EXHIBIT 99.1

News Release

Teck Reports Unaudited Second Quarter Results for 2025

Advancing copper growth while returning cash to shareholders

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited second quarter results for 2025.

"This quarter marked a significant milestone in the growth of Teck's copper production into the future, with regulatory approval and Board sanction for construction of the Highland Valley Copper Mine Life Extension project," said Jonathan Price, President and CEO. "We remain focused on delivering disciplined, value-accretive growth while continuing to return cash to shareholders through our ongoing share buyback."

Highlights

Note:

Financial Summary Q2 2025

Note:

Key Updates

QB Ramp-Up

Value-Driven Growth

Note:

Safety and Sustainability Leadership

Guidance

Note:

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

Click here to view Teck’s full second quarter results for 2025.

WEBCAST

Teck will host an Investor Conference Call to discuss its Q2/2025 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on July 24, 2025. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at www.teck.com. The webcast will be archived at www.teck.com.

Emma Chapman, Vice President, Investor Relations: +44 207.509.6576

Dale Steeves, Director, External Communications: +1 236.987.7405

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 from continuing operations attributable to shareholders – For adjusted profit from continuing operations attributable to shareholders, we adjust profit from continuing operations 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 from continuing operations attributable to shareholders as described above.

Adjusted profit from continuing operations 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.

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

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

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.

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.

Profit (Loss) from Continuing Operations Attributable to Shareholders and Adjusted Profit from Continuing Operations Attributable to Shareholders

Reconciliation of Basic Earnings (Loss) per share from Continuing Operations to Adjusted Basic Earnings per share from Continuing Operations

Reconciliation of Diluted Earnings (Loss) per share from Continuing Operations to Adjusted Diluted Earnings per share from Continuing Operations

Reconciliation of EBITDA and Adjusted EBITDA

Reconciliation of Gross Profit Before Depreciation and Amortization

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “can”, “could”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “predict”, “likely”, “potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release.

These forward-looking statements include, but are not limited to, statements concerning: our focus and strategy, including being a pure-play energy transition metals company; anticipated global and regional supply, demand and market outlook for our commodities; our business, assets, and strategy going forward, including with respect to future and ongoing project development; our ability to execute our copper growth strategy in a value accretive manner; the timing and format of any cash returns to shareholders; our expectations regarding cost, timing and completion of HVC MLE; our expectations regarding cost, timing and completion of TMF development initiatives and installation of remaining permanent tailings infrastructure and water management at our QB operations; the occurrence and length of any potential maintenance downtime at QB; our expectations with respect to improved recoveries at QB and achieve design rates in the mine, concentrator and molybdenum plant; the continued ramp-up to consistent production and future optimization and debottlenecking of our QB operations; the timing of the restart of the shiploader at the QB port facility; our expectations with respect to mitigation of potential production or shipping disruptions or increased costs related to the QB shiploader outage; our expectations with respect to continued availability of alternative port arrangements for QB; our expectations with respect to the successful restart of the Carmen de Andacollo SAG mill and its ability to continue to operate as expected; our expectations with respect to Teck's updated operating strategy and production at Trail; our expectations with respect to the production and sales volume at Red Dog; our expectations with respect to the occurrence, timing and length of required maintenance shutdowns and equipment replacement; expectations regarding inflationary pressures and our ability to manage controllable operating expenditures; the uncertainty surrounding the status of various worldwide tariffs and their impact on the mining industry; expectations with respect to the potential impact of any tariffs, countervailing duties or other trade restrictions, including the impact on trade flows, demand for our products and general economic conditions and our ability to manage our sale arrangements to minimize any impacts or maintain compliance with any exemptions provided; expectations with respect to execution of our copper growth strategy, including the timing and occurrence of any sanction decisions and prioritization and amount of planned growth capital expenditures; expectations regarding advancement of our copper growth portfolio projects, including advancement of study, permitting, execution planning, detailed engineering and design, risk mitigation, and advanced early works, community and Indigenous engagement, completion of updated cost estimates, tendering processes, and timing for receipt of permits related to QB optimization, QB Asset Expansion and the HVC MLE, San Nicolás, and Zafranal projects, as applicable; expectations with respect to timing and outcome of the regulatory approvals process for our copper growth projects; expectations for copper growth capital expenditures to progress our medium- to long-term projects, including Galore Creek, Schaft Creek, NewRange, and NuevaUnion; expectations regarding our effective tax rate; liquidity and availability of borrowings under our credit facilities; requirements to post and our ability to obtain additional credit for posting security for reclamation at our sites; expectations for our general and administration and research and innovation costs and costs related to the enterprise resource planning system; profit and loss expectations; copper price market trends and expectations; our expectations relating to the ability to continue to buy back shares and declare dividends; all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, capitalized stripping, operating outlook, and other guidance under the headings “Guidance” and "Outlook" and as discussed elsewhere in the various reportable segment sections; our expectations regarding inflationary pressures and increased key input costs; and expectations regarding the adoption of new accounting standards and the impact of new accounting developments.

