Teck Resources Ltd

signing by welcome to tech's first quarter 2026 earnings release conference call at this time all participants are in listen only mode later we will conduct a question and answer session to join the question queue press star then one on your touchtone phone should anyone need assistance during the conference calls they may reach an operator by pressing star then zero on their telephone This conference call is being recorded on Thursday, April 23, 2026. I would now like to turn the conference over to Emma Chapman, Vice President, Investor Relations. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for joining us for Tech's first quarter 2026 conference call. Today's call contains forward-looking statements. Actual results may vary due to various risks and uncertainties. The effect does not assume the obligation to update any forward-looking statements. Please refer to slide 2 for the assumptions underlying our forward-looking statements. We will reference long-gap measures throughout this presentation. Explanations and reconciliations are in our MD&A and the latest press release on our website. On today's call, Jonathan Price, our CEO, will provide highlights of first quarter 2026. Crystal Presti, our CFO, will follow with further details on our operational performance and financials in the quarter. Jonathan will then wrap up with closing remarks and an opportunity for Q&A. And with that, over to you, Jonathan.

Thank you, Emma, and good morning, everyone. We will start with the highlights from the first quarter of 2026 on slide four. We delivered a very strong start to the year, with robust financial results reflecting both disciplined execution across our operations and the cash flow generation potential of our portfolio. Our adjusted EBITDA more than doubled to $2.1 billion in the quarter, driven by record quarterly copper sales volumes, higher commodity prices, and the continued success of our optimized fee strategy betrayal operations. This has supported robust cash generation, with $1 billion in cash flow from operations, contributing to a $338 million increase in our net cash position over the quarter. And with ongoing cash generation into April, we further increased our cash by nearly $300 million since March 31st, and our current liquidity is $9.8 billion as of yesterday. Throughout the quarter, we made considerable progress against our key near-term priorities. For our merger of equals with Anglo American, we obtained regulatory approval from South Korea and advanced integration readiness. We have strong performance across all operations in both our copper and zinc segments. We are tracking well against our plans with no changes to our previously disclosed annual guidance. At QB, the team delivered consistent performance with production in line with Q4 2025 and record quarterly copper sales. We also made significant progress on the tailings management facility, or TMS, including completion of rock bench floor. And we continue to advance the Highland Valley Mine Life Extension project with detailed engineering now over 90% complete and procurement nearing completion, with our capital guidance of $2.1 to $2.4 billion unchanged. All in all, it's been another strong quarter of performance in which we've demonstrated the resilience and potential of our assets and further improved our strong balance sheet. So, turning to an update on the merger of equals on Anglo-American on slide 5. We continue to make progress with regulatory approvals. As mentioned, we received approval from South Korea in the first quarter, and the approval from China is advancing. At the same time, we are making good progress on our integration planning work to ensure readiness to close, and to position the combined business to hit the ground running from day one. We are moving steadily closer to creating a leading global critical minerals champion and realising the significant value creation potential of Anglo Tech. We continue to expect closing of the transaction within 12 to 18 months from the announcement last September. Turning now to safety on slide 6. Tech had very strong safety performance in the first quarter. Our high potential incident frequency rate for tech-controlled operations remained low at 0.05 in the quarter. This is below our 2025 annual rate of 0.06, which matched Tech's best ever annual result. Health and safety remain core values for Tech, and we are focused on continual improvement and our vision of everyone going home safe and healthy every day. So, to QB's performance in the third quarter on slide 7. I was a QB last week, and I am incredibly pleased with the performance of the team there and the progress we are making at this Tier 1 asset. executing on the TMF action plan and driving operational stability. In the first quarter, we delivered robust and consistent performance with strong production at 56,000 tonnes. This was in line with Q4 2025, despite the planned maintenance shutdown and a shorter operating month in February. Mill availability of 92% was lower quarter on quarter as we completed our planned scheduled maintenance in January, which also had a slight impact on overall asset utilization in the quarter of 87%. Despite this, asset utilization in the quarter remained above the range assumed in our 2020 sales guidance. Throughput improved slightly quarter over quarter, reflecting enhancements in operational discipline and integration across the mine and the plant. Recoveries at 83% benefited from stable, continuous operations. Overall, there was continued operational stability at QB, with enhanced reliability and consistency in plant operations during the quarter. Slide 8 highlights the development of QB's TMS. While at site, we were able to see the significant progress the team has made in advancing development of the facility. These photos show the progress that we have made since many of you visited QB in November 2025. In the first quarter, we successfully completed Rockbench 4. You can see that the dam crest has widened significantly, which enabled the raising of the dam wall with no associated downtime of the mill. We also advanced construction of the paddocks and development of the sand dam, as evidenced in the picture on the right-hand side, as sand production and quality improved from the installation of new cyclone technology late last year. Overall, sand deposition rates improved in the first quarter, and we continued improvement is expected throughout the year as we progress construction of the sand dam. Slide 9 summarizes the status of QB's TMF development work, which remains on track. Construction of the mechanical rock benches is aligned with our plan, with the completion of rock bench 4 in Q1. We now expect to complete rock bench 5 by the end of the second quarter, adding further width to the dam press. With the installation of the new cyclone technology late last year and the associated improvements in sand deposition, we expect to continue to advance development of the sand dam to enable steady-state operations by year-end. We've decided to install a secondary sand cyclone system to further improve sand quality. The timing of installation will be determined in the second half of this year. And finally, the schedule for installation of the permanent infrastructure remains under evaluation, and will be confirmed later in the year. While we have made significant progress on the TMF, there is still much work to be done throughout the remainder of the year. Importantly, completion of the development of the sand dam, and we remain acutely focused on closing out all remaining objectives. So turning to the Highland Valley Mine Life Extension on slide 10, the project includes enhanced mine infrastructure, an expanded mobile equipment fleet, and a new maintenance shop. The infrastructure work includes a new tertiary grinding mill and replacement of an ag mill with a sag mill, upgrades to the flotation circuit, and upgraded power and water systems. Construction activities continue to ramp up across these work fronts and are progressing to plan. We have commenced construction of the new maintenance shop, made substantial progress along the tailings corridor, and advanced installation of pilings for the new tertiary mill. The early productivity indicators are positive. Detailed engineering is now over 90% complete, and procurement awards are now over 95% complete, with our focus now shifting to expediting the fabrication and then ensuring that timelines for delivery to site are maintained. We invested $188 million in project capital in the first quarter. Our capital expenditure guidance for the project is unchanged, at $900 million to $1.2 billion this year, which is a peak year for project spend, and $2.1 to $2.4 billion overall. There is also additional capitalized stripping at HBC to develop future mining areas, and this is expected to continue to ramp up over the remainder of the year. While we expect some impact from higher diesel prices, our 2026 guidance for capitalized stripping is unchanged at $450 to $500 million for the entire copper segment. This project will enable average annual copper production of 132,000 tons per annum at Highland Valley and extend the life of this core asset to 2046. With that, I'll hand over to Crystal.