EXHIBIT 99.1

News Release

Teck Reports Unaudited Second Quarter Results for 2026

Strong second quarter earnings driven by operational consistency and disciplined execution

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited second quarter results for 2026.

“We delivered another quarter of strong operational and financial performance, generating significant earnings and robust cash flow, supported by continued strong copper sales volumes, a favourable commodity price environment and disciplined execution across our operations,” said Jonathan Price, President and CEO. “At QB, we achieved our third consecutive quarter of stable operating performance, demonstrating the progress we have made in strengthening reliability and consistency at one of the world’s most important new copper operations. These results reinforce the strength of our business and position us well to advance the planned merger with Anglo American to create a global critical minerals champion with the financial strength, operational capability and portfolio quality to deliver significant value for shareholders.”

Highlights

Note:

Financial Summary Q2 2026

Key Updates

Teck and Anglo American plc Merger of Equals

Notes:

QB Action Plan Update and Q2 Performance

Safety and Sustainability Leadership

Note:

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 2026.

WEBCAST

Teck will host an Investor Conference Call to discuss its Q2/2026 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on July 23, 2026. 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

Edwin Shadeo, Acting Vice President, Investor Relations and Treasurer: +1 604.699.4531

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

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

Adjusted diluted earnings per share – Adjusted diluted earnings per share is adjusted profit 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.

Total debt – Total debt is the sum of debt plus lease liabilities, including the current portions of debt and lease liabilities.

Net debt (cash) – Net debt (cash) is total debt, less cash and cash equivalents. Net cash is the amount by which our cash balance exceeds our total debt balance.

Profit Attributable to Shareholders and Adjusted Profit Attributable to Shareholders

Reconciliation of Basic Earnings per share to Adjusted Basic Earnings per share

Reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share

Reconciliation of Total Debt to Net Debt (Cash)

Reconciliation of EBITDA and Adjusted EBITDA

Reconciliation of Gross Profit Before Depreciation and Amortization

Note:

Copper Unit Cost Reconciliation

Copper Unit Cost Reconciliation, QB

Note:

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 expectations with respect to a disciplined execution of our business plans and enhanced integration across mine and plant activities; our ability to complete the Merger with Anglo American, including timing of completion, the ability to meet customary closing conditions and our ability to receive applicable approvals; our expectations with respect to the Merger with Anglo American and integration planning; our ability to achieve operational resilience and corporate synergies with Anglo American, including the potential synergies between QB and Collahuasi; our ability to execute our copper growth strategy in a value accretive manner; our expectations with respect to the Strategic Investment Agreement with CGF and NRCan, including the ability to negotiate and execute definitive agreements, and the satisfaction of applicable approvals; 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 QB to support steady state operations; our expectations regarding improved sand drainage; our expectations with respect to improved recoveries at QB and achieve design rates in the mine, concentrator and molybdenum plant; the continued consistent production and future optimization of our QB operations; the occurrence and length of any potential downtime at our operations; our expectations with respect to operations at Carmen de Andacollo; our expectations with respect to the impacts from the severe winter storm and inclement weather affecting Chile, including impacts on Teck's operations and their anticipated severity and duration; our expectations with respect to the resumption of full operations at Carmen de Andacollo; 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 shipping at our operations; potential raw material constraints on our business; our expectations with respect to the occurrence, timing and length of maintenance shutdowns and equipment replacement; expectations regarding inflationary pressures and our ability to manage controllable operating expenditures, including potential government intervention; the uncertainty surrounding the status of various worldwide tariffs and the 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; our expectations with respect to geopolitical risk and the impact on trade, commodities and the financial market, including the conflict in the Middle East, the closure of the Strait of Hormuz, supply chain disruptions, government interventions and oil cost increases and supply disruptions; our expectations with respect to future transportation and freight costs; our 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, the Red Dog MLE, the HVC MLE, San Nicolás, and Zafranal projects, as applicable; our expectations with respect to the timing of completion and cost of the

