EXHIBIT 99.2

News Release

Teck Reports Unaudited First Quarter Results for 2026

Record copper sales and sustained operational performance drive strong Q1 financial results

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited first quarter results for 2026.

“We delivered a very strong start to 2026, underpinned by record quarterly copper sales, strong commodity prices, and disciplined execution across our operations,” said Jonathan Price, President and CEO. “Quebrada Blanca (QB) delivered robust and consistent performance, achieving all-time high quarterly copper sales and ongoing operational stability. Our quarterly financial results demonstrate the resilience and potential of our portfolio and the strength of our balance sheet. Moving forward, we remain focused on disciplined operating performance and advancing the merger of equals with Anglo American toward a successful close.”

Highlights

Note:

All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted.

Additional corporate information is available at www.teck.com.

Financial Summary Q1 2026

Key Updates

Teck and Anglo American plc Merger of Equals

Notes:

QB Action Plan Update and Q1 Performance

Safety and Sustainability Leadership

Note:

Guidance

Note:

Management's Discussion and Analysis

This management's discussion and analysis (MD&A) is dated as at April 22, 2026 and should be read in conjunction with the unaudited condensed interim consolidated financial statements of Teck Resources Limited (Teck) and the notes thereto for the three months ended March 31, 2026 and with the audited consolidated financial statements of Teck and the notes thereto for the year ended December 31, 2025. In this news release, unless the context otherwise dictates, a reference to “the company” or “us,” “we” or “our” refers to Teck and its subsidiaries. Additional information, including our Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2025, is available on SEDAR+ at www.sedarplus.ca.

This document contains forward-looking statements and forward-looking information. Please refer to the cautionary language under the heading “CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS” below.

Overview

Profit Attributable to Shareholders and Adjusted Profit Attributable to Shareholders

Profit attributable to shareholders in the first quarter increased to $819 million, or $1.67 per share, compared to $370 million, or $0.74 per share, in the same period last year, driven by record quarterly copper sales volumes, higher commodity prices, including for by-products, and improved profitability at our Trail Operations due to our continued focus on cash flow generation including through our optimized feed strategy. These items were partially offset by the impact of the strengthening Canadian dollar in the quarter.

Adjusted profit attributable to shareholders1 in the first quarter, taking into account the items identified in the table below, was $858 million, or $1.75 per share, compared with $303 million, or $0.60 per share, in the same period last year. The most significant after-tax adjustment is a $32 million loss from changes to the carrying value of the financial liability associated with the preferential dividend stream to Corporación Nacional del Cobre de Chile (Codelco).

Note:

In addition to the items identified in the table above, our results include gains and losses due to changes in market prices in respect of settlement pricing adjustments. Pricing adjustments resulted in $26 million of after-tax gains attributable to shareholders ($38 million, before tax) in the first quarter, or $0.05 per share.

Notes:

SEGMENTED RESULTS

Our revenue, gross profit, and gross profit before depreciation and amortization1 by reportable segments are summarized in the table below.

Note:

COPPER SEGMENT

Notes:

Performance

Gross profit from our copper segment increased to $1.4 billion in the first quarter from $343 million in the same period last year (see table below), primarily due to significantly higher copper prices and higher copper sales volumes. Q1 2026 sales volumes at QB achieved a quarterly record and exceeded production with the shipment of inventory carried over from year-end 2025.

Copper production increased to 140,000 tonnes in the first quarter compared with 106,100 tonnes in the same period last year. The increase was due to higher production at QB, which had an extended shut-down in Q1 2025, higher throughput and grades at Highland Valley Copper, and higher grades at Antamina, both as expected in the mine plan. QB produced 55,500 tonnes of copper in the first quarter compared with 42,300 tonnes in the same period last year. In Q1 2026, the continued execution of the QB action plan resulted in higher throughput with enhanced reliability and consistency in plant operation supporting higher sustained operating rates.

The table below summarizes the change in gross profit in our copper segment for the quarter.

Property, plant and equipment expenditures in the first quarter totalled $540 million, including $284 million in sustaining capital. Sustaining capital included $232 million at QB, of which $149 million related to ongoing TMF development work. Growth capital of $256 million primarily related to the Highland Valley Copper Mine Life Extension (HVC MLE) project construction and development activities and Zafranal project work, outlined below.

Capitalized stripping costs were $83 million in the first quarter compared with $47 million in the same period last year. The increase relates to $34 million of capitalized stripping costs related to HVC MLE.

Markets

In the first quarter of 2026, LME copper prices increased 15.9% compared with the previous quarter and 37.5% over the same period last year, averaging US$5.83 per pound. This represented the second quarter in a row of all-time nominal highs in quarterly average prices, extending Q4 2025's price momentum. Even following a US$0.50 drop in price in March 2026 as the Middle East conflict dampened growth expectations, the LME cash price moved back above US$5.50/lb by quarter end, approximately 27% higher than levels seen at the end of March 2025. As with other exchange-traded metals, copper benefitted from positive financial market positioning in the quarter amid net asset rotation into commodities.

