Core Viewpoint - Teck Resources Limited is proposing a merger with Anglo American plc, which is expected to create a leading global critical minerals company, Anglo Teck, enhancing shareholder value and growth potential [3][4][9]. Merger Details - The special meeting of shareholders is scheduled for December 9, 2025, to approve the merger [1][10]. - Teck's Board of Directors unanimously recommends that shareholders vote "FOR" the merger, believing it to be in the best interests of the company and its stakeholders [2][9]. - The merger is anticipated to close within 12-18 months, subject to necessary approvals [6]. Shareholder Benefits - Teck shareholders will own approximately 37.6% of the combined company on a fully diluted basis, allowing them to benefit from future value creation [5]. - The merger is expected to generate approximately US$800 million in pre-tax recurring annual synergies and US$1.4 billion in underlying annual EBITDA synergies from adjacent operations [12]. Growth and Portfolio - The combined entity, Anglo Teck, will be a top five global copper producer with a world-class portfolio, including six major copper assets and one of the largest zinc mines [5][12]. - The merger will enhance growth prospects through asset optimization and capital-efficient adjacencies, with significant long-term optionality [5]. Support and Approval - The merger has the backing of key stakeholders, including Temagami Mining Company Limited and SMM Resources Incorporated, who collectively represent approximately 79.8% of Teck's Class A common shares [7]. - The Supreme Court of British Columbia has granted an interim order to facilitate the meeting and voting process [6].

Transaction Highlights - Merger of equals to create a leading global critical minerals champion[1, 51, 54] - Anglo American will issue 1.3301 new shares for each outstanding Class A and Class B Teck share[21] - Anglo American shareholders will receive a special dividend of US$4.5 billion, or US$4.19 per share, ahead of closing[21] - Post-dividend ownership: Anglo American shareholders will own approximately 62.4%, and Teck shareholders will own approximately 37.6%[21] Synergies and Growth - The merger is expected to generate $800 million in pre-tax recurring annual synergies[20, 45, 52] - Potential $1.4 billion annual EBITDA uplift from approximately 175kt potential at the adjacent Collahuasi & Quebrada Blanca (100% basis)[20, 38, 52] - Copper portfolio expected to deliver approximately 10% capital-efficient production growth through 2027[28] Asset Portfolio - Expected 2027 production mix: 72% copper, 22% premium iron ore, and 6% zinc[20, 23, 52]