HVC MLE; the ability of our partners to participate in the funding of the Zafranal project; 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 and potential tax payments; 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; our expectations with respect to potential results of any litigation, arbitration or regulatory action; copper price market trends and expectations; our expectations with respect to foreign demand for our materials; our 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 forward-looking statements are based on the information available at the time those statements are made and are of good faith belief of the officers and directors of Teck as of the time with respect to future events and are subject to 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 and integration planning with Anglo American; the potential corporate synergies between Anglo American and Teck; geopolitical climate; acts of foreign or domestic governments and the outcome of legal proceedings; 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 and assumptions with respect to HVC MLE capital cost estimate and expected project economics; the timing and completion of the HVC MLE; anticipated timing of the resumption of full operations at Carmen de Andacollo; 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 life 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; our expectations with respect to the HPI frequency rate at Teck-controlled operations; 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; favourable weather conditions for shipment and operations; the resolution of environmental, regulatory 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; geopolitical uncertainty and conflict; industry growth uncertainty; supply chain disruptions, including closure of certain trade routes; commodity supply and supply chain volatility; 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; potential changes to CUSMA; changes in Canadian property law and ownership title; 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, 2025 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 Second Quarter Results for 2026

Strong second quarter earnings driven by operational consistency and disciplined execution

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited second quarter results for 2026.

“We delivered another quarter of strong operational and financial performance, generating significant earnings and robust cash flow, supported by continued strong copper sales volumes, a favourable commodity price environment and disciplined execution across our operations,” said Jonathan Price, President and CEO. “At QB, we achieved our third consecutive quarter of stable operating performance, demonstrating the progress we have made in strengthening reliability and consistency at one of the world’s most important new copper operations. These results reinforce the strength of our business and position us well to advance the planned merger with Anglo American to create a global critical minerals champion with the financial strength, operational capability and portfolio quality to deliver significant value for shareholders.”

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 2026

Key Updates

Teck and Anglo American plc Merger of Equals

Notes:

QB Action Plan Update and Q2 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 July 22, 2026 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, 2026 and with the audited consolidated financial statements of Teck and the notes thereto for the year ended December 31, 2025. 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, 2025, 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 Attributable to Shareholders and Adjusted Profit Attributable to Shareholders

Profit attributable to shareholders in the second quarter increased to $854 million, or $1.74 per share, compared to $206 million, or $0.42 per share, in the same period last year, driven by significantly higher commodity prices, particularly for copper, and higher copper production volumes, as well as improved profitability at our Trail Operations due to our continued focus on cash flow generation through our optimized feed strategy.

Adjusted profit attributable to shareholders¹ in the second quarter, taking into account the items identified in the table below, was $948 million, or $1.93 per share, compared with $187 million, or $0.38 per share, in the same period last year. The most significant after-tax adjustment is $44 million for the loss on our commodity derivatives, primarily relating to our gold and silver streaming arrangements.

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 settlement pricing adjustments. Pricing adjustments resulted in $132 million of after-tax gains attributable to shareholders ($240 million, before tax) in the second quarter, or $0.27 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:

Gross profit from our copper segment increased to $1.3 billion in the second quarter from $328 million in the same period last year (see table below), primarily due to significantly higher copper prices and higher copper production volumes. Q2 2026 sales volumes were in line with production in the quarter.

Copper production increased to 135,900 tonnes in the second quarter compared with 109,100 tonnes in the same period last year. The increase was due to higher production at each of our copper operations. Production increased at Highland Valley Copper and Antamina due to higher grades, as expected in the mine plan. In Q2 2025, Antamina had an extended shutdown due to a fatality, which also contributed to the comparatively higher production. QB produced 55,800 tonnes of copper in the second quarter compared with 52,700 tonnes in the same period last year with continued operational stability and ongoing TMF development supporting higher sustained operating rates.

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 $544 million. Sustaining capital totaled $223 million, of which $163 million related to QB. Growth capital of $321 million primarily related to the Highland Valley Copper Mine Life Extension (HVC MLE) project construction and development activities and Zafranal project work, outlined below.

Capitalized stripping costs were $139 million in the second quarter compared with $35 million in the same period last year. The increase relates to $62 million of capitalized stripping costs related to HVC MLE with the remainder due to higher waste movement at Antamina and QB in line with mine sequencing.

