EXHIBIT 99.1

News Release

Teck Reports Unaudited Third Quarter Results for 2025

Merger of equals to create new global critical minerals champion and unlock substantial value

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

"The merger of equals between Teck and Anglo American announced this quarter is a unique opportunity to create a global leader in critical minerals and a top five copper producer," said Jonathan Price, President and CEO. "The combination will unlock significant value for shareholders through integration of Quebrada Blanca and Collahuasi and meaningful corporate synergies, offering a compelling high-quality, copper-focused investment opportunity. In addition, we completed a Comprehensive Operational Review to ensure our business plans are grounded in demonstrated performance. Our focus moving forward is on disciplined execution and completion of the merger.”

Highlights

Note:

Financial Summary Q3 2025

Note:

Key Updates

Teck and Anglo American plc Merger of Equals

Note:

QB Action Plan Update and Q3 Performance

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 third quarter results for 2025. 

WEBCAST

Teck will host an Investor Conference Call to discuss its Q3/2025 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on October 22, 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.

REFERENCE 

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 complete the merger with Anglo American, including timing of completion and our ability to receive applicable approvals; our expectations with respect to the merger with Anglo American; our ability to achieve corporate synergies with Anglo American and potential synergies between QB and Collahuasi; 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 our Comprehensive Operational Review and updated outlook, including any progress of the QB Action Plan; 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 downtime at QB; our ability to raise improve and support construction of the sand dam, including the construction of a sand wedge; our expectations regarding improved sand drainage, including paddock design and sand placement; the results of third-party expert recommendations for our QB Action Plan; 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; our expectations and results with respect to the royalties on our operations; 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; our expectations regarding safety rates at our operations; expectations regarding our effective tax rate; expectations regarding after-tax impairments; 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 Teck's buy back of shares and ability to continue to declare dividends; mineral grades; 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; the completion of the merger with Anglo American; completion of the QB Action Plan; the potential corporate synergies between Anglo American and Teck; 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; ability for Teck to satisfy all conditions precedent for closing of the merger; ability for Teck to receive necessary approvals to complete the merger;

costs related to the merger; 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 dependent 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 Jason Sangha, P.Eng., Vice President, Technical & Planning, an officer of Teck and a Qualified Person as defined under National Instrument 43-101.

EXHIBIT 99.2

News Release

Teck Reports Unaudited Third Quarter Results for 2025

Merger of equals to create new global critical minerals champion and unlock substantial value

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

"The merger of equals between Teck and Anglo American announced this quarter is a unique opportunity to create a global leader in critical minerals and a top five copper producer," said Jonathan Price, President and CEO. "The combination will unlock significant value for shareholders through integration of Quebrada Blanca and Collahuasi and meaningful corporate synergies, offering a compelling high-quality, copper-focused investment opportunity. In addition, we completed a Comprehensive Operational Review to ensure our business plans are grounded in demonstrated performance. Our focus moving forward is on disciplined execution and completion of the merger.”

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 Q3 2025

Note:

Key Updates

Teck and Anglo American plc Merger of Equals

Note:

QB Action Plan Update and Q3 Performance

Safety and Sustainability Leadership

Note:

Guidance

Note:

Management's Discussion and Analysis

This management's discussion and analysis (MD&A) is dated as at October 21, 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 nine months ended September 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 third quarter, our profit from continuing operations attributable to shareholders was $281 million, or $0.58 per share, compared to a $748 million loss, or $1.45 loss per share, in the third quarter last year, which was impacted by a $828 million after-tax impairment on our Trail Operations. Profit from continuing operations attributable to shareholders also increased in the third quarter of 2025 compared with a year ago due to higher zinc in concentrate sales volumes from Red Dog, higher base metal prices and by-product revenues, substantially lower copper smelter processing charges, and improved profitability from our Trail Operations. These items were partly offset by higher operating costs at QB and increased depreciation and amortization expense.

Adjusted profit from continuing operations attributable to shareholders1 in the third quarter, taking into account the items identified in the table below, was $372 million, or $0.76 per share, compared with $314 million, or $0.61 per share, in the third quarter of 2024.

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 $62 million of after-tax gains attributable to shareholders ($108 million, before tax) in the third quarter, or $0.13 per share.