These statements are based on a number of assumptions, including, but not limited to, assumptions disclosed elsewhere in this document and assumptions regarding general business and economic conditions, interest rates, commodity and power prices; acts of foreign or domestic governments and the outcome of legal proceedings, including expectations with respect to the claims for indemnification from NSC and Glencore in connection with the sale of the steelmaking coal business; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; the continued operation of QB in accordance with our expectations; our ability to advance TMF development initiatives as expected and the occurrence and length of any potential maintenance downtime; expectations with respect to the restart of the shiploader at QB; expectations with respect to availability of alternative port arrangements; expectations and assumptions with respect to HVC MLE capital cost estimate and expected project economics; the possibility that our business may not perform as expected or in a manner consistent with historical performance; the supply and demand for, deliveries of, and the level and volatility of prices of copper and zinc and our other metals and minerals, as well as steel, crude oil, natural gas and other petroleum products; the timing of the receipt of permits and other regulatory and governmental approvals for our development projects and other operations, including mine extensions; positive results from the studies on our expansion and development projects; our ability to secure adequate transportation, including rail and port services, for our products; our costs of production and our production and productivity levels, as well as those of our competitors; continuing availability of water and power resources for our operations; changes in credit market conditions and conditions in financial markets generally; the availability of funding to refinance our borrowings as they become due or to finance our development projects on reasonable terms; availability of letters of credit and other forms of financial assurance acceptable to regulators for reclamation and other bonding requirements; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations, including our new developments and our ability to attract and retain skilled employees; the satisfactory negotiation of collective agreements with unionized employees; the impact of changes in Canadian-U.S. dollar, Canadian dollar-Chilean Peso and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our development and expansion projects; our ability to develop technology and obtain the benefits of technology for our operations and development projects; closure costs; environmental compliance costs; market competition; the accuracy of our mineral reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and statutory and effective tax rates; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers; the resolution of environmental and other proceedings or disputes; our ability to obtain, comply with and renew permits, licenses and leases in a timely manner; and our ongoing relations with our employees and with our business and joint venture partners.

Statements regarding the availability of our credit facilities are based on assumptions that we will be able to satisfy the conditions for borrowing at the time of a borrowing request and that the facilities are not otherwise terminated or accelerated due to an event of default. Assumptions regarding the costs and benefits of our projects include assumptions that the relevant project is constructed, commissioned and operated in accordance with current expectations. Expectations regarding our operations are based on numerous assumptions regarding the operations. 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 document. Statements concerning future production costs or volumes are based on numerous assumptions regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

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 legal proceedings, including indemnification claims; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of labour, materials and equipment); government action or delays in the receipt of government approvals; changes in royalty or tax rates; industrial disturbances or other job action; adverse weather conditions; unanticipated events related to health, safety and environmental matters; union labour disputes; political risk; social unrest; failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations; changes in our credit ratings; unanticipated increases in costs to construct our development projects; difficulty in obtaining permits; inability to address concerns regarding permits or environmental impact assessments; changes in laws and mining regulations; and changes or further deterioration in general economic conditions. The amount and timing of capital expenditures is depending upon, among other matters, being able to secure permits, equipment, supplies, materials and labour on a timely basis and at expected costs. Certain operations and projects are not controlled by us; schedules and costs may be adjusted by our partners, and timing of spending and operation of the operation or project is not in our control. Certain of our other operations and projects are operated through joint arrangements where we may not have control over all decisions, which may cause outcomes to differ from current expectations. Ongoing monitoring may reveal unexpected environmental conditions at our operations and projects that could require additional remedial measures. Production at our QB and Red Dog Operations may also be impacted by water levels at site. Sales to China may be impacted by general and specific port restrictions, Chinese regulation and policies, and normal production and operating risks.

We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2024 filed under our profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.

Scientific and technical information in this quarterly report regarding our material properties was reviewed, approved and verified by Rodrigo Marinho, P.Geo., a contractor of Teck and a Qualified Person as defined under National Instrument 43-101.

EXHIBIT 99.2

News Release

Teck Reports Unaudited Second Quarter Results for 2025

Advancing copper growth while returning cash to shareholders

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited second quarter results for 2025.