In the second quarter of 2026, LME copper prices increased by 3.6% compared with the previous quarter and 40.0% over the same period last year, averaging US$6.05 per pound. This represented the third quarter in a row of all-time nominal highs in quarterly average prices, and the first in history averaging above US$6.00 per pound. Following early quarter volatility closely related to the conflict in the Middle East, LME prices stabilized in the US$5.90–US$6.30 per pound range, well above historical averages.

The copper concentrate market remained very tight during the quarter, resulting in spot treatment and refining charges falling to new record lows. A key element of this was the surge in sulphuric acid prices following disruption to Middle East sulphur supply. With this, smelters had economic incentive to maximize output to boost acid by-product sales, and were willing to accept lower treatment charges to source raw material. 2026 is proving to be another year where there is an imbalance between the volume of concentrate available from global mines, and that desired by smelters to maximize production. As such, global smelter utilization remains below average levels observed over the past decade.

Despite prevailing growth concerns, copper demand remains resilient, supported by investment in grid infrastructure and electricity intensive products. In particular, the market excluding China is now exhibiting positive growth, supported by strong Chinese wire and cable exports.

Global copper inventory held in exchange warehouses fell by around 190,000 tonnes in the second quarter, in line with usual seasonality. Over half of exchange inventory is now in U.S. warehouses, reflecting the persistent price premium of the Chicago Mercantile Exchange (CME) contract over LME. Much of this material can be viewed as unavailable to Asian consumers at present, and thus plays only a limited role in copper price formation.

Operations

Quebrada Blanca

Note:

Highland Valley Copper

Copper production of 42,800 tonnes in the second quarter was 10,400 tonnes higher than the same period last year. The increase was primarily due to increased mill throughput, combined with higher grades and recoveries, as we continued to process softer ore from the Lornex pit in the first half of 2026.

Copper sales volumes of 42,800 tonnes in the second quarter were 12,400 tonnes higher than the same period last year, reflecting higher production levels in the quarter.

Operating costs in the second quarter of $308 million, before changes in inventory and capitalization of stripping costs, were $62 million higher than the same period last year, driven primarily by higher diesel costs, higher mill throughput and increased material movement.

Capitalized stripping costs in the second quarter were $62 million compared with no capitalized stripping in the same period last year due to the waste stripping requirements for HVC MLE. Capitalized stripping activity is expected to ramp up in the second half of the year as per the mine plan and is expected to be impacted by changes in diesel prices.

HVC MLE project

Construction activities advanced during the quarter with stable overall performance. Key milestones achieved during the quarter include surpassing one million hours worked without a high potential incident or lost time injury, completion of the piling installations for the mill upgrades, and completion of the first integrated shutdown - between operations and the project - completing key tie ins for HVC MLE. Significant work continues across earthworks, pipelines, brownfield works and infrastructure. Detailed engineering is approximately 95% complete and procurement is nearly complete with ongoing delivery of materials.

HVC MLE total project capital cost is estimated to be between $2.1 and $2.4 billion and is expected to

be spent between 2025 and 2028, which is unchanged from our previous disclosures. HVC MLE project capital expenditures were $254 million in the second quarter of 2026 and we continue to expect 2026 project capital expenditures to be between $900 million–$1.2 billion.

Antamina

Copper production (100% basis) of 108,500 tonnes in the second quarter was 43,500 tonnes higher than the same period last year, primarily due to an extended shutdown in Q2 2025 due to a fatality, as well as an increased proportion of copper-only ore production, as expected in the mine plan. The mix of mill feed in the quarter was 67% copper-only ore and 33% copper-zinc ore, compared with 23% copper-only ore and 77% copper-zinc ore in the same period last year. Zinc production (100% basis) was 54,000 tonnes in the second quarter compared with 142,000 tonnes in the same period last year due to the higher ratio of copper-zinc ore processed in Q2 2025.

Operating costs in the second quarter, before changes in inventory and capitalization of stripping costs, of US$129 million (22.5% share) were US$44 million higher than the same period last year. The increase is primarily due to higher diesel prices, higher labour costs due to workers' profit sharing participation, and higher mine movement and throughput driven by the extended site shutdown in the same period a year ago, as noted above.

