Teck Resources Limited (TSX: TECK.A and TECK.B) (NYSE: TECK) announced it has determined not to proceed with the consideration by its shareholders at its upcoming annual and special meeting on April 26, 2023 of the current proposal to reorganize Teck’s business into two companies: Teck Metals Corp. and Elk Valley Resources Ltd. and the related items of business in respect of the consideration of the stock option plan for EVR and the shareholder rights plan for EVR.

“On behalf of Teck’s Board, I thank our shareholders for their support and consideration, as well as the feedback shared throughout this process,” said Sheila Murray, Chair of the Board, Teck. “The Board will focus on incorporating the feedback heard into a revised value-enhancing separation to maximize value for shareholders.”

“We received very strong support from shareholders for the goal of separation, which is to unlock value through creation of a premier, pure-play base metals company and a world-class steelmaking coal company. We have also listened and heard the feedback that some shareholders would prefer a more direct approach to separation,” said Jonathan Price, CEO. “Our plan going forward is to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for our shareholders.”

“In the interim, Teck is poised for value creation; we are ramping up our flagship QB2 copper project to full production, advancing our industry-leading pipeline of copper growth projects, and safely and responsibly optimizing production at our existing operations,” said Price. “Glencore’s rejected proposals remain a non-starter, with the same flawed structure and material execution risks identified by our Board.”

All other matters to be considered at the Meeting remain unchanged and are further described in the management proxy circular in respect of the Meeting, which is available under Teck’s profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov), and on Teck’s website (www.teck.com). The Meeting will proceed as scheduled at 12 p.m. PDT to consider these other matters.

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,