SEGMENTED RESULTS

Our revenue, gross profit, and gross profit before depreciation and amortization1 by reportable segments are summarized in the table below.

COPPER SEGMENT

Performance

Gross profit from our copper segment increased to $355 million in the third quarter from $243 million a year ago (see table below) primarily due to higher copper prices, higher co-product and by-product credits from zinc and molybdenum, and lower smelter processing charges. These items were partly offset by higher operating costs at QB, higher logistics costs at QB due to the use of alternative shipping arrangements while the shiploader is under repair, and higher depreciation relating to capitalized stripping costs at Highland Valley Copper.

Copper production decreased to 104,100 tonnes in the third quarter compared with 114,500 tonnes a year ago. Excluding QB, copper production increased compared to the same period last year primarily as a result of higher throughput and grades at Highland Valley Copper and higher grades and recoveries at Carmen de Andacollo. QB produced 39,600 tonnes of copper in the third quarter compared with 52,500 tonnes in the same period last year and 52,700 tonnes in the second quarter of 2025. An update on our QB Action Plan and QB operational performance in Q3 2025 is 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 third quarter totalled $400 million, including $238 million for sustaining capital. Sustaining capital expenditures included $159 million at QB primarily associated with ongoing construction of the TMF, as noted below, and ongoing construction of the truck shop.

Capitalized stripping costs were $39 million in the third quarter compared with $59 million a year ago.

In the third quarter, LME copper prices increased 2.8% over the previous quarter and 6.2% over the same period last year, to average US$4.44 per pound. This increase came despite the confirmation that the Section 232 investigation into US copper imports would not increase levies on cathode imports immediately, which drove a sharp sell-off in the CME copper price during the third quarter.

The global copper concentrate market remains acutely tight, as evidenced by a record low quarterly average for spot treatment charges. While global copper mine output has grown year to date in 2025, the third quarter saw a number of mine supply disruptions, such that losses from planned output now exceed 1 million tonnes of contained copper. In addition, mine supply estimates for 2026 have also been revised lower. Global copper smelter capacity has grown by 8.4% in 2025, and strong by-product prices continue to aid smelter economics. Thus, the imbalance between available copper concentrate and smelter needs persists.

Copper demand remains on course for another robust year in 2025, although in the third quarter there was a pullback in Chinese demand levels as wire and cable manufacturers faced challenges in passing through higher raw material costs and solar energy installation growth rates declined. European demand has returned to year-on-year growth, and emerging markets remain resilient. Despite policy headwinds, global energy transition-related copper demand remains a positive driver, with electricity demand growing at a robust pace.

Global copper inventory volumes are currently higher than the start of the 2025, but remain well below historical norms in weeks of consumption. Most of the year to date build in inventory has been in US locations following strong cathode imports earlier in the year.

Operations

Quebrada Blanca

Highland Valley Copper

Copper production of 28,100 tonnes in the third quarter was 2,700 tonnes higher than a year ago primarily due to higher ore grades and increased mill throughput, partially offset by expected lower recoveries, as we advance mining in the Lornex pit. Despite being higher than the same period last year, Q3 2025 copper production at Highland Valley Copper was lower than expected due to lower grades and reduced mill online time. As previously disclosed, we are mining the higher grade Lornex pit as our dominant ore source at Highland Valley Copper. The placement and characterization of the Lornex fault within the pit has varied from our block model, lowering average grades near the fault zone and copper production in Q3 2025. The block model has been reviewed and reconciled, and we expect the Lornex fault to be mined through by Q1 2026.

Copper sales volumes of 31,700 tonnes in the third quarter were 7,100 tonnes higher than a year ago, reflecting the higher production levels and timing of sales.

Operating costs in the third quarter of $233 million, before changes in inventory and capitalized stripping, were $6 million higher than a year ago, driven primarily by higher contractor costs and increased mill throughput.

There were no capitalized production stripping costs in the third quarter compared with $11 million in the same period last year, reflecting completion of waste stripping in the Lornex pit.

Highland Valley Copper Mine Life Extension project ("HVC MLE")

Following Board sanctioning in July, HVC MLE has entered execution, with engineering and procurement activities well underway. Site mobilization has begun, and early works focused on infrastructure setup and preparatory construction are progressing. Permanent works, including pipeline relocations, tree clearing, and earthworks, have commenced.