Carmen de Andacollo

Copper production of 12,800 tonnes in the second quarter increased by 3,400 tonnes compared to the same period last year, driven by higher copper grades, stable operations and strong recoveries.

Operating costs in the second quarter of US$76 million, before changes in inventory and capitalization of stripping costs, were US$21 million higher than the same period last year due to higher diesel prices and higher throughput.

On July 17, 2026, due to the impact of severe weather conditions in Chile, including multiple extreme rain events, and closure of access roads in the area, operations were partially suspended at our Carmen de Andacollo Operations. The tailings facility is operating normally and within safety parameters. The resumption of normal operations will be evaluated as weather conditions improve and water levels recede. There has been no change in our previously disclosed 2026 annual production guidance for Carmen de Andacollo as a result of the ongoing suspension of operations.

Cost of Sales

Cost of sales was $1.4 billion in the second quarter compared with $1.1 billion in the same period last year. We recorded $414 million of depreciation and amortization expense in the second quarter compared with $345 million in the same period last year. The increase in cost of sales and depreciation and amortization expense were primarily the result of higher sales volumes in the quarter compared to the same period last year.

Excluding QB, total cash unit costs¹ in the second quarter were US$1.94 per pound compared to US$2.33 per pound in the same period last year primarily due to higher production volumes and significantly lower copper smelter processing charges, which were negative in Q2 2026. Including QB, total cash unit costs¹ in the second quarter were US$2.25 per pound compared to US$2.49 per pound in the same period last year.

Excluding QB, net cash unit costs¹ in the second quarter were US$1.49 per pound, or US$0.19 per pound lower than the same period last year primarily due to the above noted total unit cost factors with lower zinc by-product credits at Antamina from a higher proportion of copper-only ore produced this quarter. Including QB, net cash unit costs¹ for the second quarter were US$1.64 per pound, US$0.38 per pound lower than the same period last year, as a result of increased silver and molybdenum by-product credits from QB relating to an increase in commodity prices and volumes produced.

The table below presents our copper unit costs including QB.

Outlook

Our 2026–2028 annual production and 2026 annual cost guidance for our copper segment is outlined in our guidance tables on pages 26–29 and is unchanged from our previously disclosed guidance.

Annual production plans are based on mine plans which contain normal grade variability and periodic planned maintenance shutdowns, which are reflected in our annual production guidance for our operations. Based on our current mine plan we expect slightly lower grades at QB in the second half of 2026 to be offset by increasing throughput. We also expect lower mill throughput and recoveries at HVC late in the third quarter and through the fourth quarter of 2026 as we process less Lornex ore and more ore from the Bethlehem and Highmont pits, and as we complete mill upgrade work related to the HVC MLE project.

Note:

Our 2026 annual sustaining capital expenditures in our copper segment are expected to be between $1.2–$1.3 billion.

Our 2026 annual capitalized stripping cost guidance for our copper segment remains unchanged. Costs are impacted by higher diesel prices and are expected to increase compared to 2025 to between $450–$550 million as stripping activities increase to enable HVC MLE where capitalized stripping costs are expected to remain at elevated levels through 2029.

Our 2026 growth capital expenditure guidance of $1.3–$1.6 billion includes $900 million–$1.2 billion relating to HVC MLE. The remaining growth capital primarily relates to our other near-term copper growth projects including Zafranal, and is focused on advancing engineering, feasibility studies, and permitting.

Projects and Copper Growth

As previously disclosed, we are prioritizing capital and resources toward QB while advancing execution of HVC MLE. In parallel, 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 Minas de San Nicolás, S.A.P.I. de C.V. (San Nicolás). Feasibility studies, detailed engineering, and early works are underway to position these projects for future sanction decisions.

Zafranal

In 2026, activities continue to focus on identifying, evaluating, and implementing opportunities to enhance the business case while preparing for a future sanction decision. In May 2026, the project secured a key legal authorization to construct its processing facilities. Work is progressing across several areas including exploration in the project area, permitting, land access, community engagement and some technical activities to support the business case improvement process.

