Global Metals, Mining & Steel ConferenceMay 16, 2017

Forward Looking Information

Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities LitigationReform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (collectively referred to herein as forward-looking statements).Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teckto be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statementsinclude statements relating to our long-term strategies and priorities, the long-life of our assets and estimated resource life, the possibility that we will have a longerresource life in zinc very soon, our production guidance, estimated profit and estimated EBITDA and the sensitivity of estimated profit and estimated EBITDA to foreignexchange and commodity prices, the statement that the improving zinc market could translate into hundreds of millions of additional EBITDA this year and a number ofyears going forward, estimated future cash flow and cash flow potential, our expectations regarding market supply, demand and price in the commodities we produce,including our expectations regarding factors which may impact supply or demand in key markets, the expected timing and amount of production at the Fort Hills oil sandsproject and expectation that the oil price environment will be above our costs of production, potential EBITDA, potential of expanded zinc uses, our statement thatQuebrada Blanca 2 is a potential tier 1 asset, the statements made regarding the potential mine life, capital costs, mine life extension and expansion optionality andproduction for our Quebrada Blanca Phase 2 project, our statements regarding our Satellite Project, including, statements regarding the value, mine-life and potential ofthese projects, the statement that debt reduction remains a priority, routes to value realization, our statements regarding the sustainability of our cost-managementprogram, statements regarding Red Dog resource potential, 2017 production guidance and cost guidance, 2017 capital expenditures guidance, our growth/value pipeline,our statements regarding expected strip ratios, statements relating to the “Five Year Plan: Sustain 27 Million Tonnes” slide, our statements regarding potential increases inport capacity, expectation of future copper deficits, all projections for our Quebrada Blanca 2 project, including those on the slides titled “Quebrada Blanca 2 Overview”and “QB2: Robust Economics & Tier 1 Attributes”, all projections for NuevaUnión, including statements made on the “NuevaUnión: Project Overview” slide, projections andexpectations regarding our Satellite Project including those on the “Satellite Project: 5 Quality Base Metal Assets” slide, our predictions regarding zinc supply and demand,Fort Hills project indicative NPV and life, financial projections and other statements regarding the Fort Hills project, including those made on the “The Real Value of Long-Life Assets” slide, transportation capacity and our ability to secure transport for our Fort Hills production, statements regarding our sustainability goals, and management’sexpectations with respect to production, demand and outlook regarding coal, copper, zinc and energy.

These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially, which are described in Teck’s publicfilings available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements in these slides and accompanying oral presentationare based on assumptions regarding, including, but not limited to, general business and economic conditions, the supply and demand for, deliveries of, and the level andvolatility of prices of, zinc, copper and coal and other primary metals and minerals as well as oil, and related products, the timing of the receipt of regulatory andgovernmental approvals for our development projects and other operations, our costs of production and production and productivity levels, as well as those of ourcompetitors, power prices, continuing availability of water and power resources for our operations, market competition, the accuracy of our reserve estimates (includingwith respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, conditions in financial markets, the futurefinancial performance of the company, our ability to attract and retain skilled staff, our ability to procure equipment and operating supplies, positive results from the studieson our expansion projects, our coal and other product inventories, our ability to secure adequate transportation for our products, our ability to obtain permits for ouroperations and expansions, our ongoing relations with our employees and business partners and joint venturers. Reserve and resource life estimates assume the mine lifeof longest lived resource in the relevant commodity is achieved, assumes production at planned rates and in some cases development of as yet undevelopedprojects. Management’s expectations of mine life are based on the current planned production rates and assume that all resources described in this presentation aredeveloped. Certain forward-looking statements are based on assumptions disclosed in footnotes to the relevant slides. Our estimated profit and EBITDA and EBITDAsensitivity estimates are based on the commodity price and currency exchange assumptions stated on the relevant slide. Cost statements are based on assumptionsnoted in the relevant slide. Assumptions regarding Fort Hills also include the assumption that project development and funding proceed as planned, as well asassumptions noted on the relevant slides discussing Fort Hills. Assumptions regarding our potential reserve and resource life assume that all resources are upgraded toreserves and that all reserves and resources could be mined. The foregoing list of assumptions is not exhaustive.

2

Forward Looking Information

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in market demand for ourproducts, changes in interest and currency exchange rates, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and metallurgicalassumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant,equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action ordelays in the receipt of government approvals, industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safetyand environmental matters), union labour disputes, political risk, social unrest, failure of customers or counterparties to perform their contractual obligations, changes inour credit ratings or the financial market in general, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits or securingtransportation for our products, inability to address concerns regarding permits of environmental impact assessments, changes in tax benefits or tax rates, resolution ofenvironmental and other proceedings or disputes, and changes or deterioration in general economic conditions. We will not achieve the maximum mine lives of ourprojects, or be able to mine all reserves at our projects, if we do not obtain relevant permits for our operations. Our Fort Hills project is not controlled by us andconstruction and production schedules may be adjusted by our partners. NuevaUnión is jointly owned. The effect of the price of oil on operating costs will be affected bythe exchange rate between Canadian and U.S. dollars.

Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions thatdemand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not bedisrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weatherconditions, and that there are no material unanticipated variations in the cost of energy or supplies.

We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning assumptions, risks anduncertainties associated with these forward-looking statements and our business can be found in our most recent Annual Information Form, as well as subsequent filingsof our management’s discussion and analysis of quarterly results, all filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov).

3

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

4

Attractive Portfolio of Long-Life Assets In Low Risk Jurisdictions

Zinc Energy

Steelmaking Coal Copper

5

Diversified business model

Attractive portfolio of long life assets

Low half of the cost curve

Appropriate scale

Low risk jurisdictions

Quality organic growth

Consistent Long-Term Strategy

6

Mid-Point of Production Guidance

Unit of Change

Effect on Annual Estimated

Profit3

Effect on Annual Estimated

EBITDA1

$C/$US C$0.01 C$42M /$0.01∆ C$68M /$0.01∆

Coal 27.5 Mt US$1/tonne2 C$21M /$1∆ C$32M /$1∆

Copper 282 kt US$0.01/lb C$5M /$0.01∆ C$7M /$0.01∆

Zinc 904 kt US$0.01/lb C$9M /$0.01∆ C$13M /$0.01∆

The Value of our Diversified Business Model

Leverage to Strong Steelmaking Coal & Zinc Markets in 2017

1. Non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. Annual effect based on commodity prices and our balance sheet as of February 14, 2017 and a C$/US$ exchange rate of 1.30. Assumes the midpoint of 2017 guidance ranges. Zinc effect on annual estimated EBITDA was updated as of April 24, 2017 and includes 602 kt of zinc in concentrate and 302 kt of refined zinc.

2. Based on a US$1/tonne change in benchmark premium steelmaking coal price.7

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

8

60

90

120

150

180

210

240

270

300

$ / to

nne

Quarterly Contract SettlementArgus FOB Australia

Coal Price Assessments

Source: Argus Plotted to May 3, 2017

Price Spike Q4 2016• Price induced closures globally• Supply disruptions from weather

& temporary mine failures• Inventory build by mills due

concern about supply disruptions• Chinese policy

Price Correction Q1 2017• Price induced supply response• Inventory drawdown by mills as

no signs of supply disruptions• Chinese policy

Price Spike April 2017• Cyclone Debbie disrupts

Australian supply

Steelmaking Coal Price Normalizing?