The copper concentrate market continues to see spot treatment and refining charges fall to new record lows. Higher acid prices and precious metal premia have supported smelter profitability in a market where concentrate availability continues to run well below the level that global smelters need to maintain historical operating rates. While we do anticipate 2026 will be a stronger year for copper mine supply growth, in part helped by higher prices, we expect this imbalance in copper concentrate to persist through 2026.

Given the dual expectations of rising inflation and slower growth, this is likely to dampen copper demand growth expectations for the coming year. However, March 2026 saw positive signs emerge from China, with a strong rebound in wire and cable fabricator operating rates and clear evidence of opportunistic purchasing as the price retreated from highs. We also note the Q1 2026 closure of the Strait of Hormuz is likely to support renewed global efforts for energy system resilience and electrification, which is supportive of the trend in copper demand. Moreover, the sharp upward movement in aluminum pricing serves to lower substitution risk in applications involving electrical and heat transfer.

Global copper inventory held in exchange warehouses rose by around 450,000 tonnes in the first quarter, an increase over and above usual seasonality. With this, total on-exchange stocks reached almost 1.2 million tonnes at the end of March, the highest level since 2003. Including other reported stocks, copper inventory in weeks of consumption ended the quarter at 4.5 weeks, up from 3.2 weeks at the end of the fourth quarter and above the 20 year average of 3.5 weeks.

Operations

Quebrada Blanca

Note:

Highland Valley Copper

Copper production of 40,200 tonnes in the first quarter was 10,700 tonnes higher than the same period last year. The increase was primarily due to increased mill throughput and higher grades, partially offset by lower recoveries, as mill feed continues to be dominated by softer ore from the Lornex pit in the first half of 2026.

Copper sales volumes of 40,600 tonnes in the first quarter were 10,100 tonnes higher than the same period last year, reflecting higher production levels in the quarter.

Operating costs in the first quarter of $255 million, before changes in inventory and capitalized stripping, were $33 million higher than the same period last year, driven primarily by higher energy, labour and contractor costs relating to increased material movement.

Capitalized stripping costs in the first quarter were $34 million compared with no capitalized stripping in the same period last year. Capitalized stripping costs have increased due to the waste stripping requirements associated with HVC MLE. Capitalized stripping activity is expected to ramp up over the course of the year as per the mine plan and is expected to be impacted by changes in WTI oil prices.

HVC MLE project

Construction activities continue to ramp up across multiple work fronts, supported by strong early productivity indicators, with construction progressing largely in line with plan. Notable developments include the commencement of construction of the new truck shop, substantial progress along the tailings corridor, and progressing the installation of pilings for the mill upgrades. Detailed engineering is over 90% complete and procurement is nearing completion with ongoing delivery of materials.

HVC MLE total project capital cost is estimated to be between $2.1 and $2.4 billion and is expected to be spent between 2025 and 2028, which is unchanged from our previous disclosures. HVC MLE project capital expenditures were $188 million in the first quarter of 2026 and we continue to expect 2026 project capital expenditures to be between $900 million–$1.2 billion.

Antamina

Copper production (100% basis) of 135,600 tonnes in the first quarter was 40,600 tonnes higher than the same period last year primarily due to higher grade copper-only ore, as expected in the mine plan. The mix of mill feed in the quarter was 59% copper-only ore and 41% copper-zinc ore, compared with 62% copper-only ore and 38% copper-zinc ore in the same period last year. Zinc production (100% basis) was 62,600 tonnes in the first quarter compared with 91,300 tonnes in the same period last year due to lower zinc grade and recoveries, as expected in the mine plan.

Operating costs in the first quarter, before changes in inventory and capitalized stripping, of US$116 million (22.5% share) were US$25 million higher than the same period last year primarily due to higher labour costs relating to operating bonuses.

Carmen de Andacollo

Copper production of 13,900 tonnes in the first quarter increased by 900 tonnes compared to the same period last year, driven by higher copper grades and recoveries.

Operating costs in the first quarter of US$64 million, before changes in inventory and capitalized stripping, were US$10 million higher than the same period last year due to higher contractors and labour costs.

Cost of Sales

Cost of sales was $1.5 billion in the first quarter compared with $1.2 billion in the same period last year. We recorded $458 million of depreciation and amortization expense in the first quarter compared with

$361 million in the same period last year. The increase in cost of sales and depreciation and amortization expense were primarily the result of higher sales volumes in the quarter.

Excluding QB, total cash unit costs1 in the first quarter were US$1.80 per pound compared to US$2.10 per pound in the same period last year primarily due to higher production and lower copper smelter processing charges, partially offset by higher operating costs at HVC and Antamina, as outlined above. Including QB, total cash unit costs1 in the first quarter were US$2.28 per pound compared to US$2.45 per pound in the same period last year. The benefit of higher production was partially offset by higher transportation costs at QB due to alternative shipping arrangements while the shiploader repairs were completed in January.

Excluding QB, net cash unit costs1 in the first quarter were US$1.30 per pound, or US$0.29 per pound lower than the same period last year primarily the result of the above mentioned factors. Including QB, net cash unit costs1 for the first quarter were US$1.74 per pound, US$0.27 per pound lower than the same period last year, as a result of increased silver and molybdenum by-product credits from QB.

