Investment Rating - Industry rating: Recommended [4] Core Insights - In 2025, copper production reached 453.5 thousand tons, a year-on-year increase of 1.7%, aligning with previously disclosed guidance, driven by strong operational performance across all assets in Q4 [1] - The Quebrada Blanca mine had a notable Q4 performance with copper production of 55,400 tons, while Q4 copper sales were lower than production due to weather and sea conditions causing temporary inventory buildup [1] - Zinc production in 2025 was 565.0 thousand tons, with a Q4 refined zinc production of 68.1 thousand tons, reflecting a year-on-year increase of 9.8% [2][7] - The 2026 production guidance for all Teck-operated mines remains unchanged, with adjustments made to the Antamina mine's zinc production guidance [3] Summary by Sections Production and Operations - Q4 2025 copper production was 134.1 thousand tons, a year-on-year increase of 9.9% and a quarter-on-quarter increase of 28.9% [1][7] - Q4 2025 zinc production was 108.6 thousand tons, with a year-on-year decrease of 25.6% and a quarter-on-quarter decrease of 11.0% [2][7] 2026 Guidance - The 2026 guidance for Antamina's zinc production was revised down from 55,000-65,000 tons to 35,000-45,000 tons, reflecting updates to the mine plan [3] - The copper production guidance for Antamina remains unchanged at 95,000-105,000 tons for 2026 [3]