Prices driven >US$300 for the fourth time since 20089

Slowing Copper Mine Production Growth

Copper Production Expected to Decrease Uncommitted Projects Increasingly Delayed

Existing and Fully Committed Mines

Committed and operating mine production peaking & replacement projects delayed

Source: Wood Mackenzie, CRU, ICSG, Teck

0

2,000

4,000

6,000

8,000

10,000

12,000

2018FLast Year

2018FToday

2020FLast Year

2020FToday

2022Last Year

2022Today

Thou

sand

Ton

nes

Base Highly Probable Probable Possible

15%in

Base Case

15% in

Base Case

10% in

Base Case

0

5,000

10,000

15,000

20,000

25,000

30,000

2010

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sand

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Mine Production SXEW ScrapProjects Demand

10

Multiple Signs of Tightness in Zinc Market

TCs Fall to Historic Lows Chinese Smelter Utilization Falls

$0

$100

$200

$300

$400

$500

2006 2008 2010 2012 2014 2016Spot TC Annual TC

Source: Teck, CRU, Wood Mackenzie

LME/SHFE Stocks Declining

0

20

40

60

80

100

Jan-

12

May

-12

Sep

-12

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13

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-13

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-13

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May

-14

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-14

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15

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-15

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-15

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16

May

-16

Sep

-16

Jan-

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%

Smelter utilization rateLarge smelters (>200kt)Medium-sized smelters (100-200kt)Small smelters (20-100kt)

US Premiums Spike Higher

0

500

1,000

1,500

2000

2001

2002

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2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Thou

sand

s of

Ton

nes

LME Stocks SHFE

02468

1012

Zinc Special High Grade- High

Source: LME/SHFE Source: LME/SHFE

11

Source: Consensus Economics, April 2017

Fort Hills first production may coincide with forecasted supply deficit

Oil Market to Rebalance

Global Crude Oil Supply and Demand Balances

Mill

ion

of b

arre

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er d

ay

Mill

ion

of b

arre

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er d

ay

12

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

13

First Quarter 2017 Highlights

• Record coal sales in March

• Adjusted EBITDA of $1.5B1,2

• Gross profit up >$1B1,3

• Repurchased ~US$1B notes outstanding

• Fort Hills construction >83% complete

• Reported annual zinc concentrate treatment charges decrease significantly in favour of miners

1. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.2. Adjusted EBITDA is based on the same adjustments made to adjusted profit, applied on a pre-tax basis.3. Before depreciation and amortization.

14

Significant Cash Flow Generation

Potential EBITDA1

Less: Corporate

Steelmaking Coal

Copper

Zinc

1. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. Estimates are based on the mid-point of our2017 production guidance ranges and assume a C$/US$ exchange rate of 1.30 and our typical steelmaking coal sales mix of 40% contract and 60% spot. The steelmaking coal priceassumption is based on a combination of our Q1 2017 realized price of US$213 per tonne, and an assumed quarterly contract benchmark price of US$155 per tonne and an averagerealized price of 92% of the contract price for the balance of the year. Base metal price assumptions are based on the 2017 year to date average copper price of US$2.60 perpound and average zinc price of US$1.25 per pound. Actual prices will vary, and operating performance and sales may vary materially for a variety of reasons, causing these productionand sales estimates to be materially incorrect. These estimates are based on numerous assumptions, and are subject to various risks and uncertainties that may cause results to varymaterially. Please see the Cautionary Note on Forward-Looking Information at the beginning of this presentation for more specific information.

• Strong operating margins

• Significant leverage to coal, copper and zinc prices

2017 Based on Current Prices

Energy starts contributing EBITDA1 in 2018

>C$5 Billion

15

Largest Global Net Zinc Mining Companies

0

50

100

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200

250

300

350

400

Thou

sand

tonn

es

Source: Wood Mackenzie, 2016.

Teck is the Largest Net MinerProvides Increased Exposure to Zinc Price

Public Company

Private CompanyTeck

16

Defending / Expanding Zinc Market

Giga SteelUltrahigh-strength & galvanizable competes

well with aluminum.

Source: IZA, New York State Thruway Authority, Zinc.org

Continuous Galvanized RebarHigh productivity process which enables coated rebar to be shaped in the field.

Zinc Thermal SprayPortable technology to spray molten zinc

onto a steel surface .

Zinc Micro-Nutrient FertilizerZinc micronutrient in fertilizer well accepted

and growing market.

17

• Construction >83% complete• 4 of 6 areas turned over to Operations• >60% operations personnel hired• First oil end of 2017

Source: Fort Hills Energy Limited Partnership, Fall 2016.

Fort Hills Project Status & Progress

18

Quebrada Blanca 2: Potential Tier 1 Asset

Potential top 15 copper producer globally‒ 300 ktpa copper equivalent production in first 5 years

Total costs (AISC) well in low half of cost curve‒ Exceptionally low strip ratio

Initial mine life 25 years with ~25% of reserves & resources‒ Optionality for expansion or much longer life

Attractive capital intensity‒ Development capital costs reduced significantly

Familiar, mining-friendly jurisdiction

19

Satellite Project: Overview

• Situation: Strong base metal growth options largely invisible to the market

• Objective: To surface the value in 3-5 years

• Possible routes to value realization include:‒ Prudent funding to increase certainty of

development‒ Work with development partner(s) to

advance in a timely manner‒ IPO, sell down and/or divest at the

appropriate time ‒ Build as a Teck project

Staged Growth/Value Pipeline

Future Options

ZincWorld-class resource combined with integrated assets

CopperStrong platform with substantial growth options

San Nicolás (Cu-Zn)

Mesaba

Zafranal

Schaft Creek

Galore Creek

20

Achieved Significant Debt Reduction

1. As at April 24, 2017.2. Our revolving credit facility requires a debt to debt-plus-equity ratio of <50%. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news

releases for further information.

Notes Outstanding

Current Debt Portfolio1

Public notes outstanding US$5.1B

Average coupon 5.7%

Annual interest savings ~US$55M

Weighted average term to maturity ~15 years

Debt to debt-plus-equity ratio2 27%

Undrawn credit facility US$3.0B

Tender offer to purchase US$1B of outstanding public notes completed on March 8, 2016

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

30/09/2015 31/12/2015 30/09/2016 31/12/2016 31/03/2017

US$

Bill

ion

21

Returning Cash to Shareholders

• Increased the dividend‒ Annualized dividend of $0.20/share ‒ Payment quarterly

• Shift in dividend policy to align with cyclical nature of our business‒ Variable component, at the Board’s

discretion

22

• Continuing to execute for higher production per share− No equity dilution− No operating assets sold− Investing in production growth from Fort Hills− Maintaining strong liquidity− Reducing debt & managing maturities

• Benefiting from the right commodity mix at the right time

• Reducing debt

• High quality organic growth options

Summary

23

Additional Information

24

NorthAmerica

~22%Europe~14%

LatinAmerica

~3%

China~19%

Asia excl. China~42%

Diversified Global Customer BaseExposure to Recovery in Developed Markets As well as Growing Emerging Markets

* Based on 2016 revenue.

Revenue Contribution from Diverse Markets*

25

>$1B of Annualized Savings

Largest savings from mining productivity

Annualized Savings from Major Cost Reduction Program Initiatives

- $100 $200 $300 $400

Other ($22M)

Components (life/cost) ($12M)

Plan optimization ($51M)

Pricing Improvements ($26M)

Equipment Rental Savings ($28M)

Admin savings ($79M)

Idling & Energy Savings ($66M)

Consumables ($77M)

Employee Cost Reduction ($191M)

Contractors/Consultants Reduction ($216M)

Mining Productivity ($354M)

2013 Initiatives 2014 Initiatives 2015 Initiatives 2016 Initiatives

CAD$ millions

26

Solid Record of Delivery Against Guidance

27

Solid Delivery Against 2016 Guidance

1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range.2. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. Total cash unit costs are unit cost of sales

plus capitalized stripping. US dollar unit costs assume a Canadian dollar to US dollar exchange rate of 1.33 in 2016 and 1.30 in 2017.3. Non-GAAP financial measures. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.4. Includes one-time collective agreement settlement charges of $2 per tonne.5. Net of by-product credits.6. Copper total cash unit costs include cash C1 unit costs (after by-product margins) and capitalized stripping. 7. Including co-product zinc production from our copper business unit.8. Including capitalized stripping.

