Teck Resources delivered annual copper production of 453,500 tonnes for 2025, squarely within its previously disclosed guidance range of 415,000–465,000 tonnes. Strong fourth-quarter performance at Quebrada Blanca contributed 55,400 tonnes, while Highland Valley Copper added 37,100 tonnes. Zinc in concentrate production reached 565,000 tonnes, at the upper end of the 525,000–575,000 tonnes target, driven by 87,300 tonnes from Red Dog and 21,300 tonnes from Antamina. Refined zinc output of 229,900 tonnes also sat at the high end of guidance, reflecting Teck’s strategy to prioritize residue processing over maximum throughput to bolster margins and cash generation. Fourth-quarter sales volumes included 118,600 tonnes of copper and 157,200 tonnes of zinc in concentrate, the latter reflecting seasonally early shipment completion at Red Dog.

Benefitting from stronger base metals markets, Teck expects to record positive fourth-quarter settlement pricing adjustments totaling US$295 million. This uplift stems from higher realized prices on copper, zinc and steelmaking coal, improving revenue recognition on provisional pricing contracts. The adjustment will enhance fourth-quarter earnings and bolster Teck’s cash flow, underpinning near-term liquidity and financing capacity for ongoing project development.

Teck reaffirmed its previously disclosed annual production and unit cost guidance for 2026 through 2028 across all operated sites. While copper guidance for Antamina remains at 95,000–105,000 tonnes for 2026, zinc in concentrate guidance for the same mine has been revised downward to 35,000–45,000 tonnes, reflecting an updated mine plan finalized in Q4 2025. Net cash unit cost targets for both copper and zinc segments remain unchanged, ensuring stable margin expectations. Teck’s guidance reiteration underscores management’s confidence in operational plans at Quebrada Blanca, Highland Valley Copper and the Trail operations, as well as the resilience of its cost structure against commodity price volatility.