"This quarter marked a significant milestone in the growth of Teck's copper production into the future, with regulatory approval and Board sanction for construction of the Highland Valley Copper Mine Life Extension project," said Jonathan Price, President and CEO. "We remain focused on delivering disciplined, value-accretive growth while continuing to return cash to shareholders through our ongoing share buyback."

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 Q2 2025

Note:

Key Updates

QB Ramp-Up

Value-Driven Growth

Note:

Safety and Sustainability Leadership

Guidance

Note:

Management's Discussion and Analysis

This management's discussion and analysis (MD&A) is dated as at July 23, 2025 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 and six months ended June 30, 2025 and with the audited consolidated financial statements of Teck and the notes thereto for the year ended December 31, 2024. 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, 2024, 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 (Loss) from Continuing Operations Attributable to Shareholders and Adjusted Profit from Continuing Operations Attributable to Shareholders

In the second quarter, our profit from continuing operations attributable to shareholders was $206 million, or $0.42 per share, compared to $21 million, or $0.04 per share, in the same period last year. The increase compared with a year ago is primarily due to improved profitability from our Trail Operations, lower corporate overhead costs, and reduced finance expense, partly offset by lower copper and zinc prices and higher operating costs at QB and Highland Valley Copper. In addition, our profit in the second quarter benefited from reduced smelter processing charges for our copper and zinc concentrates, and increased revenues from the various by-products we produce including molybdenum, silver and germanium.

Adjusted profit from continuing operations attributable to shareholders1 in the second quarter, taking into account the items identified in the table below, was $187 million, or $0.38 per share, compared with $65 million, or $0.13 per share, in the second quarter of 2024. The most significant after-tax adjustments to profit in the second quarter of 2025, reflected in the table below, are $25 million relating to foreign exchange losses and $54 million relating to the recognition of previously unrecognized deferred tax benefits.

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 pricing adjustments. Pricing adjustments resulted in $1 million of after-tax gains attributable to shareholders ($3 million, before tax) in the second quarter, or $nil 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 decreased to $328 million in the second quarter compared with $397 million a year ago (see table below) primarily due to lower copper prices, increased operating costs, and increased depreciation of QB assets and capitalized stripping costs at Highland Valley Copper. These items were partly offset by higher co-product and by-product revenues from zinc and molybdenum, and lower smelter processing charges.

Copper production of 109,100 tonnes in the second quarter was similar to a year ago. Lower production from Antamina, as a result of a complete shutdown for approximately one week due to a fatality, as well as processing a lower amount of copper-only ore as expected in the mine plan, was offset by higher production from Highland Valley Copper driven by increased grades and mill throughput. QB produced 52,700 tonnes of copper in the second quarter compared with 51,300 tonnes in the second quarter last year and 42,300 tonnes in the first quarter of 2025. An update on QB ramp-up and operational performance in the second quarter are outlined below.

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

Property, plant and equipment expenditures in the second quarter totalled $287 million, including $172 million for sustaining capital. Sustaining capital expenditures included $118 million at QB primarily associated with ongoing construction of the TMF, as noted below, as well as ongoing construction of the truck shop.

Capitalized stripping costs were $35 million in the second quarter compared with $88 million a year ago.

Markets

In the second quarter, LME copper prices increased 1.9% over the previous quarter to average US$4.32 per pound. However, they declined 2.3% or US$0.10 per pound compared with the second quarter last year. Prices for copper on the US Comex market increased to over US$5.25 per pound as a result of the US Government initiating a Section 232 investigation into the copper market and potentially imposing an import tariff of 50% on copper cathode imports. This tariff on imported metal has created an arbitrage between the LME copper price and the US Comex copper price, which at times has exceeded US$1,800 per tonne.

Global demand for copper remained robust through the second quarter with physical demand exhibiting growth in North America, China, India and Europe. Increased demand in China is being driven by government subsidies to support production of appliances, machinery and new energy vehicles. In Europe, German manufacturing and construction is starting to improve. In the US, demand during the first half of the year has been stronger than expected as many industries reliant on imports of parts and raw materials have front loaded production ahead of any potential tariffs.

The tightness in the copper concentrate market continued unabated through the second quarter, as spot treatment charge terms continued to hit record lows in the quarter. New smelter capacity continued to come online in the second quarter with both new smelters and expansions expected to continue through to 2026. During the second quarter, the market also suffered several setbacks on concentrate mine production that further tightened the market.

Global copper concentrate production globally grew by 3.2% in 2024 to 19.3 million tonnes, while smelter capacity grew 4.4% last year to 22.8 million tonnes. However, expectations for 2025 mine production have declined again this quarter by over 0.2 million tonnes over last quarter and are down 0.6 million tonnes from what had been forecast for 2025 at this time last year, while demand forecasts have only been reduced by 0.1 million tonnes.