Guidance ResultsSteelmaking Coal

Production 25-26 Mt 27.6 Mt Record productionSite costs $45-49/t $43/tCapitalized stripping $11/t1 $10/tTransportation costs $35-37/t $34/t

Total cash unit costs2,3 $91-97/tUS$69-73/t

$89/t4US$67/t4

Lower unit costs

CopperProduction 305-320 kt 324 ktC1 unit costs5 US$1.50-1.60/lb US$1.35/lbCapitalized stripping US$0.21/lb1 US$0.17/lbTotal cash unit costs3,6 US$1.71-1.81/lb US$1.52/lb Lower unit costs

ZincMetal in concentrate production7 630-665 kt 662 ktRefined production 290-300 kt 312 kt Record production

Capital Expenditures8 $2.0B $1.9B Lower capex

28

Higher Margin Despite Lower Prices

29 1 Before depreciation and amortization.* The Teck Commodities Index reflects an equal weighting of steelmaking coal, copper and zinc prices, with each price rebased to 100 in 2014.

• Average commodity prices dropped 11% in 2014-2016

• 8-point margin improvement, driven by cost management program‒ Implemented in 2013‒ Focused on productivity‒ Reduced unit costs ‒ Lowered corporate costs

Gross Profit Margin1 vs. Indexed Prices

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ss p

rofit

mar

gin

(%)

Teck

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rice

Inde

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2014 2015 2016

Gross Profit Margin (lhs) Teck Commodities Index* (rhs)

29

2016 Results 2017 Guidance*Steelmaking Coal

Production 27.6 Mt 27-28 MtSite costs $43/t $46-50/tCapitalized stripping $10/t $16/t1

Transportation costs $34/t $35-37/t

Total cash costs2, 3 $89/tUS$67/t

$97-103/tUS$74-79/t

CopperProduction 324 kt 275-290 ktC1 unit costs4 US$1.35/lb US$1.40-1.50/lbCapitalized stripping US$0.17/lb US$0.18/lb1

Total cash costs4 US$1.52/lb US$1.58-1.68/lbZinc

Metal in concentrate production5 662 kt 590-615 ktRefined production 312 kt 300-305 kt

2017 Production & Site Cost Guidance

* As at April 24, 2017.1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range.2. Average C$/US$ exchange rate of 1.33 in 2016. Assumes C$/US$ exchange rate of 1.30 in 2017.3. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. Total cash costs are unit cost of sales

plus capitalized stripping. 4. Net of by-product credits. Copper total cash costs Include cash C1 unit costs (after by-product margins) and capitalized stripping. 5. Including co-product zinc production from our Copper business unit.

30

($M) SustainingMajor

EnhancementNew Mine

Development Sub-totalCapitalized

Stripping TotalSteelmakingCoal 140 120 - 260 430 690Copper 130 20 200 350 140 490

Zinc 210 15 20 245 50 295

Energy 50 - 675 725 - 725

TOTAL 530 155 895 1,580 620 2,200

Total capex of ~$1.6B, plus capitalized stripping

2017 Capital Expenditures Guidance

31

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2012 2013 2014 2015 2016 2017Guidance

New MineDevelopment

MajorEnhancements

Sustaining Capital

CapitalizedStripping

$M

Capital Expenditures

Total Capital Expenditures 2012-2017

32

Strong platform combined with diverse portfolio of options allows us to be selective for risk/reward opportunity and timing

Staged Growth/Value Pipeline

In Construction Pre-Sanction

EnergyBuilding a new business through partnership

Fort Hills Frontier

Lease 421

Future OptionsMedium-Term Growth Options

ZincWorld-class resource combined with integrated assets

Red DogSatellite Deposits

Cirque

Trail #2 Acid Plant

Red DogMill Optimization

Teena

CoalWell established with capital efficient value options

Elk Valley Replacement Brownfield Quintette/Mt. Duke

Elk Valley Brownfield

Neptune Terminals to >18Mtpa Coal Mountain 2

CopperStrong platform with substantial growth options

San Nicolás (Cu-Zn)

QB Phase 2 NuevaUnión Mesaba

ZafranalHVC Brownfield

Schaft Creek

Antamina Brownfield

Galore Creek

33

Operation Expiry DatesHighland Valley Copper In Negotiation - September 30, 2016Trail May 31, 2017Cardinal River June 30, 2017

Quebrada BlancaNovember 30, 2017

January 31, 2019March 31, 2019

Quintette April 30, 2018Antamina July 31, 2018Coal Mountain December 31, 2018Line Creek May 31, 2019

Carmen de Andacollo September 30, 2019December 31, 2019

Elkview October 31, 2020Fording River April 30, 2021

Collective Agreements

34

No Substantial Maturities for 5 Years

1. As at April 24, 2017.

Maturity Profile1

Few maturities through potential QB2 construction period

US

$M

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Senior Unsecured Notes Senior Unsecured Guaranteed Notes Repurchased in 2017

35

Credit Ratings

S&P Moody’s Fitch

BBB Baa2 BBB

BBB- Baa3 BBB-

BB+ Ba1 BB+

BBstable Ba2 BB

positive

BB- Ba3positive BB-

Investment Grade

Non-Investment Grade

Supported by:• Diversified business model• Low risk jurisdictions• Low cost assets• Conservative financial policies• Significant cost reductions• Capital discipline• Excellent operating execution• Increasing coal production• Responsible dividend• Reducing debt

Constrained by:• Debt-to-EBITDA*, due to improving metrics

Debt reduction is a priority

As at April 24, 2017.* EBITDA is a Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.

Issuer Credit Ratings

36

Teck Credit Ratings vs. Bloomberg Commodity Price Index

Credit Ratings Reflect Commodity Prices

Plotted to May 4, 2017

0

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Moody's S&P Fitch LME Index (Right Axis)

BBB/Baa2

BBB-/Baa3

BB+/Ba1

BB/Ba2

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BBB+/Baa1

B+/B1

B/B2

B-/B3

A+/A1

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rade

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37

Tax Efficient Earnings in Canada

~$6 billion in available tax pools1, including:• $4.6B in loss carryforwards• $1.3B in Canadian Development Expenses

Applies to:• Cash income taxes in Canada

Does not apply to:• Resource taxes in Canada• Cash taxes in foreign jurisdictions

Multiples should reflect tax efficiency of earnings

1. As of December 31, 2016.38

Our Sustainability Strategy

2011: Launch strategy with short and long-term goals

2015: Complete first set of short-term goals

2020: Target date for short-team goals

2030: Target date for long-term goals

Community Water Our People Biodiversity Energy and Climate Change

Air

39

Our External Recognition

Best 50 Corporate Citizens in Canada 2016

On the Dow Jones Sustainability World Index seven years in a row

Top 50 Socially Responsible Corporations in Canada

Listed on FTSE4Good Index in 2015

40

Note: Based on public filings and Teck’s press release dated April 21, 2017. Assumes Temagami Mining Company Limited has sold 35,000 Class B shares to fund cash taxes.