Copper production (100% basis) of 104,300 tonnes in the third quarter was 7,200 tonnes lower than a year ago primarily due to lower grades and recoveries, as expected in the mine plan, due to the changing mill feed mix. The mix of mill feed in the quarter was 44% copper-only ore and 56% copper-zinc ore, compared with 73% copper-only ore and 27% copper-zinc ore a year ago. Zinc production (100% basis) was 126,700 tonnes in the third quarter compared with 67,800 tonnes a year ago due to higher copper-zinc ore processed, as expected in the mine plan.

Operating costs in the third quarter, before changes in inventory and capitalized stripping, of US$98 million (22.5% share) were US$6 million higher than a year ago due to higher labour costs and higher diesel costs from longer equivalent haul distances.

Carmen de Andacollo

Copper production of 12,900 tonnes in the third quarter increased by 1,400 tonnes, or 12%, compared to the same period last year, driven by higher grades and recoveries. The operation has recovered smoothly from a shutdown of the SAG mill in the second quarter.

Operating costs in the third quarter of US$62 million, before changes in inventory and capitalized stripping, were US$9 million higher than a year ago due to higher contractor and electricity costs.

Cost of Sales

Cost of sales was $1.3 billion in the third quarter compared with $1.2 billion in the same period last year. The increase is primarily due to higher operating and alternative port costs incurred at QB while the shiploader is under repair, as well as increased depreciation and amortization expense at Highland Valley Copper. We recorded $385 million of depreciation and amortization expense in the third quarter compared with $361 million in the same period last year. The increase was primarily the result of higher depreciation of capitalized stripping costs at Highland Valley Copper.

Excluding QB, total cash unit costs1 in the third quarter were US$2.18 per pound compared to US$2.33 per pound in the third quarter of 2024 primarily due to lower smelter processing charges. Including QB, total cash unit costs1 in the third quarter were US$2.69 per pound compared with US$2.60 per pound in the same period last year. The increase is primarily driven by lower production volumes from QB, and higher operating costs and higher transportation costs as described above.

Excluding QB, net cash unit costs1 in the third quarter were US$1.56 per pound, or US$0.31 per pound lower than a year ago primarily the result of significantly higher zinc by-product revenue from Antamina. Including QB, net cash unit costs1 for the third quarter were US$2.09 per pound, US$0.16 per pound lower than the same period a year ago, as a result of increased by-product credits, including increased molybdenum by-product revenue from QB.

The table below presents our copper unit costs including QB.

On October 7, 2025, we announced completion of our Comprehensive Operational Review and Updated Outlook, which resulted in revisions to our annual production guidance for QB and Highland Valley Copper for 2025-2028. Further, as a result of changes to our production guidance, we provided updated guidance for 2025 annual net cash unit costs1 for QB and our copper segment and provided 2026 annual net cash unit cost1 guidance for our copper segment. There have been no changes to our guidance disclosed on October 7, 2025, which is outlined below for our copper segment and for Quebrada Blanca and Highland Valley Copper. Our guidance for our copper segment is outlined in our guidance tables on pages 29–32.

Quebrada Blanca

Highland Valley Copper

Projects and Copper Growth

In line with our Comprehensive Operational Review, we have taken the decision to postpone the sanction of further copper growth projects, with adjusted timelines reflecting our prioritization of QB. However, we continue to advance our copper growth portfolio by progressing high-value projects toward sanction readiness. This includes advancing permitting, securing land access, and defining the business cases for Zafranal and San Nicolás. Feasibility studies, detailed engineering, and early works are underway to position these projects for future sanction decisions.

Zafranal

In light of the QB Action Plan announced on September 2, 2025, the potential sanction of Zafranal has been deferred. Progress continues across key components, including permitting, land access, and feasibility study and engineering design, based on an adjusted timeline. Field activities under the Advanced Works scope are proceeding as planned and remain on track for completion by April 2026.

Minas de San Nicolás

Engagement with government authorities and stakeholders is ongoing to support the review of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits. Additionally, progress on the feasibility study and execution strategy continues, with engineering expected to be 30% complete by year end. Drilling activities continue, with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area.