The table below presents our copper unit costs including QB.

Outlook

Our 2026–2028 annual production and 2026 annual cost guidance for our copper segment is outlined in our guidance tables on pages 26–29 and is unchanged from our previously disclosed guidance.

Annual production plans are based on mine plans which contain normal grade variability and periodic planned maintenance shutdowns, which are reflected in our annual production guidance for our operations. In 2026, quarterly production is generally expected to be consistent quarter over quarter, but we expect slightly lower grades and recoveries at QB in the first half of 2026 based on the current mine plan. In the second half of 2026, grades and recoveries are expected to improve at QB. We also expect lower mill throughput and recoveries at HVC in the fourth quarter of 2026 as we process less Lornex ore and more ore from the Bethlehem and Highmont pits.

2026 sustaining capital expenditures in our copper segment are expected to be between $1.2–$1.3 billion. The 2026 guidance includes $390–$460 million for QB TMF development work, which is unchanged from our previous disclosures.

2026 capitalized stripping costs in our copper segment are expected to increase compared to 2025 to between $450–$550 million as stripping activities increase to enable HVC MLE where capitalized stripping costs are expected to remain at elevated levels through 2029.

Note:

Our 2026 growth capital expenditure guidance of $1.3–$1.6 billion includes $900 million–$1.2 billion relating to HVC MLE. The remaining growth capital primarily relates to our other near-term copper growth projects including Zafranal, and is focused on advancing engineering, feasibility studies, and permitting.

Projects and Copper Growth

As previously disclosed, we are prioritizing capital and resources toward QB while advancing execution of HVC MLE. In parallel, we continue to advance our copper growth portfolio by progressing high-value projects toward sanction readiness. This includes advancing permitting, securing land access, and defining the business cases for Zafranal and San Nicolás. Feasibility studies, detailed engineering, and early works are underway to position these projects for future sanction decisions.

Zafranal

In 2026, the focus is on identifying, evaluating, and implementing opportunities to enhance the business case while preparing for a future sanction decision. Advanced works activities ceased during the first quarter of 2026, with contractors demobilized from site at the end of February 2026. Progress continues across key components, including additional exploration activities in the project area, permitting, land access, social and some technical activities to support the business case improvement process, based on an adjusted timeline.

Minas de San Nicolás

All actions related to the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits have been completed, with regulatory decisions pending. In parallel, we continue to advance engineering on critical infrastructure to increase confidence in the feasibility study, further de-risk the execution strategy and position the project for a potential sanction decision, subject to receipt of permits. As at March 31, 2026, more than 40% of engineering had been completed, with progress expected to reach approximately 50% by mid-2026.

Drilling activities are continuing, with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area.

ZINC SEGMENT

Performance

Gross profit from our zinc segment of $359 million in the first quarter increased by $166 million compared to the same period last year. Higher zinc prices and higher by-product revenues at both Red Dog and Trail were partially offset by lower zinc sales volumes from Red Dog due to the timing of sales. Gross profit before depreciation and amortization2 at Trail improved significantly in the first quarter to $258 million from

$80 million in the same period last year and from $105 million in Q4 2025 due to the continued implementation of initiatives to enhance profitability and cash flow and higher by-product revenue related to silver and germanium.

Zinc production at Red Dog in the first quarter decreased by 10,600 tonnes from the same period last year to 106,200 tonnes, primarily due to lower grades, as expected in the mine plan. Red Dog's lead production of 21,600 tonnes decreased by 3,400 tonnes compared to the same period last year due to lower grades and recoveries. Zinc sales volumes from Red Dog of 52,400 tonnes in the first quarter were 38,400 tonnes lower than the same period last year, due to reduced production as expected in the mine plan and the timing of sales, but were above the high end of our previously disclosed guidance range of 40,000 to 50,000 tonnes.

Refined zinc production at Trail Operations in the first quarter was 73,800 tonnes, an increase of 15,500 tonnes compared to the same period last year as a result of the zinc electrolytic plant running at full capacity for most of this quarter compared to a year ago.

Notes:

The table below summarizes the change in gross profit in our zinc segment for the quarter.

Property, plant and equipment expenditures in the first quarter totalled $50 million, including $27 million for sustaining capital, of which $9 million relates to our Trail Operations and $18 million relates to our Red Dog Operations. The remainder of expenditures relate to our Red Dog mine life extension project.

Markets

Zinc prices on the LME in the first quarter of 2026 averaged US$1.47 per pound, representing a 2.4% increase from the previous quarter and a 14.0% increase from the first quarter of 2025. This represented the third consecutive quarter of rising average zinc prices.

The zinc concentrate market saw spot treatment charges continue to decline through the first quarter. This reflected a combination of rising by-product prices at smelters and growing disruptions to global mine supply. Following a rebound in 2025, global zinc mine production growth estimates for 2026 are now trending negative, with annual declines at a number of major operations. As a result, we anticipate the concentrate market to remain constrained by mine supply, though at present Chinese zinc concentrate imports remain well above year-ago levels.