Mitsubishi Materials Corporation (MMC) provided formal notice of their election to not participate in the approved funding for Zafranal. As a result, in June 2026, shares were issued to dilute MMC’s interest in Compañía Mineral Zafranal S.A.C from 20.0% to approximately 15.5%, and to increase Teck's interest from 80.0% to approximately 84.5%.

Minas de San Nicolás

San Nicolás received the ETJ (Land Use Change) permit in July 2026, a significant milestone that reflects continued progress in the project's regulatory review and the ongoing assessment of the MIA-R (Environmental Impact Assessment). We remain committed to regulatory compliance, environmental stewardship and creating shared value for local communities, while recognizing that additional permits, authorizations and licences required under Mexican law must be obtained before construction or operations can commence.

Concurrently, we continue to advance detailed engineering and critical infrastructure work to enhance confidence in the feasibility study, reduce execution risk and advance construction and operational readiness, positioning the project for a potential sanction decision, subject to the receipt of the required permits and authorizations.

Drilling activities are continuing, with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area.

ZINC SEGMENT

Performance

Gross profit from our zinc segment was $329 million in the second quarter, an increase of $186 million compared to the same period last year. The increase was primarily due to higher zinc prices and higher by-product revenues at both Red Dog and Trail, partially offset by higher cost of sales attributable to increased concentrate purchases and royalty costs compared to the same period last year. Gross profit before depreciation and amortization² at Trail Operations improved significantly in the second quarter to $203 million from $42 million in the same period last year due to our continued focus on improving Trail's profitability and cash generation through value driven optimization of feed sources and production, including prioritizing processing of residues in the near term based on suitable market conditions. The benefit of these initiatives, combined with improved pricing for by-products such as silver and germanium, contributed to an increase in gross profit before depreciation and amortization² in the second quarter compared to the same period last year.

Zinc production at Red Dog in the second quarter decreased by 24,600 tonnes from the same period last year to 112,000 tonnes, primarily due to lower grades, as expected in the mine plan. Red Dog's lead production of 21,900 tonnes decreased by 5,600 tonnes compared to the same period last year due to lower grades. Zinc sales volumes from Red Dog of 36,500 tonnes in the second quarter were 1,400 tonnes higher than the same period last year, and are within our previously disclosed guidance range of 30,000 to 40,000 tonnes.

Refined zinc production at Trail Operations in the second quarter was 49,800 tonnes, a decrease of 1,100 tonnes compared to the same period last year as a result of planned maintenance activities during the quarter.

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 $85 million, including $48 million for sustaining capital, of which $25 million relates to our Trail Operations and $23 million relates to our Red Dog Operations. The remainder of expenditures relate to our Red Dog mine life extension project.

Markets

Zinc prices on the LME in the first quarter of 2026 averaged US$1.57 per pound, representing a 7% increase from the previous quarter and a 31% increase from the same period last year. This represented the fourth consecutive quarter of rising average zinc prices, and the highest quarterly average since Q2 2022.

The zinc concentrate market observed a sharp decline in spot treatment charges, with assessments returning to the record lows seen in second half of 2024. This comes amid a combination of strong Chinese imports and mine supply challenges, including year-on-year declines at a number of major operations. Stronger acid prices have also played a role in the treatment charge decline. We do not anticipate treatment charges to remain at current negative levels, but do expect them to remain below historical norms.

Global reported zinc metal inventory rose sequentially over Q2 2026, the first such increase in a second quarter since 2019. However, overall inventory cover remains low in weeks of consumption. The U.S. Midwest premium for refined zinc (over LME cash) rose to the highest level this year in June, amid resilient North American demand. Global zinc demand in Q2 was roughly flat on a year-on-year basis.

Operations

Red Dog

Zinc production in the second quarter of 112,000 tonnes decreased from the 136,600 tonnes produced in the same period last year primarily due to lower grades, as expected in the mine plan. Lead production of 21,900 tonnes in the second quarter was lower than 27,500 tonnes produced in the same period last year, reflecting lower grades.

Zinc sales volumes of 36,500 tonnes in the second quarter were 1,400 tonnes higher than the same period last year. Sales volumes in the second quarter were within our previously disclosed guidance range of 30,000 to 40,000 tonnes.