Operations

Quebrada Blanca

The following are the key updates relating to operational performance and ramp-up at QB in the second quarter:

Note:

Highland Valley Copper

Copper production of 32,400 tonnes in the second quarter was 7,900 tonnes higher than a year ago primarily due to higher ore grades and increased mill throughput, offset by expected lower recoveries, as we advance mining in the Lornex pit. Copper sales volumes of 30,400 tonnes in the second quarter were 3,300 tonnes higher than a year ago, reflecting the higher production levels.

Copper production in the second quarter increased from the first quarter of 2025 due to improved processing rates and higher grades, offset by lower recoveries, as expected in the mine plan. Quarterly copper production is expected to increase as more Lornex ore is released for the balance of 2025, as previously disclosed, and our 2025 annual production guidance for HVC of 135,000 to 150,000 tonnes is unchanged.

Operating costs in the second quarter of $225 million, before changes in inventory, were $23 million higher than a year ago, driven primarily by higher contractor and maintenance costs.

There were no capitalized stripping costs in the second quarter compared with $42 million in the same period last year, reflecting completion of waste stripping in the Lornex pit.

Antamina

Copper production (100% basis) of 65,000 tonnes in the second quarter was 52,700 tonnes lower than a year ago primarily due to lower grades and recoveries, as expected in the mine plan, and a complete shutdown for approximately one week due to a fatality. The site has since returned to full production in June and annual guidance remains unchanged. The mix of mill feed in the quarter was 23% copper-only ore and 77% copper-zinc ore, compared with 67% copper-only ore and 33% copper-zinc ore a year ago. Zinc production (100% basis) was 142,000 tonnes in the second quarter compared with 55,600 tonnes a year ago due to higher copper-zinc ore processed, as expected in the mine plan.

Operating costs in the second quarter, before changes in inventory, of US$78 million were US$19 million lower than a year ago due lower mill throughput and mine movement resulting from the approximate week long site shutdown.

Carmen de Andacollo

Copper production of 9,400 tonnes in the second quarter increased by 1,300 tonnes, or by 16%, compared to the same period last year, despite a shutdown of the SAG mill in the quarter. The increase was driven by higher grades and recoveries. Mill throughput decreased due to a shutdown of the SAG mill for approximately one month but the effect was offset by increased water availability compared to the same period last year, which was affected by drought conditions. Carmen de Andacollo successfully restarted its SAG mill as scheduled in late June and production has resumed to full rates.

Operating costs in the second quarter of US$56 million, before changes in inventory, were slightly higher than a year ago due to higher contractor costs for scheduled maintenance during the quarter.

Both union contracts at Carmen de Andacollo were ratified in June and July 2025, respectively, each covering a 3 year period.

Cost of Sales

Cost of sales was $1.1 billion in the second quarter compared with $1.0 billion in the same period last year. The increase is primarily due to increased depreciation expense, higher costs due to new labour agreements at QB and Carmen de Andacollo, higher maintenance costs and lower capitalized stripping costs, compared with a year ago. We recorded $345 million of depreciation and amortization expense in the second quarter compared with $297 million in the same period last year. The increase was primarily the result of recognizing a full quarter of depreciation on QB assets that had commenced depreciation in the second quarter of 2024, and higher depreciation of capitalized stripping at Highland Valley Copper.

Excluding QB, total cash unit costs1 in the second quarter were US$2.33 per pound compared to US$2.19 per pound in the second quarter of 2024 primarily due to increased cost of sales, as described above, and slightly lower production, offset by lower smelter processing charges. Including QB, total cash unit costs1 in the second quarter were US$2.49 per pound compared with US$2.43 per pound in the same period last year. The increase is driven by those factors noted above resulting in higher than expected cash unit costs1 for the quarter.

Excluding QB, net cash unit costs1 in the second quarter were US$1.68 per pound, or US$0.14 per pound lower than a year ago primarily the result of significantly higher by-product zinc revenue credits from Antamina and increased molybdenum revenue credits from Highland Valley Copper. Including QB, net cash unit costs1 for the second quarter were US$2.02 per pound, US$0.14 per pound lower than the same period a year ago, as a result of increased by-product credits, including increased molybdenum by-product credits from QB.

The table below presents our copper unit costs including QB.

Note:

Outlook

Our 2025 annual guidance for our copper segment is outlined in our guidance tables on pages 29–33. Our previously disclosed guidance for our copper segment has been updated for changes to our 2025 annual copper and molybdenum production, copper net cash unit costs1, and sustaining capital expenditure as a result of changes to our 2025 annual production and net cash unit cost1 guidance for QB and ongoing work on the TMF.

