Teck Announces Filing of Meeting Materials for Special Meeting of Shareholders seeking Approval of Merger of Equals with Anglo American

Executive Summary

• Teck Resources announced the filing and mailing of meeting materials for a special shareholders’ meeting on Dec 9, 2025 to approve its proposed all‑stock merger with Anglo American.
• The Board unanimously recommends voting “FOR” the merger; at closing, Teck shareholders would own ~37.6% of the combined entity (Anglo Teck).
• The transaction is projected to generate ~$800 M in pre‑tax recurring annual synergies and $1.4 B of EBITDA synergies from adjacent operations, creating a top‑5 global copper producer with ~1.2 Mt Cu production (rising to ~1.35 Mt by 2027).

Key Details

• Meeting Information – Special shareholders’ meeting scheduled for Dec 9, 2025 (11:00 a.m. PT) at Suite 400‑550 Burrard St., Vancouver and virtually via https://virtual‑meetings.tsxtrust.com/1856. Record date: Oct 20, 2025.
• Board Recommendation – Unanimous “FOR” vote recommendation from Teck’s Board of Directors.
• Ownership Post‑Merger – Teck shareholders to receive ~37.6% of Anglo Teck on a fully diluted basis.
• Synergy Estimates – Approximately US$800 M in pre‑tax recurring annual synergies; US$1.4 B of underlying annual EBITDA synergies from Collahuasi & QB operations (100% basis).
• Production Profile – Combined copper output ~1.2 Mt/yr, expected to grow to ~1.35 Mt/yr by 2027; >70% exposure to copper.
• Asset Portfolio – Six world‑class copper assets, one of the world’s largest zinc mines, and two cash‑generative premium iron‑ore operations.
• Closing Timeline – Expected within 12–18 months of announcement, subject to shareholder approvals, Investment Canada Act, competition and other regulatory clearances.
• Interim Order – BC Supreme Court granted an interim order on Nov 3, 2025 authorizing the meeting.
• Support Levels – Approximately 79.8% of Teck Class A shares and ~0.02% of Class B shares have been pledged to vote in favour.
• Financial Impact – Merger creates a top‑5 global copper producer with enhanced credit metrics, larger capital‑markets footprint, and potential for a premium valuation multiple (re‑rating).

Notable Quotes

• “This merger presents a unique opportunity to create a global mining powerhouse headquartered in Canada… the absolute best path forward to realize the full potential of our strategy and our portfolio.” – Sheila Murray, Chair
• “We are confident this merger of equals will generate tremendous value for Teck shareholders… creating a new global critical minerals champion with significant copper exposure.” – Jonathan Price, President & CEO

Materiality Assessment: Material – Positive (the announcement pertains to a major strategic transaction expected to materially affect shareholder value and the company’s future operations).