Operating costs, before changes in inventory, capitalization of stripping costs and royalties were US$134 million in the second quarter, US$7 million higher than the same period last year, primarily due to higher labour and operating supply costs associated with increased material movement, consistent with the mine plan.

Red Dog procures diesel during the shipping season each year, the majority of which is expected to be delivered in the third quarter.

Red Dog Mine Life Extension (Red Dog MLE)

We continue to advance the Red Dog MLE project, located in Alaska's Red Dog district approximately 10 to 20 kilometres from our existing Red Dog Operations. The prefeasibility study is progressing, with several opportunities under evaluation to refine the project scope and design criteria. In 2026, we expect growth capital expenditures of between $200–$250 million, which is unchanged from our previously disclosed guidance. The underground decline development contract has been awarded and the all-season road access for the exploration phase has been substantially completed. Current activities are focused on advancing engineering studies, baseline environmental assessments and ongoing drilling of the deposit.

Trail Operations

We completed required maintenance at our Trail Operations in the second quarter, which included a shutdown of the lead circuit, as previously disclosed and as reflected in our annual 2026 production guidance. Refined zinc production of 49,800 tonnes in the second quarter was 1,100 tonnes lower than the same period last year. Refined lead production was 16,300 tonnes in the second quarter, 2,700 tonnes lower than the same period last year. Production of by-products, such as silver and germanium, were also reduced compared to the same period last year.

Operating costs, before changes in inventory, in the second quarter were $24 million or 17% higher than the same period last year at $163 million, primarily due to increased contractor and maintenance costs.

Our continued focus at Trail has been on improving its profitability and cash generation through value driven optimization of feed sources and production, including prioritizing processing of residues in the near term based on suitable market conditions. The benefit of these initiatives, combined with improved pricing for by-products such as silver and germanium, contributed to an increase in profitability in the second quarter compared to the same period last year.

On July 7, 2026, Teck, CGF, and NRCan’s "Canada Critical Minerals Accelerator" announced the signing of a Strategic Investment Agreement (the Agreement) to support the potential expansion of production capacity for germanium, gallium, and antimony at Trail Operations smelting and refining complex in British Columbia.

The Agreement establishes the commercial framework for an equity-like investment by CGF of up to $400 million directly into the facility, as part of an up to $850 million-dollar potential total investment by Teck to sustain and enhance critical minerals processing capacity at Trail Operations from a portfolio of feed sources. The Agreement also provides for the establishment of an offtake structure with the Government of Canada, including offtake rights for a portion of future germanium, antimony and gallium produced by Trail, that will build on Canada’s position as a reliable critical minerals supplier to global partners.

The Agreement reflects the intent of both parties to work towards an investment by CGF to unlock the advancement of Trail’s Strategic Metals Initiative, that could double Trail’s existing production capacity for germanium and antimony, and potentially add new gallium production capacity. Realization of the commercial arrangements contemplated by the Agreement remains subject to certain conditions, including the negotiation and execution of definitive documentation and satisfaction of applicable approvals, including demonstration of the value of the initiative in accordance with our capital allocation framework.

Cost of Sales

Cost of sales was $574 million in the second quarter compared with $426 million in the same period last year. The increase was primarily driven by increased concentrate purchase costs at Trail due to higher commodity prices and higher royalty costs tied to the profitability of Red Dog.

Total cash unit costs¹ for Red Dog were US$0.60 per pound in the second quarter, consistent with the same period last year. Net cash unit costs¹ of US$0.35 per pound in the second quarter were US$0.14 per pound lower than the same period last year due to higher by-product credits driven by increased silver and germanium prices. Our second quarter 2026 net cash unit costs¹ also reflect the normal seasonality of sales at Red Dog.

Outlook

Our 2026–2028 annual production and 2026 annual cost guidance for our zinc segment is outlined in our guidance tables on pages 26–29, and is unchanged from our previously disclosed guidance.

Refined zinc production at Trail is expected to increase in the third quarter as we continue to optimize feed sources, including balancing stockpiled residue processing with residues generated from the zinc circuit. Shutdowns for required maintenance in both the zinc and lead circuit are expected in the fourth quarter in line with our plans and reflected in our previously disclosed annual 2026 production guidance.

