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Teck Announces Copper Nickel Projects Joint Venture with PolyMet

Press Release

July 20, 2022

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced an agreement with PolyMet Mining Corp. (“PolyMet”) to form a 50:50 joint venture to advance PolyMet Mining Inc’s NorthMet Project (“NorthMet”) and Teck’s Mesaba mineral deposit (“Mesaba”). The joint venture will be named NewRange Copper Nickel LLC (“NewRange Copper Nickel”). Glencore plc (“Glencore”) will retain its majority equity interest in PolyMet and provide financial support for its share of the funding commitment to the joint venture.

“The NewRange Copper Nickel joint venture brings together two large, well defined mineral resources in the established Iron Range mining region of Minnesota,” said Don Lindsay, President and CEO. “This agreement will help unlock a new domestic supply of critical metals for the low-carbon transition through responsible mining.”

Closing of the transaction will be subject to customary closing conditions, including receipt of all required regulatory approvals.

About NorthMet
The NorthMet Project is located near both existing and closed iron ore mines and utilizes existing brownfield tailings storage and plant locations to minimize environmental impact. NorthMet is expected to produce 29,000 tonnes of ore per day over a 20-year permitted mine life, with first production targeted for 2026. Over its first full five years of operations, NorthMet is expected to deliver annual payable production of 30,000 tonnes of copper, 3,600 tonnes of nickel, 58,000 ounces of palladium, and 12,000 ounces of platinum.

About Mesaba
The Mesaba mineral deposit, located in the Duluth Complex near the NorthMet Project, contains one of the world’s largest undeveloped copper-nickel resources. While further studies and community consultations are required to fully define the long-term development potential, Mesaba represents a strategic metal resource for North America.

Morgan Stanley is acting as financial advisor to Teck.

About Teck
As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Teck Media Contact
Chris Stannell
Public Relations Manager
604.699.4368
[email protected]

Teck Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations & Strategic Analysis
604.699.4621
[email protected]

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