Teck Resources LimitedApril 21, 2017

Shares Held Percent Voting RightsClass A ShareholdingsTemagami Mining Company Limited 4,300,000 55.39% 31.91%SMM Resources Inc (Sumitomo) 1,469,000 18.89% 10.90%Public 2,008,304 25.82% 14.90%

7,777,304 100.00% 57.71%Class B SharesTemagami Mining Company Limited 725,000 0.13% 0.05%SMM Resources Inc (Sumitomo) 295,800 0.05% 0.02%China Investment Corporation (Fullbloom) 101,304,474 17.78% 7.52%Public 467,554,085 82.04% 34.70%

569,879,359 100.00% 42.29%Total SharesTemagami Mining Company Limited 5,025,000 0.87% 31.96%SMM Resources Inc (Sumitomo) 1,764,800 0.31% 10.92%China Investment Corporation (Fullbloom) 101,304,474 17.54% 7.52%Public 469,562,389 81.29% 49.60%

577,656,663 100.00% 100.00%

Share Structure & Principal Shareholders

41

Outstanding Valuation Thesis

• Share price increase of ~500% in 2016• Valuation hasn’t kept pace with expected EBITDA increase

‒ EV/EBITDA multiple trailing Global Diversified comparables

Source: Capital IQ. Plotted to May 3, 2017.

Teck vs. Global DiversifiedsDividend Adjusted Share Pricing

Teck vs. Global DiversifiedsEV/EBITDA (NTM)

2x

4x

6x

8x

10x

12x

Anglo American ValeRio Tinto BHP BillitonTeck Freeport-McMoRanGlencore South 32

-100%

0%

100%

200%

300%

400%

500%

600%

Anglo American Rio TintoBHP Billiton ValeFreeport-McMoRan TeckSouth 32 Glencore

42

Steelmaking CoalBusiness Unit & Markets

Our Market - Seaborne Hard Coking Coal2: ~200 Million Tonnes

1. Source: International Energy Agency 2014 data2. Source: CRU

Global Coal Production1: 7.9 billion tonnesSteelmaking Coal Production2: ~1,185 million tonnes

Export Steelmaking Coal2: ~325 million tonnesSeaborne Steelmaking Coal2: ~290 million tonnes

High Grade Hard Coking Coal Is A Niche Market

44

500

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$60,000

$80,000

$100,000

1986

1989

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2004

2007

2010

2013

2016

2019

f

Nominal GDP, Billion USD(LHS) Crude Steel Production, Mt(RHS)

Ex-China

Improving Steel Demand & Output Globally

Steel Demand

YoY Growth 2017

Global +1.3%

China 0%

Developing, ex-China +4%

Developed +0.7%Source: WSA

Global steel demand expected to grow overall

GDP and Crude Steel Production

500

800

1,100

1,400

1,700

2,000

$0

$40,000

$80,000

$120,000

1986

1991

1996

2001

2006

2011

2016

2021

f

Global

0

300

600

900

$0

$5,000

$10,000

$15,000

$20,000

1986

1989

1992

1995

1998

2001

2004

2007

2010

2013

2016

2019

f

China

Source: WSA, IMF

45

Traditional Steel Markets

• China rebounded

• JKT stable

• EU recovering

Rest of the World

• India strong growth

• Brazil rebounding

• US recovering

Monthly Hot Metal Production

Source: WSA, based on data reported by countries monthly; NBS

Mt

Plotted to March 2017

Global Hot Metal Production

JKT

India

Europe

USA

Brazil

45

55

65

China

0

3

6

9

12

15

Jan-

10

May

-10

Sep

-10

Jan-

11

May

-11

Sep

-11

Jan-

12

May

-12

Sep

-12

Jan-

13

May

-13

Sep

-13

Jan-

14

May

-14

Sep

-14

Jan-

15

May

-15

Sep

-15

Jan-

16

May

-16

Sep

-16

Jan-

17

E.U USA India JKT Brazil

46

0

200

400

600

800

1000

2010 2015 2020 2025 2030 2035

Milli

on to

nnes

Crude Steel and Hot Metal Production

Source: WSA, China Association of Metalscrap Utilization, Wood Mackenzie

Crude Steel

China Scrap Use to Increase Slowly

China’s Scrap Ratio Low vs. Other Countries

73%54%

33%

88%

28%

50%

11%

36%

0%

20%

40%

60%

80%

100%

UnitedStates

Europe Japan Turkey Russia Korea China WorldAverage China

Steel Use By Sector(2000-16)

Electric Arc Furnace

Hot Metal

Hot metal / crude steel ratio to remain >90% and EAF share of crude steel production <10% until ~2028

Source: Wood Mackenzie

Source: China Metallurgy Industry Planning and Research Institute

Construction55-60%

Others15-20%

Machinery15-20%

Auto5-10%

47

Source: CRU; Wood Mackenzie

Seaborne Steelmaking Coal Imports (Average of CRU and Wood Mackenzie, Change 2021 vs. 2016)

China’s import demand is currently stronger,and coastal plants depend on seaborne imports

Strong Demand Fundamentals ex. China

265

270

275

280

285

290

295

300

2016 Brazil Europe India Others 2021, ex-China

China 2021

Mt

48

Seaborne Coking Coal Imports

Hegang Project• Inland plant relocating to coastal area• Capacity: crude steel 20Mt• Status: Timeline not announced

Guofeng Project• Inland plant relocating to coastal area• Capacity: crude steel 8Mt, hot metal 8Mt• Status: Construction to be started in 2017;

completion in 2021

Shougang Jingtang Plant• Expansion• Capacity: crude steel 9.4Mt (phase 2)• Status: Construction started in 2015; completion in

2018

Shandong Steel Rizhao Project• Greenfield project• Capacity: crude steel 8.5Mt• Status: Construction started in 2015; completion

in 2017

Liusteel Fangcheng Project• Greenfield project• Capacity: Phase 1 crude steel ~10Mt• Status: Timeline for blast furnace not announced

Large users and coastal steel projects to support seaborne demand

1021 21 22 25

25

39

26

13 11

0

10

20

30

40

50

60

70

2012 2013 2014 2015 2016

Small users 14 large users

Large Users Increasing Seaborne Imports

2 projects under construction3 approved projects

Source: China Customs

49

Coal Capacity Reduction Target

2017 coal capacity reduction target @ 150Mt

Steel Capacity Reduction Target

140

65

50

25

0

20

40

60

80

100

120

140

160

2016-2020target

2016 actual 2017 target 2018-2020remaining

target

Milli

on to

nnes

800

290

150

360

0

100

200

300

400

500

600

700

800

900

2016-2020target

2016 actual 2017 target 2018-2020remaining

target

Mill

ion

tonn

es

Source: Governmental announcementsSource: Governmental announcements

Capacity Reductions Continue in China

50

0

10

20

30

40

50

60

70

80

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

HMP forecast by CRU

HMP forecast by Wood Mackenzie

Seaborne Steelmaking Coal Imports (average Wood Mackenzie and CRU)

Mt

India’s Hot Metal Capacity; Projects and Operations

Seaborne Steelmaking Coal ImportsRequired to Meet India Hot Metal Production

Seaborne steelmaking coal imports forecasted to increase by >25%

Growing India Steelmaking Coal Imports

Actual HMP (WSA)

z

51

2nd Largest Seaborne Steelmaking Coal Supplier

High quality, consistent, reliable, long-term supply

Competitively positioned to supply steel producers worldwide

North America~5%

Europe~15%

China ~20%

Asia excl. China~55% Latin America

~5%

52

An Integrated Long Life Coal Business

53

Prince Rupert

Ridley Terminal

Vancouver

Prince George Edmonton

Calgary

Westshore Terminal

Quintette

Cardinal River

Elk Valley

Kamloops

British Columbia

Alberta

Seattle

Elkford

Sparwood

Hosmer

Fernie

Fording River

Greenhills

Line Creek

Elkview

Coal Mountain

ElcoElk Valley

1,150 km

• >1 billion tonnes of reserves support ~27 Mt of production for many years• Geographically concentrated in the Elk Valley• Established infrastructure and capacity with mines, railways and terminals• Only steelmaking coal mines still operating in Canada; competitive globally