Global reported zinc metal inventory cover remains low in weeks of consumption. However, those held in Shanghai Futures Exchange warehouses did rise to the highest level since 2022 at the end of the first quarter. Refined zinc demand for 2026 is expected to be broadly similar to that in 2025. North American zinc market demand remains relatively resilient, though physical premiums over LME cash did drift lower over the course of the first quarter.

Operations

Red Dog

Zinc production in the first quarter of 106,200 tonnes decreased from the 116,800 tonnes produced in the same period last year, primarily due to lower grades as expected in the mine plan. Lead production of 21,600 tonnes in the first quarter was lower than 25,000 tonnes produced in the same period last year, reflecting lower grades and recoveries.

Zinc sales volumes of 52,400 tonnes in the first quarter were 38,400 tonnes lower than the same period last year, due to reduced production as expected in the mine plan, and the timing of sales. Sales volumes in the first quarter were above the high end of our previously disclosed guidance range of 40,000 to 50,000 tonnes.

Operating costs, before changes in inventory, capitalized stripping and royalties of US$114 million in the first quarter, were in line with the same period last year as mill throughput remained consistent.

Red Dog Mine Life Extension (Red Dog MLE)

We are focused on the Red Dog MLE project, formerly known as the Red Dog Anarraaq and Aktigiruq Extension Program (AAEP), which is located in the Red Dog district in Alaska, where we have several high-quality opportunities located between 10 and 20 kilometres from our existing Red Dog Operations. The project is currently in the prefeasibility study stage. In 2026, we expect growth capital expenditures of between $200–$250 million, and are focused on completing the all-season road access, continuing drilling of the deposit and advancing the prefeasibility study.

Trail Operations

Refined zinc production of 73,800 tonnes in the first quarter was 15,500 tonnes higher than the same period last year as a result of the zinc electrolytic plant running at full capacity for most of this quarter compared to a year ago. Refined lead production was 23,300 tonnes in the first quarter, 300 tonnes higher than the same period last year. Production of by-products, such as silver and germanium, were consistent with the same period last year.

Our continued focus at Trail has been on improving its profitability and cash generation through prioritizing processing of residues over maximizing refined zinc production. Processing residues enables us to reduce concentrate purchase volumes in the low treatment charge environment, improving profitability. The benefit of these initiatives combined with improved pricing for by-products such as silver and germanium contributed to an increase in profitability in the first quarter compared to the same period last year and compared to Q4 2025. Building on our germanium expertise, in collaboration with the Canadian government, we are exploring options to increase our germanium production.

Operating costs, before changes in inventory, in the first quarter were $11 million or 8% higher than the same period last year at $154 million, primarily due to increased contractor and maintenance costs.

Cost of Sales

Cost of sales was $681 million in the first quarter compared with $587 million in the same period last year. The increase was primarily driven by increased concentrate purchase costs at Trail, offset by reduced sales volumes of zinc and lead concentrates from Red Dog, and lower royalty costs tied to the profitability of Red Dog.

Total cash unit costs1 for Red Dog were US$0.61 per pound in the first quarter, consistent with the same period last year. Net cash unit costs1 of US$0.41 per pound in the first quarter were US$0.18 per pound lower than the same period last year due to higher by-product credits driven by increased silver and germanium prices. Our first quarter 2026 net cash unit costs1 also reflect the normal seasonality of sales at Red Dog.

Outlook

Our 2026–2028 annual production and 2026 annual cost guidance for our zinc segment is outlined in our guidance tables on pages 26–29, and is unchanged from our previously disclosed guidance.

We will be completing required maintenance at our Trail Operations in the second quarter, which will require a shutdown of the lead circuit, as expected in our plans and our previously disclosed annual 2026 production guidance. As a result, we expect lower production of lead and other by-products in the second quarter, with minimal impact on refined zinc production.

As previously disclosed, grades at Red Dog are expected to reduce as the operation nears the end of mine life. We are currently mining in the Aqqaluk and Qanaiyaq pits, with the latter expected to be depleted in 2026. Higher than average precipitation events have caused slippage along a known fault in the Aqqaluk pit requiring mining in areas with lower grade, resulting in lower production of zinc in concentrate expected in 2026, 2027 and 2028, as reflected in our previously disclosed guidance.

We expect sales of zinc in concentrate at Red Dog to be in the range of 30,000 to 40,000 tonnes in the second quarter of 2026, reflecting seasonality of Red Dog sales.

2026 annual sustaining capital expenditures in our zinc segment are expected to be between $150–$200 million, similar with 2025. Capitalized stripping costs in 2026 are expected to decrease to $5–$10 million as Red Dog nears the end of mine life.

As outlined above, Red Dog MLE has several high-quality opportunities that could extend the mine life of Red Dog beyond 2032. The expected 2026 capital spend for these activities is $200–$250 million.

Note:

OTHER OPERATING INCOME AND EXPENSES

Other operating income, net of other expense, was $6 million in the first quarter compared with $70 million of income in the same period last year. The change in the first quarter of 2026 was primarily due to $38 million of positive settlement pricing adjustments in the quarter compared to $106 million in the same period last year and $29 million of costs associated with our ongoing enterprise resource planning (ERP) system implementation in the quarter.

