Teck Resources Conference Call Summary Company Overview - **Company**: Teck Resources (NYSE: TECK) - **Industry**: Mining, specifically focused on copper and zinc operations Key Highlights 1. **Merger with Anglo American**: Teck is progressing towards a merger with Anglo American, which is expected to position the combined entity as a top five global copper producer with over 1.2 million tons of annual copper production supported by six world-class copper assets [3][4] 2. **Regulatory Approvals**: The merger has received completion and antitrust approvals from multiple jurisdictions including Canada, Chile, Australia, Japan, the EU, and the US, with only two approvals remaining [4] 3. **Operational Review**: A comprehensive operational review was completed, leading to a strong operational performance in 2025 and reaffirmation of annual production guidance for 2026 to 2028 [4][11] 4. **Financial Performance**: In 2025, Teck reported a 48% increase in Adjusted EBITDA to $4.3 billion, driven by higher copper prices and increased by-product revenue, resulting in an adjusted EBITDA margin of approximately 50% in Q4 [5][6] 5. **Shareholder Returns**: Teck returned $1.3 billion to shareholders through share buybacks and dividends in 2025, maintaining a robust balance sheet and returning to a net cash position by year-end [6] Operational Insights 1. **Quebrada Blanca (QB) Performance**: QB's quarterly copper production reached 55,000 tons, with significant progress on the TMF development work, expected to enable steady state operations by the end of 2026 [5][9] 2. **Production Guidance**: Teck reaffirmed its annual production guidance for 2026 to 2028, with expectations of further growth in copper production and significant operating cash flows [11][12] 3. **Copper Price Outlook**: The copper price reached record highs in Q4 2025, with a quarterly average exceeding $5 per pound, and a consensus price increase of 35% from $4 to $5.35 per pound for 2026 [13][14] Market Dynamics 1. **Demand Drivers**: The demand for copper is expected to outpace economic growth, driven by urbanization, electrification, and the expansion of the electrical grid, with a near double-digit CAGR anticipated through the end of the decade [16] 2. **Supply Constraints**: Existing mine production is expected to decline starting in 2027, with limited growth options beyond 2029, creating a compelling long-term outlook for copper [17][18] 3. **Investment Opportunities**: Teck plans to unlock additional copper production through optimization projects, including a potential increase of 175,000 tons per annum from processing higher-grade ore from Quellaveco [27] Strategic Focus 1. **Critical Minerals Strategy**: Teck has refocused its portfolio on critical minerals, exiting its energy and steelmaking coal businesses, and completing the QB2 project, which is expected to generate substantial cash flow for decades [18][19] 2. **Value Creation from Merger**: The merger with Anglo American is expected to deliver $800 million in annual corporate synergies and $1.4 billion in annual underlying EBITDA uplift from combined operations [20][21] 3. **Future Growth**: Teck aims to balance capital investment in growth projects with shareholder returns, focusing on high-return opportunities within the combined portfolio post-merger [29] Additional Considerations 1. **Chinese Regulatory Review**: The merger is undergoing a normal regulatory review process in China, with no anticipated changes to the expected timeline of 12-18 months for completion [32] 2. **Operational Stability**: The company is focused on maintaining operational stability and executing its plans effectively, with significant improvements noted in the TMF development work [24][25]

Wanblad reiterated expectations for completion about 12–18 months from the announcement, putting the estimated closing window between September 2026 and March 2027. He also said a $4.5 billion special dividend is expected to be payable to Anglo American shareholders of record around completion. When asked about U.S. approvals, Wanblad said all required approvals applied for have been received, with only South Korea and China outstanding.Anglo American also described progress toward its proposed merger with ...