We are targeting the receipt of the MIA-R and ETJ permits. In the meantime, we are advancing the engineering of the critical infrastructures to continue building confidence in the feasibility study, further de-risking the execution strategy, and positioning the project for a potential sanction decision.

ZINC SEGMENT

Gross profit from our zinc segment increased to $305 million in the third quarter from $235 million a year ago (see table below). The increase was due to higher by-product revenues, increased zinc prices, and lower zinc treatment charges. These items were partially offset by higher unit operating costs and increased royalty expense tied to the profitability of Red Dog. Gross profit before depreciation and amortization2 at Trail improved in the third quarter to $54 million from $26 million in the same period a year ago due to the continued implementation of initiatives to improve profitability and cash flows, including driving higher by-product production such as silver, germanium and indium.

Zinc production at Red Dog in the third quarter decreased by 14% from a year ago to 122,000 tonnes, while lead production of 27,400 tonnes decreased by 7% from a year ago, both as a result of lower grades, as expected in the mine plan. Zinc sales volumes from Red Dog of 272,800 tonnes in the third quarter were 8% higher than the same period a year ago, due to the timing of sales, and were higher than our previously disclosed guidance range of 200,000 to 250,000 tonnes.

Trail Operations refined zinc production in the third quarter was 52,600 tonnes, 12,900 tonnes lower than a year ago, aligned with our previously disclosed strategy to maximize profitability in challenging smelter market conditions by processing residues and reducing refined zinc production.

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

Property, plant and equipment expenditures in the third quarter totalled $85 million, including $40 million for sustaining capital, of which $13 million relates to our Trail Operations and $27 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 third quarter averaged US$1.28 per pound, representing a 7.2% increase from the previous quarter and a 1.8% increase from the third quarter of 2024.

The zinc concentrate market saw spot treatment charges continue to rise through the third quarter, with spot treatment charges on a steady upward trajectory, albeit still well below the long-run average. After several years of stagnation, global zinc mine output is rebounding this year as a number of new mines coming into operation, facilitating a strong rise in Chinese import volumes. Smelter capacity is also rising, helped by improving economics.

In the refined zinc market, the third quarter saw a steady rally in zinc prices, as LME inventories dropped to approximately 40,000 tonnes, the lowest level seen since 2023. Chinese zinc demand also remained robust, with official output numbers showing galvanized steel sheet production up 13% year-on-year through August. The North American market remains relatively robust, with strong spot premiums based on tariff risks, but also some uncertainty over future order books.

Operations

Red Dog

Zinc production in the third quarter of 122,000 tonnes was lower than the 142,500 tonnes produced a year ago primarily due to lower grades, as expected in the mine plan. Lead production of 27,400 tonnes in the third quarter was lower than 29,500 tonnes produced a year ago also due to lower grades, as expected in the mine plan.

Zinc sales volumes of 272,800 tonnes in the third quarter were 8% higher than the same period a year ago, due to the timing of sales, and were higher than our previously disclosed guidance range of 200,000 to 250,000 tonnes.

Operating costs, before changes in inventory, capitalized stripping and royalties, in the third quarter were US$11 million or 8% higher than a year ago at US$144 million, primarily due to higher labour costs and the cost of water treatment supplies.

The Red Dog shipping season was completed on October 21 following a successful shipping season. As a result, site production inventories were drawn down by approximately US$200 million during the third quarter as expected. However, this was more than offset by elevated trade receivables at the close of the third quarter as a result of better than expected sales volumes of both zinc and lead concentrates in the third quarter and higher metal prices. We expect Red Dog's trade receivables will be substantially reduced in the fourth quarter providing a source of cash through working capital.

Trail Operations

Refined zinc production of 52,600 tonnes in the third quarter was 12,900 tonnes lower than a year ago, in line with our previously disclosed strategy to maximize profitability in challenging smelter market conditions through reduction of refined zinc production and processing of residues. Refined lead production was 17,600 tonnes in the third quarter, 600 tonnes lower than a year ago, along with increased production of silver, germanium and indium compared to a year ago in line with the new operating strategy.

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 third quarter compared to the same quarter a year ago.