The table below outlines our outstanding receivable positions, which are valued using provisional prices at March 31, 2026 and December 31, 2025.

Despite the decrease in copper price at the end of the first quarter of 2026 in comparison to the end of the fourth quarter of 2025, we recorded positive settlement pricing adjustments in the quarter due to significant copper sales in late March where the price was below the quarterly average. These sales resulted in positive settlement pricing adjustments and a lower realized price for the quarter of US$5.78 per pound compared to the average LME price of US$5.83 per pound.

In the first quarter, our total general and administration, and research and innovation costs were similar to the same period last year.

In the first quarter, our finance income was $46 million compared to $91 million in the same period last year. The decrease in finance income reflects lower interest earned due to reduced cash balances and lower interest rates, compared with the same period last year.

Finance expense includes the interest on our debt, QB project financing, advances from Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation (SMM/SC), and lease liabilities, as well as letters of credit and standby fees, the interest components of our pension obligations, and the accretion on our decommissioning and restoration provisions, less any interest that we capitalize against our development projects. Our finance expense decreased to $218 million in the first quarter compared to $220 million in the same period last year, as we continue to reduce the QB project finance facility through scheduled semi-annual repayments.

Non-operating expense, net of non-operating income, was $81 million in the first quarter compared with

$76 million of income in the same period last year. The most significant item in the quarter was a $54 million loss relating to changes in the carrying value of the financial liability for the preferential dividend stream to Codelco compared to a $84 million gain in the same period last year.

Income Taxes

Provision for income and resource taxes was $527 million, or 39% of pre-tax profit. Our effective tax rate this quarter was higher than the Canadian statutory income tax rate of 27% primarily due to resource taxes. We expect our average long-term effective tax rate to be in the range of 39% to 41%, but quarterly and annual results may vary due to the relative amount of operating margins, the scope and timing of development expenditures for HVC and Red Dog MLE and other copper growth projects, certain corporate and finance expenses that are not deductible for resource tax purposes, the statutory tax rates in the jurisdictions in which we operate, and other factors. We are subject to and pay income and resource taxes in all jurisdictions that we operate in.

FINANCIAL POSITION AND LIQUIDITY

Our strong balance sheet provides resilience to market uncertainty. As at March 31, 2026, our financial position and liquidity remained very strong. Our debt position, net debt (cash)2 and credit ratios are summarized in the table below.

Notes:

Our liquidity was $9.8 billion as at April 22, 2026, including $5.7 billion of cash. Our cash balance increased by $415 million as of March 31, 2026 compared to December 31, 2025 due to strong cash flows generated by operations.

We returned $61 million to shareholders in the first quarter reflecting our regular base quarterly dividend. During the interim period prior to the closing of the Merger, the arrangement agreement restricts Teck from declaring or paying additional dividend amounts exceeding $0.125 per share per fiscal quarter without the prior approval of Anglo American. We have not executed share buybacks since July 25, 2025, as Teck is restricted from repurchasing securities under the Merger arrangement agreement, and we did not renew our normal course issuer bid in Q4 2025.

Teck maintains a limited recourse QB project financing facility with a remaining balance of US$1.6 billion at March 31, 2026. Pre-completion guarantees for the facility have been released upon achievement of project final completion in 2025.

We maintain various committed and uncommitted credit facilities for liquidity and for the issuance of letters of credit. Our US$3.0 billion committed revolving credit facility is a sustainability linked-facility, which involves pricing adjustments that are aligned with our sustainability performance and strategy. Our sustainability performance over the term of the facility is measured by greenhouse gas (GHG) intensity, percentage of women in Teck's workforce, and safety. This facility does not contain an earnings- or cash flow-based financial covenant, a credit rating trigger or a general material adverse effect borrowing condition. The only financial covenant under our bank agreements is a requirement for our adjusted net debt to capitalization ratio not to exceed 60%. That ratio was negative at March 31, 2026. Antamina maintains a US$1.0 billion loan agreement that matures in June of 2030. Our 22.5% share of the loan is US$225 million. The loan is non-recourse to us and to the other Antamina owners.

We also have various other uncommitted credit facilities, standby letters of credit and surety bonds that primarily secure our reclamation obligations. The amounts issued under these facilities totalled $2.6 billion at March 31, 2026. We may be required to post additional security in respect of reclamation at our operating sites in future periods as additional land is disturbed, regulatory requirements change or closure plans are updated.

Operating Cash Flow

Cash flow from operating activities was a source of cash of $1.0 billion in Q1 2026, compared with a use of cash of $515 million in the same period last year. The improvement was primarily driven by higher profitability reflecting increased commodity prices, higher copper sales volumes, and lower smelter processing charges. Operating cash flows also benefited from lower income tax payments, as the same period last year included a final Canadian income tax instalment of $630 million, mainly related to earnings and proceeds from the disposition of the steelmaking coal business. These positive factors were partially offset by higher cash outflows related to working capital movements compared to the prior year.

