Teck Reports Unaudited Second Quarter Results for 2025

Core Viewpoint - Teck Resources Limited has achieved significant growth in copper production and continues to return cash to shareholders through share buybacks, while focusing on disciplined, value-accretive growth strategies [2][5]. Financial Summary - Revenue for Q2 2025 was CAD$2,023 million, up from CAD$1,802 million in Q2 2024, representing an increase of 12.3% [4]. - Gross profit for Q2 2025 was CAD$471 million, compared to CAD$418 million in Q2 2024, reflecting a 12.7% increase [4]. - Adjusted EBITDA for Q2 2025 was CAD$722 million, slightly higher than CAD$703 million in the same period last year [5]. - Profit from continuing operations attributable to shareholders was CAD$206 million in Q2 2025, significantly up from CAD$21 million in Q2 2024 [5]. Copper Production and Business Updates - Copper production in Q2 2025 was 109,100 tonnes, with 52,700 tonnes coming from the Quebrada Blanca (QB) operation, remaining stable compared to the previous year [5]. - The Highland Valley Copper Mine Life Extension project has received Board sanction and regulatory approval, extending the mine's life from 2028 to 2046 with an average production of 132,000 tonnes of copper per year [5][10]. - The company has revised its 2025 annual copper production guidance to 470,000 to 525,000 tonnes from a previous estimate of 490,000 to 565,000 tonnes [15]. Shareholder Returns - Teck returned approximately CAD$1.0 billion to shareholders through share buybacks from January 1 to July 23, 2025, including CAD$487 million in Q2 2025 [5]. - The company has completed CAD$2.2 billion of its CAD$3.25 billion authorized share buyback program [5]. Cost and Guidance Updates - The net cash unit costs for copper have been revised to US$1.90–$2.05 per pound from US$1.65–$1.95 per pound due to lower production and increased costs [15]. - The 2025 annual growth capital expenditure guidance has been updated to CAD$1,040–$1,170 million, reflecting the impact of the Highland Valley Copper Mine Life Extension project [15]. Safety and Sustainability - Teck reported a low High-Potential Incident Frequency rate of 0.09 for the six months ended June 30, 2025, below the 2024 annual rate of 0.12 [16]. - The company was recognized as one of the Best 50 Corporate Citizens in Canada for the 19th consecutive year [16].