Neptune Terminal

53

Coal MountainPhase 2

53

0

50

100

150

200

250

300

350

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

US$

/ to

nne

Teck Realized Price (US$) Benchmark Price

Average realized price relative to the benchmark price is a function of:

1. Product mix: >90% hard coking coal

2. Direction of quarterly benchmark prices (QBM) and spot prices- Q4 2016 average realized price was

higher than benchmark price

- Q1 2017 average realized price was 75% of US$285/t benchmark, which was higher than Q4 2016

Historical Average Realized Prices

Average Realized Price in Steelmaking Coal

Realized prices averaged 94% of QBM over the past three years (2014-2016)

96%

88%

93%

94%

92%

91%

99%

54

4635 32

3

12

35

28 26

15

128

2014 2015 2016

Total cash unit costs down 32% from 2014 to 20162,3

Total Cash Unit Costs2 US$/t 2014 2015 2016 Change

Site $46 $35 $32 -30%

Inventory Adjustments $3 $1 $0 -100%

Transportation $35 $28 $26 -26%

Unit Cost of Sales (IFRS) $84 $64 $603 -29%

Capitalized Stripping $15 $12 $8 -50%

Total Cash Unit Costs2 $99 $76 $683 -32%

Sustaining Capital $6 $2 $1 -83%

All In Sustaining Costs2 $105 $78 $693 -35%

1. In US dollars per tonne. Assumes a Canadian dollar to US dollar exchange rate of 1.10 in 2014, 1.28 in 2015 and 1.33 in 2016.2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. All in sustaining costs are

total cash costs plus sustaining capital. Non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” section of our quarterly press releases for further information.3. Includes one-time collective agreement settlement charges of ~US$2 per tonne in 2016.

IFRS

Steelmaking Coal Unit Costs1

$99

$76

IFRS IFRS

$683

Site

Inventory

Transport

Capitalized Stripping

Collective Agreement

55

Competitive on Steelmaking Coal Margin Curve

$(20)

$-

$20

$40

$60

$80

$100

US$

per

Ton

ne

Operating Margin1

Source: Wood Mackenzie

• High quality hard coking coal assets provide strong margins

• Competitive mining costs

• Operations well positioned in a volatile market

Teck

1. Quality-adjusted operating margin, based on Wood Mackenzie’s data set for 2016 and utilizing an FOB port equivalent benchmark price of US$131 per tonne for the highest quality products. Assumes a Canadian dollar to US dollar exchange rate of 1.30 and an Australian dollar to US dollar exchange rate of 1.37.56

$70

$75

$80

$85

$90

$95

$100

2012 2013 2014 2015 2016 2017

$/to

nne

Total Costs1

Coal Strip Ratio Supports Future Production

• Low strip ratio in 2016 due timing of permitting

• Strip ratio increase expected in 2017‒ Coal Mountain near end of life‒ New developments have higher

strip ratios & better quality coal• Going forward, strip ratio expected

to trend lower 4

5

6

7

8

9

10

11

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Cle

an S

trip

Rat

io

Clean Strip Ratio

1. Total costs are site costs plus transportation costs. 2017 is based on the mid-point of guidance.

~~0

57

Five Year Plan: Sustain 27 Million Tonnes1

Objectives• Manage transition from Coal

Mountain

• Pursue incremental production capacity in remaining Valley mines

• Evaluate Cardinal River mine life extension

• Maintain optionality with Quintette & Coal Mountain Phase 2

1. Subject to market conditions.

-

4

8

12

16

20

24

28

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Pro

duct

ion

(mill

ion

tonn

es)

Conceptual Production Profile

Fording River Greenhills (80%) ElkviewLine Creek Cardinal River Coal MountainAdditional Elk Valley

58

>75 Mt of West Coast Port Capacity PlannedOur Portion is 40 Mt

• Exclusive to Teck • Recently expanded to 12.5 Mt • Planned growth to 18.5 Mt

Westshore Terminals

Neptune Coal Terminal

Ridley Terminals

West Coast Port Capacity

• Current capacity: 18 Mt• Expandable to 25 Mt• Teck contracted at 3 Mt

• Teck is largest customer at 19 Mt• Large stockpile area• Recently expanded to 33 Mt• Planned growth to 36 Mt • Contract expires March 2021

Milli

on T

onne

s (N

omin

al)

Our share of capacity exceeds current production plans, including Quintette

12.518

336

7

3

0

5

10

15

20

25

30

35

40

Neptune CoalTerminal

RidleyTerminals

WestshoreTerminals

Current Capacity Planned Growth

59

• Around the world, and especially in China, blast furnaces are getting larger and increasing PCI rates

• Coke requirements for stable blast furnace operation are becoming increasingly higher

• Teck coals with high hot and cold strength are ideally suited to ensure stable blast furnace operation

• Produce some of the highest hot strengths in the world

50 60 70 80 90 100

South Africa

Japan (Sorachl)

Japan(Yubarl)

U.S.A.Canada OtherTeck HCCAustraliaJapanSouth Africa

Australia(hard coking)and Canada

U.S.A.

Australia(soft coking)

10

20

30

40

50

60

70

80

Drum Strength Dl 30 (%)

CSR

Teck HCC

Coking Coal Strength

High Quality Hard Coking Coal

Source: Yasuschi, Masashi et al, 1983

60

Copper Business Unit & Markets

-300

-200

-100

0

100

200

300

400

500

600

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

Sep-

16

Oct

-16

Nov

-16

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr-1

7

Month of Forecast

-300

-200

-100

0

100

200

300

400

500

600

Month of Forecast

Wood Mackenzie 2017 Refined Balance Wood Mackenzie 2018 Refined Balance

Wood Mackenzie Copper Outlook Moved to DeficitTh

ousa

nd t

onne

s

62

Improved fundamentals supporting stronger prices

2018 market also moved into deficit

Thou

sand

ton

nes

Market now in deficitdespite lower demand

Copper Mine Production Disappoints

-1,200

-1,000

-800

-600

-400

-200

02005 2007 2009 2011 2013 2015

2017(Mar)

Thou

sand

tonn

es

2.8%

Disruptions Exceeding 5%

4.1%

Significant Disruptions in Q1 2017,With Effects Through Q2-Q3 2017

Source: Wood Mackenzie, CRU, Teck

0

20

40

60

80

100

120

140

160

Jan

Feb

Mar Apr

May Jun

Jul

Aug

Sep Oct

Nov

Dec

Thou

sand

s To

nnes

Constancia Mt. Milligan Sentinel

Grasberg Guidance Grasberg FM Grasberg Export Ban/Strike

Los Pelambres Escondida Strike Escondida Slow Ramp Up

Cerro Verde Strike

Disruptions could total >625kmt

63

Copper Stocks Rise on Seasonal Slowdown

-

50

100

150

200

250

300

350

400

450

500

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011 2012 2013 2014 2015 2016 2017

US¢/lb

Thou

sand

tonn

es

Chinese Bonded LME COMEX SHFE LME Price

• Price correction late 2016 as more balanced market expected

• Total stocks (including bonded), in days of global consumption:‒ Today: 29 days‒ Early 2013: ~45 days‒ Average this decade