Changes in working capital resulted in a use of cash of $834 million in Q1 2026, compared with a use of

$607 million in the same period last year, both periods reflecting the payment of the Red Dog NANA royalty due in the first quarter. The higher cash outflow in the current period also related to an increase in trade and settlement receivables of approximately $212 million, primarily due to higher commodity prices and higher sales late in the first quarter. As is typical, the first quarter includes a seasonal working capital outflow associated with the settlement of fourth-quarter and annual payments.

Investing Activities

Capital expenditures on property, plant and equipment were $593 million in Q1 2026, compared with $332 million in the same period last year, reflecting continued investment in sustaining operations and near-term copper growth. Sustaining capital expenditures were $311 million, up from $206 million in the same period last year. The largest components were at QB for $232 million, primarily for the TMF development and truck shop construction. Growth capital expenditures increased to $279 million, primarily consisting of $188 million related to the HVC MLE project and $49 million at Zafranal for project work, outlined above.

Capitalized stripping costs increased to $87 million in the first quarter compared with $61 million in the same period last year, reflecting stripping activities related to HVC MLE.

The table below summarizes our year-to-date capital spending for 2026.

Note:

Financing Activities

Cash flow from financing activities in Q1 2026 included $52 million of interest paid, consistent with the same period last year, and $61 million paid in base quarterly dividends. Compared to the same period last year, no share repurchases were executed in Q1 2026, as the normal course issuer bid was not renewed following the announcement of the Merger. In Q1 2025, financing activities included open-market repurchases of US$15 million of public notes, $380 million of share buybacks and dividend payments of $63 million.

FINANCIAL RISK MANAGEMENT

Foreign exchange exposure

Sales of our products are denominated in U.S. dollars while a large portion of our expenses and capital expenditures are incurred in local currencies, particularly the Canadian dollar and the Chilean peso.

Foreign exchange fluctuations can have a significant effect on our operating margins, unless such fluctuations are offset by related changes to commodity prices.

U.S. dollar debt and hedging

Our U.S. dollar denominated debt is subject to revaluation based on changes in the Canadian/U.S. dollar exchange rate. As at March 31, 2026, approximately $700 million of our U.S. dollar denominated debt is designated as a hedge against our foreign operations that have a U.S. dollar functional currency. As a result, any foreign exchange gains or losses arising on that amount of our U.S. dollar debt are recorded in other comprehensive income, with the remainder being charged to profit.

Commodity price volatility and macroeconomic uncertainty

Commodity markets are volatile. Prices can change rapidly and customers can alter shipment plans. This can have a substantial effect on our business and financial results. Continued uncertainty in global markets arising from the macroeconomic outlook and government policy changes, including the imposition of tariffs and the potential for trade disputes, may have a significant positive or negative effect on the prices of the various products we produce, which could affect our business and financial results.

Longer-term commodity outlook and risks

We remain confident in the longer-term outlook for our major commodities; however, ongoing uncertainty related to global economic growth, current geopolitical uncertainty, and the potential impact of monetary policy aimed at curtailing inflation in various jurisdictions, may have an impact on demand and prices for our commodities, on our suppliers and employees, and on global financial markets in the future, which could be material.

Tariffs and trade measures

We continue to closely monitor the situation with regard to imposition of import tariffs by the United States, and reciprocal measures put in place by other countries. We sell refined zinc and lead, and specialty metals such as germanium, indium, and sulphur products from Canada into the United States from our Trail Operations in B.C. These products are compliant with CUSMA.

Middle East conflict impacts and cost exposure

The current conflict in the Middle East brings some near-term cost and supply chain exposure for Teck, primarily through fuel price volatility, inflation of petrochemical derived inputs and second order inflationary impacts. We currently do not see significant risk of fuel supply disruption, though there could be an amplified impact on costs at our Chilean operations due to the requirement for diesel imports. We anticipate higher freight costs through Q2 2026, plus a flow-through increase in explosives costs, and we continue to actively monitor the situation for changes that could further disrupt markets, such as product export bans from key supply countries. The sensitivity of our EBITDA and cash flows to changes in WTI prices is outlined in our commodity price sensitivity table on page 25.

Through Q1 2026, industrial activity remained relatively robust across China, the US and Europe, supported by easing monetary and fiscal conditions and continued AI-related capex investment. However, prolonged oil supply disruption would be expected to materially tighten supply chains, with second-order effects amplifying into a broader systemic shock. Financial markets are beginning to price in these dynamics, with weaker growth expectations alongside higher inflation potentially creating a stagflationary impulse, compounded by tightening financial conditions to contain renewed inflation.

Beyond the initial market response, supply chain stress and potential government interventions could drive a rebound in copper and zinc demand through both corporate and strategic stockpiling. Over the longer term, sustained geopolitical risk is likely to increase inventory buffers and embed a higher risk premium, while reinforcing structurally positive drivers for copper through accelerated electrification, grid investment and energy security policies.