As outlined above, at QB, throughput increased from the prior quarter and work is ongoing to improve recoveries by year end. However, the potential for additional downtime and production restrictions relating to the ongoing TMF development work and impacts to production from external factors has led to a revised production outlook. As a result, our previously disclosed 2025 annual copper production guidance for QB has been revised to 210,000 to 230,000 tonnes from 230,000 to 270,000 tonnes. Our 2025 annual molybdenum production has also been revised to 1,700 to 2,500 tonnes from 3,000 to 4,500 tonnes, in line with the reduction in expected copper production. Our previously disclosed 2026 annual production guidance for QB remains unchanged and we continue to target design rates by the end of 2025.

As a result of the changes to 2025 annual copper and molybdenum production guidance for QB, our total 2025 annual copper production guidance has been revised to 470,000 to 525,000 tonnes from 490,000 to 565,000 tonnes and our total 2025 annual molybdenum production guidance has been updated to 3,800 to 5,400 tonnes from 5,100 to 7,400 tonnes.

Our previously disclosed 2025 annual net cash unit costs1 guidance for QB has been revised to US$2.25 – $2.45 per pound from US$1.80 - US$2.15 per pound as a result of lower copper and molybdenum production, outlined above, as well as increased cost due to using the alternative shipping arrangements. As a result of changes to our QB unit cost guidance, our 2025 annual copper net cash unit cost1 guidance has been revised to US$1.90–$2.05 per pound from US$1.65–1.95 per pound and our 2025 annual copper total cash unit cost1 guidance has been revised to US$2.30–$2.50 per pound from US$2.05–$2.35 per pound.

Our 2025 annual copper sustaining capital expenditure guidance has increased to $940–$1,010 million from $600–$670 million. We have increased our 2025 annual copper sustaining capital guidance by $340 million to reflect estimated TMF expenditures at QB.

We have updated previously disclosed guidance for capital expenditure and production to reflect the impact of HVC MLE sanction. We have reflected expected capital expenditures for the remainder of 2025 in annual growth capital expenditure and capital stripping guidance. Our 2025 annual copper growth capital expenditure guidance has been revised to $1,040–$1,170 million and copper capitalized stripping expenditures has been revised to $245–$285 million. As a result of the sanctioning of HVC MLE, our 2028 annual total and HVC copper and molybdenum production have increased by 20,000 tonnes and 1,100 tonnes respectively.

Note:

Copper Growth

We are focused on advancing our near-term copper growth projects, which are progressing as planned and highlighted by the sanctioning of HVC MLE on July 23, 2025. We are driving progress by completing feasibility studies, advancing detailed engineering, preparing for the execution of advanced work programs, and moving forward with permit approval—particularly at Zafranal, and San Nicolás. We are also defining the most capital-efficient and value-accretive path for the expansion of QB, including permitting requirements. Additionally, we remain committed to advancing our medium- and long-term portfolio options with targeted investments.

Our capital allocation framework and thorough project sanction requirements enable prudent deployment of capital. All growth projects must meet stringent criteria, delivering attractive risk-adjusted returns and competing for capital in alignment with Teck’s capital allocation framework.

Our previously disclosed 2025 growth capital guidance has been updated to include the now sanctioned HVC MLE project. HVC MLE will continue work on advancing detailed engineering and design and has initiated construction mobilization. The Zafranal project is currently focused on advancing detailed engineering, design, and project execution planning, which are critical steps in meeting our investment requirements for full project sanctioning. Advanced early works were initiated in May 2025 and are progressing according to plan. This will enable construction to start following a project sanction decision.

Our remaining copper growth capital expenditures are deployed to continue to progress our copper growth pipeline of medium- to long-term projects including QB Debottlenecking, QB Asset Expansion, Galore Creek, Schaft Creek, New Range, and NuevaUnion. These investments reflect our commitment to disciplined capital allocation, positioning us to advance these growth initiatives efficiently and in alignment with our long-term copper strategy.

HVC MLE

Zafranal

Minas de San Nicolás

Quebrada Blanca Debottlenecking

ZINC SEGMENT

Performance

Gross profit from our zinc segment increased significantly to $143 million in the second quarter from $21 million a year ago (see table below). The increase was due to higher by-product revenues as well as increased lead and by-product production levels compared to a year ago when production was impacted by a total lead circuit outage for the KIVCET boiler replacement. Gross profit before depreciation and amortization2 at Trail significantly improved in the second quarter to $42 million from a $54 million gross loss before depreciation in the same period a year ago due to the implementation of initiatives to improve profitability and cash flows driving higher by-product production such as silver, germanium and indium.