As previously disclosed, grades at Red Dog are expected to reduce as the operation nears the end of mine life. We are currently mining in the Aqqaluk and Qanaiyaq pits, with the latter expected to be depleted in 2026. Higher than average precipitation events have caused slippage along a known fault in the Aqqaluk pit requiring mining in areas with lower grade, resulting in lower production of zinc in concentrate expected in 2026, 2027 and 2028, as reflected in our previously disclosed guidance.

The Red Dog shipping season commenced on July 12, 2026. We expect sales of zinc in concentrate at Red Dog to be in the range of 220,000 to 270,000 tonnes in the third quarter of 2026, reflecting the normal seasonality of Red Dog sales.

Our 2026 annual sustaining capital expenditures in our zinc segment are expected to be between $150–$200 million, unchanged from our previously disclosed guidance. Capitalized stripping costs in 2026 are expected to decrease to $5–$10 million as Red Dog nears the end of mine life. As outlined above, Red Dog MLE has several high-quality opportunities that could extend the mine life of Red Dog beyond 2032. The expected 2026 capital spend for these activities is $200–$250 million.

Note:

OTHER OPERATING INCOME AND EXPENSES

Other operating income, net of other expense, was $79 million in the second quarter compared with $60 million expense in the same period last year. The change in the second quarter of 2026 was primarily due to $240 million of positive settlement pricing adjustments in the quarter compared to $3 million in the same period last year and $55 million of gains on disposal of certain legacy and exploration assets within our actively managed exploration asset portfolio, compared to $8 million of gains in the same period last year. These increases were partially offset by $61 million of losses on our commodity derivatives and $39 million of costs associated with our ongoing enterprise resource planning (ERP) system implementation in the quarter.

The table below outlines our outstanding receivable positions, which are valued using provisional prices at June 30, 2026 and March 31, 2026.

In the second quarter, our total general and administration and research and innovation costs were $12 million higher than same period last year primarily due to higher profit-share bonuses relating to improved profitability.

In the second quarter, our finance income was $69 million, consistent with the same period last year.

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 $211 million in the second quarter compared to $233 million in the same period last year, as we continue to reduce the QB project finance facility through scheduled semi-annual repayments.

Non-operating expense, net of non-operating income, was $45 million in the second quarter compared with $23 million of expense in the same period last year. The most significant items in the quarter were $43 million of foreign exchange gains, $39 million of integration and transaction costs and a $43 million loss relating to changes in the carrying value of the financial liability for the preferential dividend stream to Codelco. In the same period last year the most significant item within non-operating expense, net of non-operating income, was $26 million of foreign exchange losses.

Income Taxes

Provision for income and resource taxes was $575 million, or 39% of pre-tax profit. Our effective tax rate this quarter was higher than the Canadian statutory income tax rate of 27% primarily due to resource taxes. 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 development expenditures for HVC and Red Dog MLE and other copper growth projects, certain corporate and finance expenses that are not deductible for resource tax purposes, the 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 June 30, 2026, 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 $10.3 billion as at June 30, 2026, including $6.1 billion of cash. Our cash balance increased by $1.0 billion as of June 30, 2026 compared to December 31, 2025 due to strong cash flows generated by operations.

We returned $61 million to shareholders in the second quarter reflecting our regular base quarterly dividend. During the interim period prior to the closing of the Merger, the arrangement agreement restricts Teck from declaring or paying additional dividend amounts exceeding $0.125 per share per fiscal quarter without the prior approval of Anglo American. We have not executed share buybacks since July 25, 2025, as Teck is restricted from repurchasing securities under the Merger arrangement agreement, and we did not renew our normal course issuer bid in Q4 2025.

Teck maintains a limited recourse QB project financing facility with a remaining balance of US$1.5 billion at June 30, 2026. Pre-completion guarantees for the facility were released upon achievement of project final completion in 2025.

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 negative at June 30, 2026. 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 totalled $2.7 billion at June 30, 2026. 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.