Core Viewpoint - Core Critical Metals intends to acquire an 80% stake in the Lucky Mike silver-copper-tungsten property, pending approval from the TSX Venture Exchange [1] Group 1: Property Details - The Lucky Mike property consists of 37 claims over approximately 7,675 hectares located between Kamloops and Merritt in British Columbia [1] - The site is strategically positioned in BC's copper porphyry and gold mining region, adjacent to Teck's Highland Valley Copper Mine, which has extended its operational life to 2046 following a significant investment of $2.1 billion (C$2.87 billion) [2] - The property has a historical resource estimate of 73.5 million tonnes with a copper equivalent grade of 0.27%, translating to around 402 million pounds of contained copper [2] Group 2: Historical Exploration and Infrastructure - In 1943, the Strategic Metals Committee drilled 14 diamond drill-holes along a 100m strike length, with eight holes showing a weighted average of 0.312% tungsten trioxide across an average width of 25ft [3] - The property is fully permitted and ready for drilling, with new high-priority targets identified through AI analysis [3] - The site benefits from excellent infrastructure access, being close to logging roads, power sources, and local labor in the Nicola Mining District [4] Group 3: Joint Venture and Financial Terms - Under the option agreement, Core Critical Metals may earn its 80% interest by fulfilling specific payments and expenditures [4] - The property is currently subject to a 2% net smelter return royalty [4] - Core Critical Metals will fully fund all expenditures approved in the annual work program until a feasibility study is delivered, during which First Atlantic Nickel's participation will not be subject to dilution [5]

Teck Resources (NYSE:TECK) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsCrystal Prystai - CFOEmma Chapman - VP of Investor RelationsJonathan Price - CEOKarla Mills - SVP, Project DevelopmentLiam Fitzpatrick - Director of Equity ResearchMyles Allsop - Managing Director and Head of European Mining ResearchNone - Company RepresentativeOperatorLadies and gentlemen, thank you for standing by. Welcome to Teck's Fourth Quarter 2025 Earnings Release Conference Call. At this time, all part ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EBITDA increased by 81% to $1.5 billion, driven by significantly higher copper prices and increased byproduct revenue, resulting in an adjusted EBITDA margin of approximately 50% [5][15][16] - For the full year 2025, adjusted EBITDA improved by 48% to $4.3 billion, supported by robust cash flow from operations and a return to a net cash position [6][15][16] Business Line Data and Key Metrics Changes - Copper production in Q4 was the strongest of the year at 55,000 tons, reflecting a 16,000-ton increase from Q3 2025, with gross profit before depreciation and amortization in copper improving by 47% to $1.1 billion [4][18] - Zinc segment gross profit before depreciation and amortization was $305 million, 5% lower than the same period last year, primarily due to a decrease in Red Dog zinc sales [22] Market Data and Key Metrics Changes - Copper prices reached record highs in Q4 2025, with the highest sequential quarterly price gain since early 2021, averaging over $5 per pound [33] - The long-term outlook for copper remains strong, driven by global electrification and increased demand for clean energy solutions [33][34] Company Strategy and Development Direction - The company is focused on becoming a global leader in critical minerals, highlighted by the announced merger with Anglo American, which is expected to create a top five global copper producer [3][35] - The Highland Valley Mine Life Extension project is underway, expected to extend the mine's life to 2046, producing an average of 132,000 tons of copper per annum [7][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational performance and reaffirmed annual production guidance for 2026 to 2028, despite some expected periodic downtime due to TMF development work [10][13] - The company anticipates strong cash flow generation, particularly if current copper prices are sustained, with potential EBITDA of $6.2 billion at an average copper price of $5.50 per pound [28] Other Important Information - The company achieved 100% renewable power in Chile as of October 1, 2025, and was recognized as one of Canada's top 100 employers for the ninth consecutive year [8] - The company maintained a strong balance sheet with $9.3 billion in liquidity, including $5.2 billion in cash, and returned $1.3 billion to shareholders through buybacks and dividends [27] Q&A Session Summary Question: Update on QB TMF timing and profile - Management confirmed that progress on the QB action plan is on track, with significant improvements in sand deposition rates and completion of the fourth rock bench, with the fifth bench already started [42][44] Question: Deferred stripping CapEx normalization timeline - Management indicated that elevated deferred stripping levels are expected to continue for a few years, normalizing around 2028 [46] Question: Discussions on Collahuasi and Zafranal projects - Management confirmed ongoing discussions regarding maximizing value from Collahuasi and stated that the feasibility study for Zafranal is progressing well, with a decision on construction expected after completion [49][50]

Teck Resources (NYSE:TECK) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Speaker6Ladies and gentlemen, thank you for standing by. Welcome to Teck's Fourth Quarter 2025 Earnings Release Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. To join the question queue, press star, then one on your touchtone phone. Should anyone need assistance during the conference call, you may signal an operator by pressing star, then zero on your ...