Operating costs, before changes in inventory, in the third quarter were $10 million or 6% lower than a year ago at $144 million, primarily due to reduced labour and energy costs.

Cost of Sales

Cost of sales was $1.4 billion in the third quarter compared with $1.2 billion a year ago, primarily driven by increased sales volumes of zinc and lead concentrates from Red Dog and higher royalties tied to the profitability of the mine.

Total cash unit costs1 for Red Dog were US$0.61 per pound in the third quarter, a decrease of US$0.02 per pound compared to the same period last year, primarily due to reduced smelter processing charges partly offset by the impact of lower production and higher operating costs. Net cash unit costs1 of US$0.17 per pound in the third quarter were US$0.08 per pound lower than a year ago for the same reason described above, as well as higher by-product revenues. Our third quarter 2025 net cash unit costs1 reflect the normal seasonality of sales at Red Dog.

Outlook

On October 7, 2025, we announced completion of our Comprehensive Operational Review and Updated Outlook, which resulted in revisions to our annual production guidance for Red Dog for 2026-2028, and Trail for 2026. Further, we provided 2026 annual zinc net cash unit cost1 guidance for our zinc segment. There have been no changes to our guidance disclosed on October 7, 2025, which is outlined below for our zinc segment. Our guidance for our zinc segment is outlined in our guidance tables on pages 29–32.

OTHER OPERATING INCOME AND EXPENSES

Other operating expense, net of other income, was $50 million in the third quarter compared with $49 million of income a year ago. The year-over-year change in the third quarter of 2025 was primarily due to $68 million of fixed asset write-offs and $23 million of costs associated with our enterprise resource planning system implementation in the quarter.

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

Our third 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 $68 million in the third quarter, compared to $72 million a year ago, and our research and innovation costs were $5 million, compared to $6 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 third quarter, our finance income was $54 million compared to $93 million a year ago. The decrease in finance income is due to a decrease in our cash balance compared to 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 $229 million in the third quarter compared to $246 million a year ago. Debt interest expense decreased to $26 million from $35 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 $40 million from $53 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 $52 million in the third quarter compared with $20 million income in the same period last year. The most significant item in the quarter was a $58 million charge relating to changes to the carrying value of the financial liability for the preferential dividend stream to Corporación Nacional del Cobre de Chile (Codelco).

Income Taxes

Provision for income and resource taxes from continuing operations was $156 million, or 54% of pre-tax profit. The effective tax rate this quarter was elevated primarily due to the non-deductibility of the charge associated with the Codelco preferential dividend liability. 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. We are subject to and pay income and resource taxes in all jurisdictions that we operate in.

FINANCIAL POSITION AND LIQUIDITY

Our strong balance sheet provides resilience to market uncertainty. As at September 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.

Our liquidity was $9.5 billion as at October 21, 2025, including $5.3 billion of cash. Our cash balance decreased by $2.8 billion as of September 30, 2025 compared to December 31, 2024 as we deployed 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 $205 million to shareholders in the third quarter through the purchase of $144 million of Class B subordinate voting shares in July, pursuant to our normal course issuer bid, and $61 million in dividends reflecting our regular base quarterly dividend. As at October 21, 2025, we have completed $2.25 billion of our authorized $3.25 billion share buyback program. We have not executed share buybacks since July 25, 2025. As a result of the proposed merger transaction with Anglo American plc, which was announced on September 9, 2025, as outlined above, we will not be purchasing further shares under our current normal course issuer bid.

Teck maintains a limited recourse QB project financing facility with a remaining balance of US$1.8 billion at September 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 under the facility 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 September 30, 2025.

Antamina maintains a US$1.0 billion loan agreement that matures in June of 2030. 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 $2.2 billion at September 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 fourth quarter of 2025, as required.

Operating Cash Flow

Our operating cash flows from continuing operations were $647 million in the third quarter compared to $162 million in the same period last year. The increase in operating cash flows reflects increased metal prices, lower smelter processing charges, and the timing of income tax payments.