Operating Cash Flow

Cash flow from operating activities was a source of cash of $1.7 billion in Q2 2026, compared with $88 million in the same period last year. The improvement was primarily driven by higher profitability reflecting increased commodity prices, higher copper sales volumes, and lower smelter processing charges. These positive factors were partially offset by larger tax payments relating to increased profitability as well as final tax payments associated with 2025.

Changes in working capital resulted in a source of cash of $167 million in Q2 2026, compared with a use of cash of $300 million in the same period last year. The higher cash inflow in the current period related to a decrease in trade and settlement receivables of approximately $415 million, due to the collection of receivables relating to higher sales in Q1 mainly at QB, HVC and CDA. This was partially offset by the build-up of finished on-site production inventories of $277 million primarily at Red Dog ahead of the shipping season, which started on July 12, 2026.

We expect the build-up of Red Dog's production inventories in working capital through the first half of the year to reverse in Q3 and Q4, in line with the seasonality of sales. Further, 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

Capital expenditures on property, plant and equipment were $633 million in Q2 2026, compared with $355 million in the same period last year, reflecting continued investment in sustaining operations and near-term copper growth. Sustaining capital expenditures were $271 million, up from $199 million in the same period last year. The largest components were at QB for $163 million, primarily for TMF development. Growth capital expenditures increased to $358 million, primarily consisting of $254 million related to the HVC MLE project and $40 million at Zafranal for project work, outlined above.

Capitalized stripping costs increased to $144 million in the second quarter compared with $48 million in the same period last year, reflecting stripping activities related to HVC MLE with the remainder due to higher waste movement at Antamina and QB in line with mine sequencing.

The table below summarizes our year-to-date capital spending for 2026.

Note:

Financing Activities

Cash flow from financing activities in Q2 2026 included a scheduled US$147 million semi-annual repayment on the QB project financing facility, $282 million of interest paid and $61 million paid in base quarterly dividends. Compared to the same period last year, no share repurchases were executed in Q2 2026, as the normal course issuer bid was not renewed following the announcement of the Merger. In Q2 2025, financing activities included $487 million of share buybacks, $289 million of interest paid and $61 million of dividends paid.

FINANCIAL RISK MANAGEMENT

Foreign exchange exposure

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.

U.S. dollar debt and hedging

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, 2026, none 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, all foreign exchange gains or losses arising on our U.S. dollar debt are recorded in profit.

Commodity price volatility and macroeconomic uncertainty

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.

Longer-term commodity outlook and risks

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.

Tariffs and trade measures

We continue to closely monitor the situation with regard to imposition of import tariffs by the United States, and reciprocal measures put in place by other countries. 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 CUSMA.

Geopolitical developments and Middle East Conflict

Geopolitical developments continued to contribute to volatility in financial markets and commodity prices during the quarter. However, underlying real economic activity has proven more resilient than market expectations at the end of Q1 2026, reducing the likelihood of a near-term global downturn.

Significant drawdown of global oil inventories prevented the Middle East conflict from becoming a broader systemic shock, though the supply disruption has renewed inflationary concerns and prompted a pause in monetary easing across developed economies. We experienced higher delivered oil product prices to our operations through early Q2 2026, though these eased as the quarter progressed. We continue to actively monitor this evolving situation for changes that could further disrupt supply chains impacting our purchases or result in longer-term economic disruption. Meanwhile, beyond the initial market response, supply chain stress and potential government interventions could drive a rebound in copper and zinc demand through both corporate and strategic stockpiling. Over the longer term, sustained geopolitical risk may increase inventory buffers and embed a higher risk premium, while reinforcing structurally positive drivers for copper through accelerated electrification, grid investment and energy security policies.

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 attributable to shareholders and adjusted EBITDA⁵ to changes in the Canadian/U.S. dollar exchange rate, commodity prices and WTI oil price, before pricing adjustments, based on our current balance sheet, our 2026 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, and these amounts are excluded from our profit (loss) attributable to shareholders and adjusted EBITDA⁵ calculations in the table below.

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 and settlement receivables and payables. Some of our gains and losses on metal-related financial instruments 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 2025, our guidance for production for 2026 and for the following two years.