~33 days

Copper Stocks

Source: CRU, SHFE, LME, CME, Teck

plotted to April 2017

Seasonal stock build in China is being drawn down

64

LME Copper Stock Drops Not Demand Driven

0

50

100

150

200

250

300

350

400

Thou

sand

s of

Ton

nes

LME Copper Stocks

Source: CRU, SHFE, LME, CME, Teck

plotted to May 4, 2017

SHFE stock falls likely reflect seasonal destocking

0

50

100

150

200

250

300

350

400

Thou

sand

s of

Ton

nes

SHFE Copper Stocks

plotted to May 4, 2017

65

Copper Scrap Spreads Incentivize Availability

-150

-125

-100

-75

-50

-25

0

25

50

75

100

150

170

190

210

230

250

270

290

310

330

350

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

Spread Copper #1 Heavy Copper Cathode

Scrap to Comex Copper Arbitrage in US¢/lb Discount No.2 Scrap Imported into China USD/t

Scrap arbitrage narrowing; scrap consumers now looking to buy cathodes66

Copper Scrap Discounts Narrow & Premiums Improve

0

100

200

300

400

500

600

700

800

900

USAEuropeChina (domestic)

Scrap Discounts Narrowing

0

20

40

60

80

100

120

140

160

180

Jan2015

Apr2015

Jul2015

Oct2015

Jan2016

Apr2016

Jul2016

Oct2016

Jan2017

Apr2017

Shanghai Refined Metal Imported CIF High USD/tRotterdam Refined Metal CIF High USD/tUS East Coast Refined Metal High USD/t

Cathode Premiums Recovering

US$

/t US$

/t

67

0

200

400

600

800

1,000

1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Cathode Concs Scrap Blister/Semis

000’

s to

nnes

(con

tent

)

Net Copper Imports

Source: NBS Plotted to March 2017

Total copper unit imports climb in 2015 & 2016, but lower YTD by 8% over same period last year

China Switching to Copper Concentrates

68

52% 43%

25%

37%23%

20%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

11th - 5yr PlanCompleted

12th - 5yr PlanCompleted

13th - 5year PlanEstimate

RM

B tri

llion

Transmission Distribution-Urban Distribution-Rural

Chinese Copper Demand to Remain Strong

Source: CEC, ICA Source: NEA, ICA

Significant Power Grid Investment

282

202

7148

2119

-7 -75

-100

-50

0

50

100

150

200

250

300

Ktpa

Potential Annual Growth in Most Sectors

69

China Demand Supported by Energy & Pollution

• Copper intensity is 4–12 x higher in renewable over non-renewable energy.

• Wind & solar require more copper per installed MW.

• Current targets by India & China for solar PV alone could add 6.5 Mt of new copper.

• Current targets by India & China alone could see an increase of 1200 GW of wind generation which would be 3.6 Mt of copper.

De-Carbonization/ RenewablesPositive for Copper Demand

De-carbonization through the use of renewable energycould add >10 Mt of copper demand by 2030

Copper Distribution within Electricity Generation Sector

Source: ICA, Warren Centre, Centre for Industrial Ecology – Yale.70

China NEV Demand Outpaces ROW

• China sold 351,800 Electric Cars in 2016• Tesla sold 76,200.

• China Will Replace All 67,000 Fossil-Fueled Taxis In Beijing With Electric Cars.

• IEA estimates that as battery technology improves Average EV could contain 90kg – 150kg of Copper vs 15kg for ICE.

• Aaaa• Aaa• Aaaa

• aa

China Electric Car Sales 47% of World

Copper intensity of EV and hybrid vehicles 4-6x that of ICE;penetration could reach 50%

China will Leap Frog US & EuropeWith Electric Vehicles

Source: ICA, Warren Centre, IEA, CleanTechnica, Dow Jones, Automotive News.

China Electric Car Registrations (December 2016)

71

• At 2.1% global demand growth, 521 kt new supply needed annually

• Mine production falls ~230 kt per year after 2019

• Market finely balanced through 2018‒ Could materially change with

similar disruption level as 2015

• Structural deficit starts 2019

• Projects delayed today will not be available by 2019

Forecast Copper Refined Balance

Long-Term Copper Mine Production Still Needed

Source: ICSG, Wood Mackenzie, Teck

-6,000

-5,000

-4,000

-3,000

-2,000

-1,000

0

1,000

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Thou

sand

tonn

es

72

Ore Grade TrendsOngoing Decline will put Upward Pressure on Unit Costs

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024

Cop

per G

rade

Cu

%

All Operations Primary Mines Co-By Product Mines - (RH axis)

Industry Head Grade Trends (Weighted by Paid Copper)

Source: Wood Mackenzie

73

Quebrada Blanca 2 Overview

Project Capital1

US$4.7billion

Capital Intensity2

~US$16,000$/tonnes annual CuEq

C1 Cash Costs2

US$1.28per pound

Note: Based on Feasibility Study.1. 100% basis, in constant first quarter of 2016 dollars, excluding working capital and interest during construction. Teck owns a 76.5% share.2. Average production rates, copper equivalent production rates, C1 cash costs and initial development capital are based on the first full five years of operations. C1 cash costs are

net of by-product credits.

• Competitive capital intensity• Tier 1 metal producer• AISC well in the low half of the cost curve• Very low strip (included as cash cost) and low sustaining capital

Throughput

140,000tonnes per day

Copper Equivalent Production2

300,000tonnes per year

Molybdenum Production2

7,700tonnes per year

74

QB2: Robust Economics & Tier 1 Attributes

Copper Price (US$ per pound) $2.75 $3.00 $3.25 $3.50Net present value at 8% (US$ millions) 565 1,253 1,932 2,604Internal rate of return (%) 9.7% 11.7% 13.5% 15.2%Payback from first production (years) 6.8 5.8 5.0 4.4

Annual EBITDAFirst Full Five Years (US$M pa) 856 1,002 1,148 1,294First Full Ten Years (US$M pa) 781 918 1,055 1,192Life of Mine (US$ million pa) 685 811 937 1,063

NI 43-101 Case

Long life (25 years plus optionality)Attractive production metrics (top 15 copper producer globally)Low cost (low half of AISC cost curve)Competitive capital intensity (~$16k per tonne)Attractive jurisdiction for long term ownership

75

NuevaUnión: A New Approach to Project Development

Teck and Goldcorp have combined Relincho & El Morro projects and formed a 50/50 joint venture company• Committed to building strong, mutually

beneficial relationships with stakeholders & communities

Capital smart partnership • Shared capital, common infrastructure• Shared risk, shared rewards

Benefits of combining projects include:• Longer mine life• Lower cost, improved capital efficiency• Reduced environmental footprint• Enhanced community benefits• Greater returns over either standalone project

76

NuevaUnión Project Overview

Initial Project Capital

US$3.5billion

Copper Production1

190,000tonnes per year

Gold Production1

315,000ounces per year

Mine Life

32+years

Copper in Reserves2

16.6billion pounds

Gold in Reserves2

8.9million ounces

Note: Conceptual based on preliminary design from the PEA.1. Average production rates and copper equivalent production are based on the first full ten years of operations.2. Total copper and gold contained in mineral reserves as reported separately by Teck and Goldcorp.3. Capital estimate for Phase 1a based on preliminary design shown in 2015 dollars on an unescalated basis.

