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Teck Notification of Technical and Supplemental Updates to the Separation Transaction Terms

Press Release

Vancouver, B.C.  – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced certain technical and supplemental updates to the terms of Teck’s proposed reorganization to separate into Teck Metals Corp. (“Teck Metals”) and Elk Valley Resources Ltd. (“EVR”) to be voted on by shareholders on April 26, 2023.

As described in Teck’s management proxy circular dated March 23, 2023, the separation provides Teck Metals with continued access to steelmaking coal cash flows for a transition period, through ownership of preferred shares in the capital of EVR and a royalty. The changes to the terms of the separation proposal include permitting the majority holders of the EVR royalty to require EVR to purchase the royalty upon a breach by EVR of the capital expenditure or indebtedness covenants under the Investment Covenant Agreement or upon failure to pay the EVR royalty, in each case that continues unremedied for 15 days.

In addition, the terms of the EVR preferred shares have been updated to (i) make housekeeping changes to address proposed amendments to the Income Tax Act (Canada) related to share buybacks and to the calculation of Free Cash Flow, and (ii) provide holders the right to retract EVR preferred shares upon a breach by EVR of the capital expenditure or indebtedness covenants under the Investment Covenant Agreement that continues unremedied for 15 days. A copy of the revised preferred share terms of EVR will be attached to an amendment to the arrangement agreement between Teck and EVR, which will be filed under Teck’s profile on SEDAR ( and on EDGAR (, and on Teck’s website (

Barclays Capital Canada Inc. and Ardea Partners LP are serving as financial advisors to Teck. Stikeman Elliott LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal advisors.

BMO Capital Markets, Goldman Sachs & Co. LLC, and Origin Merchant Partners are serving as financial advisors to the Special Committee and Blake, Cassels & Graydon LLP and Sullivan & Cromwell LLP are acting as legal advisors to the Special Committee.

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 or follow @TeckResources.

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

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


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