Commodity Prices and Sensitivities

Commodity prices are a key driver of our profit and cash flows. On the supply side, the depleting nature of ore reserves, difficulties in finding new orebodies, the permitting processes and the availability of skilled resources to develop projects, as well as infrastructure constraints, political risk and significant cost inflation, may continue to have a moderating effect on the growth in future production for the industry as a whole.

The sensitivity of our annualized profit attributable to shareholders and adjusted EBITDA5 to changes in the Canadian/U.S. dollar exchange rate, commodity prices and WTI oil price, before pricing adjustments, based on our current balance sheet, our 2026 mid-range production estimates, current commodity prices and a Canadian/U.S. dollar exchange rate of $1.40, is as follows. Our U.S. dollar exchange sensitivity excludes foreign exchange gain/losses on our U.S. dollar cash and debt balances, and these amounts are excluded from our profit (loss) attributable to shareholders and adjusted EBITDA5 calculations in the table below.

Notes:

FINANCIAL INSTRUMENTS AND DERIVATIVES

We hold a number of financial instruments and derivatives that are recorded on our balance sheet at fair value, with gains and losses in each period included in other comprehensive income and profit for the period, as appropriate. The most significant of these instruments are marketable securities and metal-related forward contracts, including those embedded in our silver and gold streaming agreements and settlement receivables and payables. Some of our gains and losses on metal-related financial instruments are taken into account in determining royalties and other expenses. All are subject to varying rates of taxation depending on their nature and jurisdiction.

GUIDANCE

Production Guidance

The table below shows our share of production of our principal products for 2025, our guidance for production for 2026 and for the following two years.

Notes:

Sales Guidance

The table below shows our sales volumes for the last quarter and our sales guidance for the next quarter for zinc in concentrate sales at Red Dog.

Note:

Unit Cost Guidance

The table below shows our unit costs for selected products for 2025 and our unit cost guidance for selected principal products in 2026.

Notes:

Capital Expenditure Guidance

The table below shows our capital expenditures for 2025 and our capital expenditure guidance for 2026.

Notes:

Capital Expenditure Guidance – Capitalized Stripping

QUARTERLY PROFIT (LOSS) AND CASH FLOW

AREAS OF JUDGMENT AND CRITICAL ACCOUNTING ESTIMATES

In preparing our consolidated financial statements, we make judgments in applying our accounting policies. The judgments that have the most significant effect on the amounts recognized in our financial statements include the assessment of impairment indicators, the determination of the available for use date for property, plant and equipment, accounting for joint arrangements, streaming transactions and the accounting for income taxes. In addition, we make assumptions about the future in deriving estimates used in preparing our consolidated financial statements. Sources of estimation uncertainty include estimates used to determine the recoverable amounts of long-lived assets, recoverable reserves and resources, the provision for income taxes and the related deferred tax assets and liabilities, and the valuation of other assets and liabilities including decommissioning and restoration provisions. These areas of judgment and critical accounting estimates are consistent with those reported in our 2025 annual consolidated financial statements and Management's Discussion and Analysis.

ADOPTION OF NEW ACCOUNTING STANDARDS AND ACCOUNTING DEVELOPMENTS

Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity

In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7. These amendments aimed to ensure that nature-dependent electricity contracts, where contractual features can expose a company to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions, are appropriately reflected in the financial statements. The amendments include clarifying the application of the “own use” requirements to these contracts in assessing whether derivative accounting is required, permitting hedge accounting if these contracts are used as hedging instruments and requiring new disclosures that discuss the effect of these contracts on a company’s financial performance and cash flows.

The amendments are effective for annual periods beginning on or after January 1, 2026 and adoption of these amendments did not have an effect on our condensed interim consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7. These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The amendments are effective for periods beginning on or after January 1, 2026 and adoption of these amendments did not have a material effect on our condensed interim consolidated financial statements. For financial liabilities settled in cash using an electronic payment system, we applied the election to deem these financial liabilities to be discharged before the settlement date. The amendments have been applied retrospectively with no restatement of comparative information, in accordance with transition requirements on initial application of IFRS 9. The adjustment to the cash balance is reflected as an $8 million increase to the opening balance of cash and cash equivalents in the consolidated statement of cash flows.

IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18), which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three main categories of operating, investing and financing, and by specifying certain defined totals and subtotals. An entity may use certain subtotals of income and expenses in public communications outside the financial statements to communicate management’s view of an aspect of the financial performance of the entity as a whole to users, and these subtotals are not specifically required by IFRS Accounting Standards. IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures (MPMs). IFRS 18 also provides additional guidance on principles of aggregation and disaggregation that apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income (loss) and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted.

We are continuing to assess and quantify the effect of this standard on our condensed interim consolidated financial statements. The standard is expected to result in changes to the presentation of our consolidated statements of income, by requiring all income and expenses to be classified into the three main categories of operating, investing and financing. Specifically, we anticipate changes to the presentation of certain income and expense items, for example, that foreign exchange gains and losses will be classified in the same category as the items that gave rise to the exchange difference, rather than being combined into one line. The cash flow statement will begin with the new IFRS 18-specified subtotal of operating profit. We will also have enhanced note disclosures on any identified MPMs, such as adjusted EBITDA. We expect to apply IFRS 18 on its effective date with full retrospective application, including restated comparative information.