Zinc production at Red Dog in the second quarter decreased by 2% from a year ago to 136,600 tonnes, while lead production of 27,500 tonnes was similar to a year ago. Zinc sales volumes from Red Dog of 35,100 tonnes in the second quarter were 35% lower than the same period a year ago, due to the timing of sales, but were higher than our previously disclosed guidance range of 25,000 to 35,000 tonnes.

Trail Operations refined zinc production in the second quarter was 50,900 tonnes, 14,000 tonnes lower than a year ago, aligned with our previously disclosed operating plan to maximize profitability in challenging smelter market conditions.

Notes:

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

Property, plant and equipment expenditures in the second quarter totalled $62 million, including $27 million for sustaining capital, of which $7 million relates to our Trail Operations and $20 million relates to our Red Dog Operations. The remainder relates to our Red Dog Mine Life Extension project.

Markets

Zinc prices on the LME in the second quarter averaged US$1.20 per pound, representing a 7.0% decrease from the previous quarter and a 6.8% decrease from the second quarter of 2024.

The refined zinc market in North America remained stable through the second quarter as domestic demand in the United States increased as steel tariffs reduced galvanized steel imports into the country. Overall demand for zinc in North America remained well supported with some customers seeing stronger order books, while others saw slower uptake due to tariffs impacts on their own downstream customers.

Global zinc concentrate production fell in 2024 for the third straight year while smelter production has increased in each of those years. Wood Mackenzie is forecasting an increase in mine production in 2025 of 500,000 tonnes and an increase in smelter capacity in 2025 of over 900,000 tonnes. The lack of currently available raw materials continues to constrain metal production, which fell year-over-year in 2024 and is projected to only grow slightly in 2025.

The zinc concentrate market improved for smelters in the second quarter but remained tight with spot treatment charges remaining well below historical averages. Imports of concentrates into China fell 13% in 2024, but rose 52% in the first five months of 2025. On the metal side, imports of zinc metal into China rose 13% in 2024, but have fallen 19% in the first five months of 2025 as Chinese domestic smelters are able to produce metal from increased imported concentrates.

Total global exchange stocks remained well below historical levels, ending the second quarter at 4.0 days of global consumption, compared to the 25-year average of 18.0 days. We estimate that total reported global stocks, which include LME, SHFE and bonded stocks, fell by approximately 56,000 tonnes in the second quarter to less than 160,000 tonnes, representing an estimated 4.2 days of global demand, compared to the 25-year average of 18.7 days and last quarter's 6.0 days.

Operations

Red Dog

Zinc production in the second quarter of 136,600 tonnes was slightly lower than 139,400 tonnes produced a year ago primarily due to lower grades, as expected in the mine plan. Lead production of 27,500 tonnes in the second quarter was similar to a year ago.

Zinc sales volumes of 35,100 tonnes in the second quarter were 35% lower than the same period a year ago, due to the timing of sales, but were higher than our previously disclosed guidance range of 25,000 to 35,000 tonnes.

Operating costs, before changes in inventory and royalties, in the second quarter were US$122 million, similar to a year ago.

Trail Operations

Refined zinc production of 50,900 tonnes in the second quarter was 14,000 tonnes lower than a year ago, in line with an updated operating plan to maximize profitability in challenging smelter market conditions. Refined lead production was 19,000 tonnes in the second quarter, 13,500 tonnes higher than a year ago along with all by-products production being higher than a year ago as a result of prior year's production being impacted by a total lead circuit outage for most of the quarter while the KIVCET boiler was being replaced.

We continued to focus on implementing initiatives to improve the profitability and cash flow generation of Trail. The benefit of these initiatives and increased production of by-products such as silver, germanium and indium contributed to an increase in profitability in the second quarter compared to the same quarter a year ago.

Operating costs, before changes in inventory, in the second quarter were $23 million or 15% lower than a year ago at $127 million, primarily due to the reduction of labour and contractor costs and timing of maintenance.

Cost of Sales

Cost of sales was $426 million in the second quarter, a slight increase from $412 million a year ago. Higher concentrate purchase costs at Trail related to higher lead and by-product production, and lower zinc treatment charges, was partly offset by reduced operating costs and lower depreciation at Trail. Depreciation at Trail is lower year-over-year due to the impairment of Trail assets in the third quarter of 2024, as previously disclosed.