• Copper equivalent production of 250 kt per year• Prefeasibility study completion expected at end Q3 2017• Proactive & participatory community engagement approach

77

Satellite Project: 5 Quality Base Metal Assets

Galore Creek (50%)• Rare significant copper-gold-silver

deposit in developing district• High average grade; potential for

first quartile C1 costs• Substantial design and engineering

work completed in 2012

Schaft Creek (75%)• Large copper-molybdenum-gold-

silver deposit • Long mine life; potential expansion• Continue to advance value added

field work, along with desk-top engineering and optimization studies

San Nicolás (79%)• High grade, open pit operation with

3-4 year timeline to production• Low first quartile costs, offering

quick payback• 2016 drill program and scoping

study improved understanding and augmented value

Mesaba (100%) • Very large copper‐nickel sulphide

resource• In a district with long mining history• Proximity to existing infrastructure,

and opportunities for significant development synergies

• Teck developed proprietary value-added mineral processing technology

Zafranal (80%)• Highly competitive mid-sized

copper-gold deposit• Pre-feasibility study published June

2016; indicates robust economics• Advancing Feasibility and

Environmental Impact Studies in 2017-2018

Substantial resources in mining friendly jurisdictions 78

ZincBusiness Unit & Markets

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0¢

50¢

100¢

150¢

200¢

250¢

LME Stocks SHFE Price

Zinc Metal Market Moving Towards Tightness

US¢

/lb

Plotted to May 4, 2017

Source: LME/SHFE

Daily Zinc Prices & Stocks

Stocks are at the critical level from 2006

Stocks inflection point in 2005/2006

Stoc

ks

80

Zinc Stocks Approaching Critical LevelsU

S¢/lb

Data Plotted from 2000 to May 4, 2017Source: LME, SHFE, Wood Mackenzie

Zinc Prices vs. Days of Reported Stocks

• Significant mine closures completed

• Mine production has fallen

• Asian metal production curtailments

• Inventories declining

• Treatment charges have tightened significantly

Days of stocks

0¢

50¢

100¢

150¢

200¢

250¢

0 10 20 30 40 50 60 70

2007

2003

2004

20062005

Jan 2014Jan 2013

Jan 2015

Jan 2016

May 4, 2017

Dec 31, 2016

81

Source: SMM, Antaike, Teck

0

50

100

150

200

250

300

350

400

450

500

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4

Jan-

15

Jul-1

5

Jan-

16

Jul-1

6

Jan-

17

Chinese Zinc Concentrate Port Stocks

Source: Teck, LME, SHFE, RBC

Zinc Treatment Charges

Low concentrate stocks reflected in low TCs

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

0

50

100

150

200

250

Jan-

10Ju

l-10

Jan-

11Ju

l-11

Jan-

12Ju

l-12

Jan-

13Ju

l-13

Jan-

14Ju

l-14

Jan-

15Ju

l-15

Jan-

16Ju

l-16

Jan-

17

Imported spot TCs Domestic spot TCs

kdm

t

Impo

rted

TC ($

/dm

t)

Dom

estic TC (R

MB/t)

Concentrate Stocks at Historic Lows

82

2014-2020 2014-2020

Significant Zinc Mine ReductionsLarge Short-Term Losses, More Long Term

-500

-400

-300

-200

-100

0

Cen

tury

Lish

een

Red

Dog

Ram

pura

Agu

cha

Hui

ze Q

ilinch

ang

Jagu

ar

Mae

Sod

Wol

verin

e

San

Cris

toba

l

Zyry

anov

sk

Cay

eli 0

100

200

300

400

500

Anta

min

aG

amsb

erg

Dug

ald

Riv

erM

cArth

ur R

iver

…G

uojia

gou

Bish

aSi

ndes

ar K

hurd

Kyzy

l-Tas

htyg

skoe

Zaw

ar M

ines

Cas

tella

nos

Sang

uiko

uAn

gour

an E

l Bro

cal

Cha

ihe-

Erda

ohe

Agua

s Te

nida

sM

unga

naC

arib

ou…

Biliu

tai

Source: ICSG, Wood Mackenzie Teck, Company Reports Source: ICSG, Wood Mackenzie Teck, Company Reports

83

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

2010 2013 2016 2019 2022

Thou

sand

Ton

nes

Mine Production Secondary Demand

Slowing Zinc Mine Production Growth

Zinc Mine Production Has Peaked Uncommitted Projects Increasingly Delayed

Existing and Fully Committed Mines

Committed and operating mine production peaking & replacement projects delayed

Source: Wood Mackenzie, CRU, Teck

0

500

1,000

1,500

2,000

2,500

3,000

2018LastYear

2018Today

2020LastYear

2020Today

2022FLastYear

2022Today

Thou

sand

Ton

nes

Base Highly Probable Probable

84

Monthly Chinese Mined Zinc Production

Chinese Mined Zinc Production Seasonality is a Potential Catalyst for Market Inflection

Source: CNIA

Production typically declines in winter (January-April)

0

100

200

300

400

500

600

Jan-

06Ju

n-06

Nov

-06

Apr

-07

Sep

-07

Feb-

08Ju

l-08

Dec

-08

May

-09

Oct

-09

Mar

-10

Aug

-10

Jan-

11Ju

n-11

Nov

-11

Apr

-12

Sep

-12

Feb-

13Ju

l-13

Dec

-13

May

-14

Oct

-14

Mar

-15

Aug

-15

Jan-

16Ju

n-16

Nov

-16

Thou

sand

s D

MT

Plotted to Marchl 2017

85

Zinc Concentrate Stocks at Chinese Ports Declining

Plotted to April 2017

Monthly Stocks of Zinc Concentrate

0

50

100

150

200

250

300

350

400

450

500

Thou

sand

Ton

nes

Huangpu port:

Zhanjiang port:

Beihai port:

Yunyuejiang port

Fangcheng port:

Nanjing port:

Qinzhou port:

Dalian port:

BaYuQuan port:

QHD port:

Jinzhou port:

Yantai Port:

LYG port:

Source: Teck86

Concentrate Supply Shrinking

Chinese Zinc Metal Imports

0

100

200

300

400

500

600

700

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

kt

Mine production Concs imports Annualized Monthly Avg. Supply

Spot and Benchmark TCs Tighten

• Domestic concentrate production plus imports ~550 kt/mth in 2013 - Currently ~410 kt/mth

• Concentrate imports averaged ~95 kt/mth 2013 to 2015 − 2016 averaging 70 kt/mth

• Reduction in supply forcing metal production cuts

• Continued tightness is evidenced by the falling TCs

Source: NBS/CNIA, Customs

$0

$50

$100

$150

$200

$250

$300

2011 2012 2013 2014 2015 2016 2017

Spot Annual

Down ~80%

0

20

40

60

80

100

120

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

kt

555 kt

Down ~10%

502 kt

Chinese Zinc Concentrate Supply Declining

Source: NBS/CNIA, Customs

Source: NBS/CNIA, Customs

Plotted to March 2017

Plotted to March 2017

Plotted to April 2017

87

China5%

USA 20%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

Galvanized Steel as % Crude ProductionChina Zinc Demand

Construction15%

Transportation 20%

Other 5%

Consumer Goods30%

Infrastructure30%

Chinese Zinc Demand to Outpace Supply

Source: Teck

If China were to galvanize crude steel at half the rate of the US using the same rate of zinc/tonne, a further 2.1 Mt would be added to global zinc consumption

Source: Teck

88

Committed Zinc Supply Insufficient for Demand

Forecast Zinc Refined Balance

Source: Wood Mackenzie

• Insufficient mine supply to constrain refined production− 2015-2020: demand increase of

1.8 Mt vs. supply increase 1.3 kt

• Market in deficit from 2012

• Inventory that has funded the deficit will be depleted in 2017

• Demand growth projections outpacing supply response (4,000)

(3,500)

(3,000)

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

Thou

sand

tonn

es

89

EnergyBusiness Unit & Markets

• Price upside limited by US production growth in short term

• Production cuts & demand growth expected to balance market in 2017

• Expectations for US$75/bbl WTI by 2025

Energy Market Moving Towards Balance

World Liquid Fuels Production & Consumption

Source: EIA Short Term Energy Outlook April 2017

North American Rig Count & US Production

Source: Baker Hughes, EIA

$0

$20

$40

$60

$80

$100

$120

US$

/bbl

2014-2017 Historical 2017-2025 Forecast (Real $)*

WTI Benchmark Price (US$/bbl)

Sources: National Bank of Canada, Sproule, GLJ, IHS

5000

7000

9000

11000

200

600

1,000

1,400

1,800

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

Thou

sand

bpd

Rig

cou

nt U

nits

US Rig Count CAD Rig Count

-3

-1

1

3

5

84

88

92

96

100

mbp

d

mbp

d

Implied stock change and balance (right axis)World production (left axis)World consumption (left axis)

91

* Export capacity includes pipeline and rail.Actuals plotted to May 2017.

