Teck Reports Unaudited First Quarter Results for 2026

Press Release

April 22, 2026

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

“We delivered a very strong start to 2026, underpinned by record quarterly copper sales, strong commodity prices, and disciplined execution across our operations,” said Jonathan Price, President and CEO. “Quebrada Blanca (QB) delivered robust and consistent performance, achieving all-time high quarterly copper sales and ongoing operational stability. Our quarterly financial results demonstrate the resilience and potential of our portfolio and the strength of our balance sheet. Moving forward, we remain focused on disciplined operating performance and advancing the merger of equals with Anglo American toward a successful close.”

Highlights

Adjusted EBITDA¹ of $2.1 billion in Q1 2026 was $1.2 billion or 125% higher than the same period last year, driven by record quarterly copper sales volumes, significantly higher commodity prices and increased revenue from by-products. Our profit before taxes was $1.3 billion in Q1 2026.
Adjusted profit attributable to shareholders¹ in Q1 2026 was $858 million, or $1.75 per share, compared to $303 million, or $0.60 per share, in the same period last year. Profit attributable to shareholders was $819 million or $1.67 per share.
Cash flow from operations of $1.0 billion increased our net cash¹ position by $338 million at March 31, 2026. Our liquidity as at April 22, 2026 is $9.8 billion, including $5.7 billion of cash, bolstered by continued cash flow generation into April.
Our copper segment generated gross profit before depreciation and amortization¹ of $1.8 billion in Q1 2026 compared to $704 million in the same period last year, primarily driven by record copper prices, which averaged US$5.83 per pound in Q1 2026 and record quarterly copper sales volumes. Gross profit from our copper segment was $1.4 billion in Q1 2026.
QB copper sales volumes of 70,300 tonnes in Q1 2026 were a quarterly record and materially exceeded production volumes of 55,500 tonnes as inventory was drawn down.
QB delivered strong production in Q1 2026, consistent with Q4 2025 and reflecting ongoing operational stability. This result was achieved despite a planned maintenance shutdown and a shorter operating month in February, indicating improved underlying production performance on a comparable basis.
Our zinc segment generated gross profit before depreciation and amortization¹ of $387 million in Q1 2026, compared to $225 million in the same period last year driven by higher commodity prices and continued focus on cash flow generation through our optimized feed strategy at our Trail Operations.

Gross profit from our zinc segment was $359 million in Q1 2026 of which $257 million related to our Trail Operations.

Our annual High-Potential Incident (HPI) frequency rate remained low at 0.05 in Q1 2026, below the 2025 annual rate of 0.06, which matched Teck’s best annual result.

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