Total cash unit costs1 for Red Dog were US$0.57 per pound in the second quarter, a decrease of US$0.15 per pound compared to the same period last year primarily due to reduced smelter processing charges. Net cash unit costs1 of US$0.49 per pound in the second quarter were US$0.20 per pound lower than a year ago for the same reason described above as well as higher by-product revenue. Our previously disclosed 2025 annual guidance for zinc net cash unit costs1 of US$0.45–$0.55 per pound is unchanged and our second quarter 2025 net cash unit costs1 reflect the normal seasonality of sales at Red Dog.

Outlook

Our 2025 annual guidance for our zinc segment is outlined in our guidance tables on pages 29–33 and is unchanged from our previously issued guidance.

The Red Dog shipping season commenced on July 11, 2025. We expect sales of zinc in concentrate at Red Dog to be in the range of 200,000 to 250,000 tonnes in the third quarter of 2025, reflecting the normal seasonality of Red Dog sales.

Note:

OTHER OPERATING INCOME AND EXPENSES

Other operating expense, net of other income, was $60 million in the second quarter compared with $11 million of income a year ago. The year-over-year change in the second quarter of 2025 was primarily due to lower positive settlement pricing adjustments. We are investing in the implementation of a new enterprise resource planning system across the company, which commenced in the second quarter. We expect most costs associated with the enterprise system implementation to be expensed, and in the second quarter we expensed $3 million, which is included in our other operating expense.

The table below outlines our outstanding receivable positions, which are valued using provisional prices at March 31, 2025 and June 30, 2025.

Our second quarter profitability benefited from lower corporate overhead costs reflecting our efforts to reduce costs across our business. As a result, our general and administration costs were $69 million in the second quarter, compared to $82 million a year ago, and our research and innovation costs were $7 million, compared to $14 million a year ago. We continue to expect a reduction in our annual 2025 general and administration and research and innovation costs compared to 2024.

In the second quarter, our finance income was $68 million compared to $17 million a year ago. The increase in finance income is attributed to the interest earned on our higher cash balance in the second quarter as a result of the proceeds received from the sale of the steelmaking coal business in the third quarter of 2024.

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 $233 million in the second quarter compared to $246 million a year ago, despite lower capitalized borrowing costs in the second quarter of 2025. Debt interest expense decreased to $30 million from $59 million a year ago due to the purchase of our public term notes and repayment of our short-term loans at Carmen de Andacollo in the second half of 2024. Interest expense on the QB project finance facility decreased to $48 million from $61 million in the same period a year ago, as we continue to reduce the QB project finance facility through scheduled semi-annual repayments.

Non-operating expense, net of non-operating income, was $23 million in the second quarter compared with $64 million expense in the same period last year. The most significant item in the quarter was $26 million of foreign exchange losses.

Income Taxes

Provision for income and resource taxes from continuing operations was $24 million, or 19% of pre-tax profit. This quarter, our provision was reduced by $54 million due to the recognition of deferred tax benefits that were previously unrecognized. We are subject to and pay income and resource taxes in all jurisdictions that we operate in. Going forward, 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 other copper growth projects, certain corporate and finance expenses that are not deductible for resource tax purposes, statutory tax rates in the jurisdictions in which we operate, and other factors.

FINANCIAL POSITION AND LIQUIDITY

Our strong balance sheet provides resilience to market uncertainty. As at June 30, 2025, 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 $8.9 billion as at July 23, 2025, including $4.8 billion of cash. Our cash balance decreased by $2.8 billion as of June 30, 2025 compared to December 31, 2024 as we continued to deploy the proceeds from the sale of the steelmaking coal business to cash returns to shareholders, cash tax payments associated with the earnings and transaction-related taxes of the steelmaking coal business, and the advancement of our near-term copper growth projects.

We returned $548 million to shareholders in the second quarter through the purchase of $487 million of Class B subordinate voting shares pursuant to our normal course issuer bid, and $61 million in dividends reflecting our regular base quarterly dividend. As at July 23, 2025, we have completed $2.2 billion of our authorized $3.25 billion share buyback program, with approximately $1.0 billion remaining.

Teck maintains a limited recourse QB project financing facility with a remaining balance of US$1.8 billion at June 30, 2025. The facility was guaranteed pre-final completion on a several basis by Teck and SMM/SC pro rata to the respective equity interests in the Series A shares of QBSA. The project achieved completion in March 2025 and as a result, these guarantees have been released.

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 1% at June 30, 2025.

Antamina maintains a US$1.0 billion loan agreement. In June, Antamina entered into an updated US$1.0 billion loan agreement maturing June 2030, replacing the existing 5-year agreement entered into in 2021. 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 totaled $2.1 billion at June 30, 2025. 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. We anticipate putting into place additional security related to HVC MLE project in the second half of 2025, as required.

