Teck Announces Filing of Meeting Materials and Receipt of Interim Court Orders in Respect of Proposed Spin Off of Steelmaking Coal Business and Sunset for Dual Class Share Structure

Press Release

April 03, 2023

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced it has filed the management proxy circular (the “Circular”) and related materials for its annual and special meeting of shareholders to be held on April 26, 2023 (the “Meeting”). At the Meeting, Teck is seeking shareholder approval for, among other things, the previously announced reorganization of Teck’s business (the “Separation”) to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”), and the previously announced proposal to introduce a six-year sunset for the multiple voting rights attached to the Class A common shares of Teck (the “Dual Class Amendment”), all of which are described in the Circular.

“Teck has secured all regulatory approvals required to proceed with our proposed separation and create two world-class companies committed to responsibly providing essential resources the world needs,” said Jonathan Price, CEO. “Our planned separation is in the best interests of Teck and all its stakeholders, providing investors with a clear choice for allocating investment between a premier copper growth company and a high margin, pure play steelmaking coal company, while creating more opportunities to maximize value for shareholders in the future.”

“This transaction is the result of a comprehensive review conducted by our Board and represents the best path forward to realizing Teck’s full potential,” said Sheila Murray, Chair of the Board, Teck. “This separation positions both businesses for even greater success, allows shareholders to optimize their exposure to the different underlying commodities, and maximizes long-term value without limiting optionality going forward.”

Teck also announced today that the Supreme Court of British Columbia has granted interim orders (the “Interim Orders”) in connection with the Separation and the Dual Class Amendment. The Interim Orders authorize the calling and holding of the Meeting to approve the Separation and the Dual Class Amendment. Copies of the Interim Orders are attached to the Circular.

The Board of Directors of Teck is recommending that shareholders vote for each of the Separation and the Dual Class Amendment.

The Separation and the Dual Class Amendment are not conditional on one another and if both the Separation and the Dual Class Amendment are approved, the Dual Class Amendment is expected to occur before the implementation of the Separation.

Shareholders of record as of the close of business on March 7, 2023 are entitled to receive notice of and vote at the Meeting. The Circular provides important information relating to the Separation, the Dual Class Amendment and related matters, voting procedures and how to attend the Meeting. Shareholders are urged to read the Circular carefully and in its entirety. The Circular is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and at www.TECKAGSM.com.

Shareholders who have questions regarding the Separation or the Dual Class Amendment or require assistance with voting at the Meeting should contact Teck’s proxy solicitation agent, Kingsdale Advisors, by phone or text at 1-888-213-0093 toll-free in North America or 1-416-623-2512 outside of North America (collect calls accepted), or by email at [email protected].

About the Separation
The proposed Separation will create two world-class resource companies and provide investors with choice for allocating investment between two businesses with different commodity fundamentals and value propositions. Teck Metals will be growth-oriented, with premier, low-cost base metals production, a top-tier copper development portfolio and a disciplined capital returns policy. EVR will be a high-margin Canadian steelmaking coal producer, focused on long-term cash generation and providing cash returns to shareholders, with significant equity value accretion potential. Both companies will remain committed to strong environmental and social performance. For more information: click here

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. 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.

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

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

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