During the third quarter, changes in working capital items resulted in a use of cash of $272 million, compared to a use of cash of $468 million in the same period last year. The use of cash through working capital in the third quarter is primarily related to the seasonal sales pattern of our Red Dog operation, whereby we have significant sales volumes in the third quarter each year. As a result, Red Dog had a significant build-up of trade receivables reflecting our higher than expected sales volumes of zinc, particularly late in the quarter, and the sale of most of our available lead inventories in the third quarter. Further, trade receivable balances were elevated as a result of increased metal prices. The build-up in trade receivables was partly offset by a reduction of production inventories at Red Dog, as the operation commenced their shipping season in early July.

We expect Red Dog's trade receivables will be substantially reduced in the fourth quarter providing a source of cash through working capital.

Investing Activities

Expenditures on property, plant and equipment were $488 million in the third quarter, including $278 million of sustaining capital and $207 million on growth, primarily relating to Highland Valley Copper mine life extension and our near-term copper growth projects. The largest components of sustaining capital expenditures in the third quarter were $159 million at QB, relating to ongoing construction of the truck shop and TMF development, and $27 million at Antamina.

Capitalized stripping costs decreased to $48 million in the third quarter compared with $84 million a year ago, with the reduction reflecting lower capitalized stripping at all our sites including 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

Interest and finance fees paid in the third quarter totalled $48 million, which was $55 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 third quarter, we paid $61 million in respect of our regular base quarterly dividend of $0.125 per share.

We also purchased 2.6 million Class B subordinate voting shares for $144 million in July 2025 under our normal course issuer bid. We have not executed share buybacks since July 25, 2025. As a result of the proposed merger transaction with Anglo American plc, which was announced on September 9, 2025, as outlined above, we will not be purchasing further shares under our current 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 September 30, 2025, approximately $250 million of our U.S. dollar denominated debt is designated as a hedge against our foreign operations that have a U.S. dollar functional currency. As a result, any foreign exchange gains or losses arising on that amount of our U.S. dollar debt are recorded in other comprehensive income, with the remainder being charged to profit.

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.

The market dislocations caused by the imposition of import tariffs by the United States, and reciprocal measures by impacted countries, has eased. However, this remains a situation that is being closely monitored by Teck. We do not sell copper concentrate into the United States and we do not produce copper cathode nor engage in the sale of copper scrap. We sell refined zinc and lead, and specialty metals such as germanium, indium, and sulphur products from Canada into the United States from our Trail Operations in B.C. These products are compliant with the United States-Mexico-Canada trade agreement (USMCA). We typically sell a portion of our Red Dog zinc and lead concentrate to customers in China. The 2025 Red Dog shipping season was completed on October 21, and we have worked proactively with our global customers over the course of this year to reallocate material where needed and minimize impacts to our business.

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

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, as disclosed in our October 7, 2025 news release.

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 and 2026.

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

QUARTERLY PROFIT (LOSS) AND CASH FLOW

AREAS OF JUDGMENT AND CRITICAL ACCOUNTING ESTIMATES

In preparing our consolidated financial statements, we make judgments in applying our accounting policies. The judgments that have the most significant effect on the amounts recognized in our financial statements include the assessment of impairment indicators, the determination of assets held for sale and discontinued operations, the determination of the available for use date for property, plant and equipment, accounting for joint arrangements, streaming transactions and the accounting for income taxes. In addition, we make assumptions about the future in deriving estimates used in preparing our consolidated financial statements. Sources of estimation uncertainty include estimates used to determine the recoverable amounts of long-lived assets, recoverable reserves and resources, the provision for income taxes and the related deferred tax assets and liabilities, and the valuation of other assets and liabilities including decommissioning and restoration provisions. These areas of judgment and critical accounting estimates are consistent with those reported in our 2024 annual consolidated financial statements and Management's Discussion and Analysis, except as outlined below.

Areas of Judgment

a) Assessment of Impairment Indicators

Judgment is required in assessing whether certain factors would be considered an indicator of impairment

or impairment reversal. We consider both internal and external information to determine whether there is

an indicator of impairment or impairment reversal present and, accordingly, whether impairment testing is

required. The information we consider in assessing whether there is an indicator of impairment or

impairment reversal includes, but is not limited to, market transactions for similar assets, commodity

prices, treatment charges, zinc premiums, discount rates, foreign exchange rates, our market

capitalization, reserves and resources, mine plans, operating plans and operating results.