Heavy Oil Benchmark Differentials

WTI - Western Canadian Select Differential

Edmonton CRW C5 + Diluent Minus WTI Differential

$0$5

$10$15$20$25$30$35$40$45

Jan-

10M

ay-1

0Se

p-10

Jan-

11M

ay-1

1Se

p-11

Jan-

12M

ay-1

2Se

p-12

Jan-

13M

ay-1

3Se

p-13

Jan-

14M

ay-1

4Se

p-14

Jan-

15M

ay-1

5Se

p-15

Jan-

16M

ay-1

6Se

p-16

Jan-

17M

ay-1

7

US

$/bb

l

Constrained Export Capacity*

Sufficient Export Capacity*

-$10

-$5

$0

$5

$10

$15

$20

Jan-

10M

ay-1

0Se

p-10

Jan-

11M

ay-1

1Se

p-11

Jan-

12M

ay-1

2Se

p-12

Jan-

13M

ay-1

3Se

p-13

Jan-

14M

ay-1

4Se

p-14

Jan-

15M

ay-1

5Se

p-15

Jan-

16M

ay-1

6Se

p-16

Jan-

17M

ay-1

7

US

$/bb

l

Western Canadian Select (WCS) Is The Benchmark Price For Canadian Heavy Oil At Hardisty, Alberta• Contract settled monthly as differential to Nymex WTI• Based on heavy/light differential, supply/demand, alternate

feedstock accessibility, refinery outages and export capability• Year to date differential: $13.50 US/bbl• Narrower short-term heavy differentials supported by:

• OPEC production curtailments• Strong regional demand for heavy supply• Planned/Unplanned production outages

• Differentials forecasted to widen in 2018-2019 − Increased oilsands production− Constrained export pipeline capacity and increased rail

shipments• Industry evaluating impacts of new bunker fuel oil sulphur specs

that take effect in 2020

Diluent (C5+) at Edmonton, Alberta Is the benchmark contract for diluent supply for oil sands• Contract settled monthly as differential to Nymex WTI• Long-term diluent (C5+) differential of Nymex WTI +/- $5 US/bbl• Based on supply/demand, seasonal demand (high in winter, low

in summer), import outages• Supply forecasted to exceed demand − Growing local production, − Contract carriage import pipelines

92

Oil Liquids – Discovered Resources & Production (Billion bbl)

Oil Exploration Success Fell To a Post-1952 Low in 2015

Enough oil has been discovered to meet production in only four of the past 30 years

Source: Rystad Energy, Morgan Stanley

93

Source: BMO Capital Markets, May 2016

Oil Sands Mining Costs Lower Than Understood

0

10

20

30

40

50

60

Cash Cost Royalty Cash Tax Sustaining Capex

$/bbl Phase 2: Stabilized Market

Where we are now

94

WTI-WCS* differentials forecast to improve with export pipeline capacitySource: CAPP 2016 Supply Forecast, Lee & Doma, Teck* Western Canadian Select heavy blend.

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

kbpd

Western Canada Supply Western Canada Supply GrowthTotal Pipeline & Local Refining Total Pipeline, Local Refining & Rail

TransMountain & Enbridge

Keystone XL

Excess Pipeline Capacity

Western Canada Supply/Demand Balance

Recent Pipeline Announcements Constructive

Constrained Pipeline Capacity ; Rail

Available

95

Building An Energy Business

Strategic diversification

Large truck & shovel mining projects

World-class resources

Long-life assets

Mining-friendly jurisdiction

Competitive margins

Minimizing execution risk

Tax effective

Mined bitumen is in Teck’s ‘sweet spot’96

• Significant value created over long term

• 60% of PV of cash flows beyond year 5

• IRR of 50-year project is only ~1% higher than a 20-year project

• Options for debottlenecking and expansion

The Real Value of Long-Life Assets

Fort Hills Project Indicative Rolling NPV1

1. Indicative NPV assumes US$95 WTI, $1.05 Canadian/US dollar exchange rate, and costs as disclosed with the Fort Hills sanction decision (October 30, 2013).

50-year assets provide for superior returns operating through many price cycles

97

Strategic Objectives• Successful commissioning & start-up• 12-month ramp up to 90% capacity • Maximize sales volumes & bitumen netbacks• Market diversification

Guiding Principles for Fort Hills Marketing

Key Commercial Activities• Bitumen production*: 37 kbpd• Diluent acquisition: 11 kbpd• Blend sales: 48 kbpd

* Under “steady state” operating conditions.Source: Fort Hills Energy Limited Partnership98

Blended Bitumen Pipelines

TransCanada Energy East

Enbridge/Enbridge Flanagan South

TransMountain

TransCanada Keystone, Keystone XL

Market Hub

Deep Water Port

In Service Pipeline

Proposed Pipeline

Hardisty or Common Carriage to Midwest / USGC

Cushing

Flanagan

HardistyEdmonton

Saint John

US Gulf Coast

Europe

Asia

Vancouver

Steele City

Asia SuperiorMontreal

Asia Europe

• Fort Hills partners have secured long-term pipeline access to Hardisty‒ Significant Canadian market hub‒ Access to common carriage and

contract capacity pipelines

• Will secure contracted pipeline access‒ North American refining centres &

deep water ports‒ Targeting contracts for 20-25 kbpd

of capacity on export pipelines

• Balance to be sold at Hardisty, or nominated on Enbridge

Portfolio Approach to Market Access

Access to deep water ports will add market capacity & diversification 99

Intra Alberta Logistics On Schedule For Fort Hills Commissioning

RailLocal Market

Pipeline LegendBitumenBlendDiluentExistingNew

East Tank Farm Blending w/Condensate

Wood Buffalo Extension

Norlite Diluent Pipeline

Cheecham Terminal

Hardisty Terminal

Wood Buffalo Pipeline

Athabasca Pipeline

Edmonton Terminal

Fort HillsMine Terminal

Northern CourierHot Bitumen Pipeline

Teck

OptionsExport Pipeline

Kirby Athabasca Twin Pipeline

Pipeline/Terminal OperatorPipelineCapacity

(kbpd)

Teck Capacity

(kbpd)

Project Construction Status*(% completion)

Northern Courier Hot Bitumen TransCanada 202 40.4 Pipeline and Facilities: Tank terminal:

East Tank Farm - Blending Suncor 292 58.4 Diluent terminaling and blending

Wood Buffalo Blend Pipeline Enbridge 550 65.3 In service

Wood Buffalo Extension Enbridge 550 65.3 Pipeline:Pump stations and facilities:

Norlite Diluent Pipeline Enbridge 130 18.0 Pipeline:Pumpstations and facilities:

Hardisty Blend Tankage Gibsons 425 kbbls 425 kbbls Tank completed

100%99%

100%

100%94%

99%

100%

99%

96%

*As of December 2016.100