OUTSTANDING SHARE DATA

As at April 22, 2026, there were 482.0 million Class B subordinate voting shares and 7.6 million Class A common shares outstanding. In addition, there were approximately 4.4 million share options outstanding with exercise prices ranging between $12.27 and $80.11 per share. More information on these instruments and the terms of their conversion is set out in Note 27 of our 2025 audited consolidated financial statements.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

There have been no significant changes in our internal controls during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

REVENUE AND GROSS PROFIT

Our revenue and gross profit by reportable segments are summarized in the tables below.

COST OF SALES SUMMARY

Our cost of sales information by reportable segments is summarized in the tables below.

COST OF SALES SUMMARY, continued

CAPITALIZED STRIPPING COSTS

PRODUCTION AND SALES STATISTICS

Production statistics for each of our operations are presented in the tables below. Operating results are on a 100% basis.

PRODUCTION AND SALES STATISTICS, continued

PRODUCTION AND SALES STATISTICS, continued

USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS

Our annual financial statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB). Our interim financial results are prepared in accordance with IAS 34, Interim Financial Reporting (IAS 34). This document refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards or by Generally Accepted Accounting Principles (GAAP) in the United States.

The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS Accounting Standards, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards.

Adjusted profit attributable to shareholders – For adjusted profit attributable to shareholders, we adjust profit attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities.

EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.

Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit attributable to shareholders as described above.

Adjusted profit attributable to shareholders, EBITDA and Adjusted EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends.

Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our reportable segments or overall operations.

Gross profit margins before depreciation and amortization – Gross profit margins before depreciation and amortization are gross profit before depreciation and amortization, divided by revenue for each respective reportable segment. We believe this measure assists us and readers to compare margins on a percentage basis among our reportable segments.

Total cash unit costs – Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described below, plus the smelter and refining charges added back in determining adjusted revenue. This presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis.

Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations.

Adjusted cash cost of sales – Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts.

Cash margins for by-products – Cash margins for by-products is revenue from by- and co-products, less any associated cost of sales of the by- and co-products. In addition, for our copper operations, by-product cost of sales also includes cost recoveries associated with our streaming transactions.

Adjusted revenue – Adjusted revenue for our copper and zinc operations excludes the revenue from co-products and by-products, but adds back the processing and refining charges to arrive at the value of the underlying payable pounds of copper and zinc. Readers may compare this on a per unit basis with the price of copper and zinc on the LME.

The debt-related measures outlined below are disclosed as we believe they provide readers with information that allows them to assess our credit capacity and the ability to meet our short- and long-term financial obligations.

Total debt – Total debt is the sum of debt plus lease liabilities, including the current portions of debt and lease liabilities.

Net debt (cash) – Net debt (cash) is total debt, less cash and cash equivalents. Net cash is the amount by which our cash balance exceeds our total debt balance.

Net debt to net debt-plus-equity ratio – Net debt to net debt-plus-equity ratio is net debt divided by the sum of net debt plus total equity, expressed as a percentage.

Net debt to adjusted EBITDA ratio – Net debt to adjusted EBITDA ratio is net debt divided by adjusted EBITDA for the 12 months ended at the reporting period, expressed as the number of times adjusted EBITDA needs to be earned to repay the net debt.

Adjusted net debt to capitalization ratio – Adjusted net debt to capitalization ratio is net debt plus other financial obligations divided by the sum of total debt, equity attributable to shareholders of the company and other financial obligations.

Adjusted basic earnings per share – Adjusted basic earnings per share is adjusted profit attributable to shareholders divided by average number of shares outstanding in the period.

Adjusted diluted earnings per share – Adjusted diluted earnings per share is adjusted profit attributable to shareholders divided by average number of fully diluted shares in a period.

Total cash unit costs per pound –Total cash unit costs per pound is a non-GAAP ratio comprised of adjusted cash cost of sales divided by payable pounds sold plus smelter processing charges divided by payable pounds sold.

Net cash unit costs per pound – Net cash unit costs per pound is a non-GAAP ratio comprised of (adjusted cash cost of sales plus smelter processing charges less cash margin for by-products) divided by payable pounds sold. There is no similar financial measure in our consolidated financial statements with which to compare. Adjusted cash cost of sales is a non-GAAP financial measure.

Cash margins for by-products per pound – Cash margins for by-products per pound is a non-GAAP ratio comprised of cash margins for by-products divided by payable pounds sold.

Profit Attributable to Shareholders and Adjusted Profit Attributable to Shareholders

Reconciliation of Basic Earnings per share to Adjusted Basic Earnings per share

Reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share

Reconciliation of Net Debt to Adjusted EBITDA Ratio

Reconciliation of Total Debt to Net Debt (Cash)

Reconciliation of EBITDA and Adjusted EBITDA

Reconciliation of Gross Profit Before Depreciation and Amortization

Reconciliation of Gross Profit Margins Before Depreciation and Amortization

Copper Unit Cost Reconciliation