In the third quarter of 2025, as a result of continuing challenges with the pace of development of the tailings management facility (TMF) resulting in near-term production constraints and higher TMF-related capital expenditures, we performed an impairment test for our Quebrada Blanca CGU. Consistent with the methodology used to perform our annual goodwill impairment testing, we used a discounted cash flow model to calculate the fair value less costs of disposal (FVLCD) for our Quebrada Blanca CGU. Cash flow projections used in the analysis as at September 30, 2025 cover the current expected mine life of Quebrada Blanca and a projected asset expansion, totalling 44 years, with an estimate of in situ value applied to the remaining resources. The recoverable amount incorporated inputs from the study in progress for the Quebrada Blanca asset expansion, which includes the current expected technical performance of the deposit, along with estimated operating costs and capital expenditures for the life of the operation.

b) Sources of Estimation Uncertainty

Impairment Testing

When impairment testing is required, discounted cash flow models are used to determine the recoverable

amount of respective CGUs. These models are prepared internally or with assistance from third-party

advisors when required. When relevant market transactions for comparable assets are available, these are

considered in determining the recoverable amount of assets. Significant assumptions used in preparing the discounted cash flow model for our Quebrada Blanca CGU impairment test included the long-term copper price, the discount rate, throughput optimization, asset expansion, recoveries, operating costs and capital expenditure estimates, reserves and resources, mine production and the in situ value for the remaining resources. These inputs are based on management’s best estimates of what an independent market participant would consider appropriate. Changes in these inputs may alter the results of impairment testing, the amount of the impairment charges or reversals recorded in the statement of income (loss) and the resulting carrying values of assets.

The recoverable amount of each cash-generating unit (CGU) is determined as the higher of its fair value

less costs of disposal and its value in use.

As at September 30, 2025, the recoverable amount of our Quebrada Blanca CGU was approximately US$900 million above its carrying value.

Sensitivity Analysis

We performed a sensitivity analysis to determine the value by which the most sensitive key assumptions must individually change in order for the Quebrada Blanca CGU's recoverable amount to approximate its carrying amount. Due to the complexity by which key assumptions interrelate significantly with each other and with our operating plans, the analysis was performed for each assumption individually with all other assumptions held constant. In isolation, a US$0.21 decrease in the long-term real copper price per pound, or a 51 basis point increase in the discount rate would result in the recoverable amount of the Quebrada Blanca CGU approximating its carrying value.

ADOPTION OF NEW ACCOUNTING STANDARDS AND ACCOUNTING DEVELOPMENTS

Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity

In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7. These amendments aimed to ensure that nature-dependent electricity contracts, where contractual features can expose a company to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions, are appropriately reflected in the financial statements. The amendments include clarifying the application of the “own use” requirements to these contracts in assessing whether derivative accounting is required, permitting hedge accounting if these contracts are used as hedging instruments and requiring new disclosures that discuss the effect of these contracts on a company’s financial performance and cash flows.

The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The clarifications regarding the “own use” requirements are applied retrospectively, but the guidance permitting hedge accounting is applied prospectively to new hedging relationships designated on or after the date of initial application. We are currently assessing the effect of these amendments on our consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7. These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. We are currently assessing the effect of these amendments on our consolidated financial statements.

IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18), which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three main categories of operating, investing and financing, and by specifying certain defined totals and subtotals. An entity may use certain subtotals of income and expenses in public communications outside the financial statements to communicate management’s view of an aspect of the financial performance of the entity as a whole to users, and these subtotals are not specifically required by IFRS Accounting Standards. IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation that apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. We are currently assessing the effect of this new standard on our consolidated financial statements.

OUTSTANDING SHARE DATA

As at October 21, 2025, there were 480.6 million Class B subordinate voting shares and 7.6 million Class A common shares outstanding. In addition, there were approximately 5.3 million share options outstanding with exercise prices ranging between $5.34 and $70.34 per share. More information on these instruments and the terms of their conversion is set out in Note 29 of our 2024 audited consolidated financial statements.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

There have been no significant changes in our internal controls during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

REVENUE AND GROSS PROFIT

Our revenue and gross profit by reportable segments are summarized in the tables below.