Record copper sales and sustained operational performance drive strong Q1 financial results

Teck Resources Limited (TSX: TECK.A and TECK.B) (NYSE: TECK) 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 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.

Note:

1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

Financial Summary Q1 2026

Key Updates

Teck and Anglo American plc Merger of Equals

• On September 9, 2025, Teck and Anglo American plc (Anglo American) announced a merger of equals (the Merger) to form Anglo Teck, a global critical minerals champion headquartered in Canada. Both Anglo American and Teck believe the Merger will be highly attractive for their respective shareholders and stakeholders, enhancing portfolio quality, financial and operational resilience and strategic positioning.
• The Merger is expected to deliver annual pre-tax synergies of approximately US$800 million, with approximately 80% expected to be realized on a run-rate basis by the end of the second year following completion. Anglo Teck will also work with key stakeholders and partners to optimize the value of the adjacent Collahuasi and Quebrada Blanca assets to realize an expected US$1.4 billion (100% basis) of annual average underlying EBITDA² uplift from 2030-2049. The combination between QB and Collahuasi offers shareholders the fastest route to copper growth, at the lowest risk and capital intensity, and delivers the highest returns relative to the standalone alternatives, while not precluding further future expansion at Collahuasi or QB. Together, these future opportunities offer the potential for multi-decade copper growth, in the interests of all stakeholders, in Chile and around the world.
• On December 9, 2025, shareholders of both Teck and Anglo American approved the Merger as required under the arrangement agreement. On December 15, 2025, Teck and Anglo American received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for the Merger.
• The Merger remains subject to customary closing conditions for a transaction of this nature, including regulatory approvals. The parties continue to work collaboratively toward securing the required approvals, advancing the transaction to completion, and progressing integration planning.

Notes:

1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.
2. This is a non-GAAP financial measure. See the Management Proxy Circular for the special meeting of shareholders of Teck Resources Limited held on December 9, 2025, filed under Teck’s profile on SEDAR+ (www.sedarplus.ca) for further information.

QB Action Plan Update and Q1 Performance

• QB had strong production in Q1 2026, reflecting the continued focus on operational stability, and advancement of the tailings management facility (TMF) development work.
• Q1 2026 copper production at QB was 55,500 tonnes, consistent with production in Q4 2025, despite a planned maintenance shutdown early in the quarter and a shorter operating month in February, indicating improved underlying production performance on a comparable basis. Strong performance was supported by higher throughput and consistent recoveries in March.
• Q1 2026 molybdenum production at QB was 640 tonnes, reflecting another quarter of strong operational performance and process stability.
• Throughput increased progressively during the quarter, supported by improved operational discipline and enhanced integration across mine and plant activities. The improvement in throughput in March confirms that the concentrator is operating as expected under stable conditions, with first-quarter variability primarily attributable to temporary system instability following the planned shutdown.
• Record quarterly copper sales at QB of 70,300 tonnes were significantly higher than Q4 2025 and the same period last year. Sales volumes in Q1 2026 at QB exceeded production with the shipment of inventory carried over from 2025.
• In Q1 2026, development of the TMF progressed as planned and supported continuous operations, with the successful completion of Rock Bench 4. Overall TMF development performance remained stable and sand deposition rates improved during the quarter with continued improvement expected. In addition, we are continuing to progress Rock Bench 5, as planned.
• Shiploader repairs at QB’s port facility were completed at the end of January 2026. The first successful shipments were loaded in early February and normal operation of the shiploader has continued since that time.
• QB net cash unit costs¹ of $2.27 per pound in the first quarter decreased significantly compared to $2.66 per pound in the same period last year, primarily due to higher copper sales volumes and favourable by-product credits.

Safety and Sustainability Leadership

• Our annual 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.
• On March 12, 2026, we released our 25th annual Sustainability Report, outlining Teck’s 2025 performance in key areas, including support for communities, Indigenous Peoples, health and safety, diversity and climate.

Note:

1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

Guidance

• There are no changes to our previously disclosed guidance, which is outlined in summary below and our usual guidance tables, including 2027–2028 production guidance, can be found on pages 26–29 of Teck’s first quarter results for 2026 at the link below.

Note:

1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted.

Click here to view Teck’s full first quarter results for 2026.