Operating Cash Flow

Our operating cash flows from continuing operations were $88 million in the second quarter, compared to $268 million in the same period last year. The decrease in operating cash flows reflects a US$50 million payment to IMSA in the second quarter of 2025 and the timing of income tax payments.

During the second quarter, changes in working capital items resulted in a use of cash of $300 million, compared to a use of cash of $275 million in the same period last year. The use of cash for working capital in the second quarter is primarily related to Red Dog due to a reduction of accounts payable including the scheduled quarterly NANA royalty payment and the build-up of finished on-site production inventories prior to the commencement of the shipping season that started on July 11, 2025. In addition, due to the timing of sales in the second quarter, trade receivables were higher than expected by approximately $100 million at June 30, 2025.

We expect the build-up of Red Dog's production inventory in working capital through the first half of the year to reverse in Q3 with the shipping season having started early in the quarter. As well, we typically have a build-up in the NANA royalty accrual in the second half of the year as a result of the seasonally higher sales volume period with the larger fourth quarter royalty being paid in the first quarter of the following year.

Investing Activities

Expenditures on property, plant and equipment were $355 million in the second quarter, including $199 million of sustaining capital and $150 million on growth, primarily relating to our near-term copper growth projects. The largest components of sustaining capital expenditures in the second quarter were $118 million at QB, relating to ongoing construction of the truck shop and TMF development, and $25 million at Antamina. Capitalized production stripping costs decreased to $48 million in the second quarter compared with $103 million a year ago, with the reduction reflecting the completion of waste stripping in the Lornex pit at Highland Valley Copper, as previously disclosed.

The table below summarizes our year-to-date capital spending for 2025.

Financing Activities

In the second quarter, we made a scheduled US$147 million semi-annual repayment on the QB project financing facility. In addition, Antamina repaid and then subsequently issued US$1.0 billion (US$225 million our share) related to the extension of their term loan.

Interest and finance fees paid in the second quarter totalled $289 million, which was $38 million lower than a year ago, due to the reduction in our term notes following our tender offer in the third quarter of 2024.

In the second quarter, we paid $61 million in respect of our regular base quarterly dividend of $0.125 per share.

We also purchased 9.8 million Class B subordinate voting shares for $487 million in the second quarter under our normal course issuer bid.

FINANCIAL RISK MANAGEMENT

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.

Our U.S. dollar denominated debt is subject to revaluation based on changes in the Canadian/U.S. dollar exchange rate. As at June 30, 2025, we did not have any of our U.S. dollar denominated debt designated as a hedge against our foreign operations that have a U.S. dollar functional currency.

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.

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.

Despite prevailing macroeconomic uncertainty, global economic activity remained robust during Q2, with hard data largely confounding weak sentiment. Global trade expanded despite macroeconomic fears, aided by delays to proposed US country-based tariff implementation. We have seen growth expectations lowered for 2025 across key economies, which is likely to feed through to lower metal demand expectations. In China, which accounts for the majority of first use demand in global metals markets, the economy has proved resilient, weathering both trade and geopolitical uncertainties. Industrial production and manufacturing continue to grow, however deflation concerns are rising owing to excess capacity in many manufacturing and processing sectors.

Imposition of tariffs between the United States and other countries continues to be a state of flux, and we are monitoring the situation closely. We do not sell our copper products into the United States, however the market dislocations from the potential imposition of tariffs on copper imports into the United States could create both risk and opportunity in global markets. We typically sell a portion of our Red Dog zinc and lead concentrate to customers in China, and continue to actively engage with our customers to minimize tariff impacts on our business operations. The geopolitical segmentation being driven by tariffs has seen greater market focus on security of raw material supply, and we have seen broader geographical and sectorial interest in many of the products we supply, particularly from the Trail smelter in British Columbia.

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 (loss) attributable to shareholders and adjusted EBITDA4 to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on our current balance sheet, our 2025 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 as these amounts are excluded from our profit (loss) attributable to shareholders and adjusted EBITDA4 calculations.

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, QB variable consideration to IMSA, and settlements receivable and payable. Some of our gains and losses on metal-related financial instruments are affected by smelter price participation and 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

Note:

Production Guidance

The table below shows our share of production of our principal products for 2024, our guidance for production for 2025 and for the following three 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 2024 and our unit cost guidance for selected principal products in 2025.

Notes:

Capital Expenditure Guidance

The table below shows our capital expenditures for 2024 and our capital expenditure guidance for 2025.

Note:

Capital Expenditure Guidance – Capitalized Stripping

Note:

QUARTERLY PROFIT (LOSS) AND CASH FLOW