FOURTH QUARTER 2025 CONFERENCE CALL Our Guidance tables include disclosure and footnotes with further assumptions relating to our guidance, and assumptions for certain other forward-looking statements accompany those statements within the presentation. Factors that may cause actual results to vary materially include, but are not limited to: changes in commodity and power prices; changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of ...

Core Insights - Teck Resources Ltd reported quarterly earnings of $0.98 per share, exceeding the Zacks Consensus Estimate of $0.59 per share, and showing a significant increase from $0.33 per share a year ago, resulting in an earnings surprise of +67.38% [1] - The company achieved revenues of $2.19 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 8.63% and up from $1.99 billion year-over-year [2] - Teck Resources has outperformed the S&P 500, gaining approximately 24% since the beginning of the year compared to the S&P 500's gain of 0.5% [3] Earnings Outlook - The future performance of Teck Resources' stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4][6] - The current consensus EPS estimate for the next quarter is $0.49 on revenues of $2 billion, while for the current fiscal year, the estimate is $2.12 on revenues of $8.27 billion [7] Industry Context - The Mining - Miscellaneous industry, to which Teck Resources belongs, is currently ranked in the top 22% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5]

Teck Resources Limited (NYSE:TECK) reported earnings per share of $1, exceeding expectations.The company's financial health is robust, with a current ratio of 2.78 and a debt-to-equity ratio of 0.15.Teck's strategic merger with Anglo American aims to create a global critical minerals champion, indicating potential for future growth.Teck Resources Limited (NYSE:TECK) is a leading Canadian resource company known for its significant copper and zinc operations across North and South America. The company is comm ...

Core Insights - Teck Resources Limited reported strong Q4 2025 financial performance, driven by higher copper prices and operational efficiency [2][5] - The company is advancing its merger with Anglo American, with significant shareholder support and regulatory approval [2][6] Financial Performance - Q4 2025 revenue reached CAD 3,058 million, up from CAD 2,786 million in Q4 2024, representing a 9.8% increase [5] - Gross profit for Q4 2025 was CAD 990 million, compared to CAD 542 million in Q4 2024, marking an 82.8% increase [5] - Adjusted EBITDA for Q4 2025 was CAD 1,513 million, a significant increase of CAD 678 million from CAD 835 million in Q4 2024 [6][5] - Profit from continuing operations attributable to shareholders was CAD 544 million, or CAD 1.11 per share, compared to CAD 385 million, or CAD 0.75 per share in Q4 2024 [5][7] Merger and Strategic Developments - The proposed merger with Anglo American is expected to create a top-five global copper company, with annual pre-tax synergies estimated at approximately USD 800 million [6][10] - Shareholders voted overwhelmingly in favor of the merger on December 9, 2025, and received approval from the Government of Canada on December 15, 2025 [6][10] Operational Highlights - At Quebrada Blanca (QB), copper production in Q4 2025 was 55,400 tonnes, an increase of 15,800 tonnes from Q3 2025, marking the strongest quarterly performance of the year [10] - The copper segment generated gross profit before depreciation and amortization of CAD 1.1 billion in Q4 2025, driven by higher copper prices averaging USD 5.03 per pound [6][5] - The zinc segment reported gross profit before depreciation and amortization of CAD 305 million in Q4 2025, slightly down from CAD 320 million in the same period last year [6][5] Safety and Sustainability - The annual High-Potential Incident (HPI) frequency rate improved to 0.06, which is 50% lower than the previous year [6][15] - Teck was recognized as one of Canada's Top 100 Employers for the ninth consecutive year, highlighting its commitment to exceptional human resource programs [15]