development of each of the assets, including permitting.

• For the Quebrada Blanca Mill Expansion (QBME) project, we continued to advance the Feasibility Study and progress the permitting process throughout the quarter.

• In early October, we submitted the Environmental Assessment application for the HVC 2040 project to the Environmental Assessment Office of British Columbia in addition to completing the Feasibility Study.

• Progressed the Feasibility Study at San Nicolás and continued stakeholder engagement on the permitting process.

• Continued updating the capital and operating cost estimates from the 2020 Feasibility Study at Zafranal and progressed discussions with Ausenco on the project management and execution strategy.

• At NewRange Copper Nickel, the management team worked with local, state and federal officials, Indigenous Peoples, communities of interest and supporters of the project, including organized labour, to renew or reestablish key project permits, including the 404 Wetland Permit which was revoked by the U.S. Army Corps of Engineers in June 2023. Updates to the NorthMet Feasibility Study are ongoing, including design, construction, execution plans and cost estimates. In addition, the team is managing a significant equipment salvage and recycling program at a historical brownfield plant site, which commenced in June 2023.

• At Galore Creek, Teck and our partner Newmont Corporation continued to advance the Prefeasibility Study during the third quarter. As a result of work on the Prefeasibility Study and permitting activities, the partners have decided to extend the Prefeasibility Study work into 2024 to complete additional value engineering for the project. A substantial seasonal field campaign was completed from May to October 2023.

Targeted upcoming key milestones for key assets in our copper growth portfolio include:

• QBME: Feasibility Study completion Q4 2023

• New Range Copper Nickel NorthMet: Feasibility Study completion H2 2024

• San Nicolás: MIA-R permit application submission in Q4 2023

• Zafranal: Continuation of capital and operating cost estimate updates and commencement of detailed engineering in Q4 2023

• Galore Creek: Prefeasibility Study completion in H2 2024