Elk Valley

Resources

Investor & Analyst Presentation

and Modelling Workshop March 30, 2023
Caution Regarding Forward-Looking Statements
Both these slides and the accompanying presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate
to future events or future EVR performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”,
“potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation and, accordingly, are subject to change after this date.
These forward-looking statements include, but are not limited to, statements relating to the proposed separation (the “Separation”) of Teck into two independent, publicly-listed companies: Teck Metals Corp. and Elk Valley Resources Ltd. (“EVR”);
expectation that the Separation will be completed, and will be completed on the expected timing and terms; expectation of continued operating excellence; expectation of continued value creation for shareholders, potential for strong cash returns to
shareholders and potential for significant equity accretion; expected future management, governance, assets, attributes, capitalization, financial condition and performance of EVR, including but not limited to statements concerning EVR forecast
production, EVR forecast operating costs, unit costs, capital costs and other costs; plans, strategies and initiatives for EVR; expected mine lives of EVR’s operations and reserve basis and the possibility of extending mine lives through the development
of new areas or otherwise; expectations regarding stock exchange listings for EVR; the transactions with each of NSC and POSCO, including the terms and conditions thereof and the benefits thereof; the expected tax and accounting treatment for the
Transition Capital Structure; anticipated cash returns to EVR shareholders; expectation of amount of, timing and frequency of base dividend and any supplemental shareholder return payments; EVR’s ability to refinance the preferred equity and
accelerate separation after the royalty is paid; goals of EVR’s operating strategy; forecast increases in truck productivity and other optimization initiatives and goals; commitment to net-zero greenhouse gas emissions at operations by 2050;
expectations regarding ESG performance and future milestones on the “Pathway to Net Zero Emissions by 2050” slide; water quality targets and timing of water treatment facilities and benefits of those facilities; the Environmental Stewardship Trust,
including the terms, conditions and expected benefits thereof; expected future supply and demand for steelmaking coal and the steelmaking coal market outlook; forecast commodity prices; expected impact of the low-carbon transition on steelmaking
coal markets; all guidance, including but not limited to, unit cost, production, capital expenditures, capitalized stripping and sustaining capital; ability to build flexibility to increase throughput; ability to operate in all price environments.
Although we believe that the forward-looking statements in these slides and the accompanying presentation are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a
number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond EVR’s control
and the effects of which can be difficult to predict: the possibility that the Separation or the transactions with NSC and POSCO will not be completed on the terms and conditions, or on the timing, currently contemplated, or that the transactions may not
be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required shareholder and regulatory approvals and other conditions necessary to complete the transactions, or for other reasons; the possibility of adverse
reactions or changes in business relationships resulting from the announcement or completion of the Separation; risks relating to tax, legal and regulatory matters; credit, market, currency, operational, commodity and liquidity risks generally, including
changes in economic conditions, interest rates or tax rates; risks generally encountered in the permitting and development of coal properties; risks associated with volatility in financial and commodities markets and global uncertainty; risks associated
with fluctuations in the market prices of steelmaking coal commodities, which are cyclical and subject to substantial price fluctuations; risks related to inflation; risks relating to development and expansion projects; risks associated with climate change,
environmental compliance, changes in environmental legislation and regulation or changes to reclamation obligations; and risks associated with coal mineral reserve and resource estimates. Declaration and payment of dividends and supplemental
distributions are generally the discretion of the Board, and the EVR dividend policy may change. Such statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, assumptions regarding: general
business and economic conditions; commodity and power prices; the supply and demand for, and prices of steelmaking coal; the timing of receipt of permits and other regulatory and governmental approvals for development projects and operations;
costs of production, and production and productivity levels; the impact of changes in foreign exchange rates on EVR costs and results; the accuracy of steelmaking coal reserve and resource estimates; and tax rates. Statements concerning future
production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated; and that there are no material unanticipated variations in the cost of
energy or supplies. Sustainability goals are based on a number of additional assumptions, including regarding the availability and effectiveness of technologies needed to achieve EVR’s sustainability goals and priorities; the availability of clean energy
sources and zero-emissions alternatives for transportation on reasonable terms; ability to implement new source control or mine design strategies on commercially reasonable terms without impacting production objectives; and the performance of new
technologies in accordance with expectations. In addition to the above, statements regarding the Separation are based on assumptions that the Separation will be completed on the terms and conditions, and within the timeframes, currently
contemplated; that we will obtain or satisfy, in a timely manner, all required shareholder and regulatory approvals and other conditions necessary to complete the Separation. Assumptions regarding water quality management in the Elk Valley include
assumptions that additional treatment will be effective at scale, that the technology and facilities operate as expected and that required permits will be obtained.
The foregoing list of important factors and assumptions is not exhaustive. Teck cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. Further information
concerning risks and uncertainties associated with these forward-looking statements and the steelmaking coal business that EVR will operate can be found in Teck’s Annual Information Form for the year ended December 31, 2022, filed under our
profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under Teck’s profile. The forward-looking statements contained in these slides and accompanying
presentation describe Teck’s expectations at the date hereof and are subject to change after such date. Except as may be required by applicable securities laws, Teck does not undertake any obligation to update or revise any forward-looking
statements contained in these slides or the accompanying presentation, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

2
Agenda

EVR Overview

Operational Resilience

Marketing and Logistics

Financial Overview

Valuation and Modelling

Closing Remarks and Q&A

3
EVR
Overview
Robin Sheremeta / President & Chief Executive Officer

4
 Management Team

Robin Sheremeta Jeff Hanman Ryan Podrasky Réal Foley Glen Campbell
President & Chief Operating Officer Chief Financial Officer Chief Commercial Officer Chief Human Resources Officer
Chief Executive Officer

• Appointed Teck SVP, Coal in • Appointed Teck SVP, • Appointed General Manager • Appointed Teck SVP, • Appointed Teck General
May 2016 Sustainability & External Affairs Finance and Operating Marketing and Logistics at Manager, Human Resources,
• 35 years of experience in the in 2022, previously held Excellence in January 2022, Teck in 2019 North American Operations in
Elk Valley, held numerous position of VP, Sustainable led finance for the coal • More than 30 years of May 2022, previously held the
senior leadership roles Development, Coal business for more than 5 years marketing and logistics position of Director HR for the
including General Manager, • More than 20 years of diverse • Appointed to the Board of experience in the mining coal business unit
Health & Safety, Engineering experience in public and Directors of Neptune industry, including global
• More than 25 years of
and Operations private sectors • More than 20 years of finance, marketing of manganese ore
experience at Teck in all facets
investor relations, corporate and met coal for BHP
of HR, including attraction,
development and accounting / employee relations, labor
audit experience in both mining relations and leadership
and oil & gas industries
development

EVR will retain existing management at the operational level to ensure continuity of operating
excellence and responsible mining practices in the Elk Valley
5
Elk Valley Resources
Planned dual-listing on the TSX and NYSE under symbol “ELK”

Pure-play, responsible Canadian steelmaking coal producer

focused on long-term cash generation and cash returns to shareholders

A World-Class Robust Cash Flows Commitment to

Resource Company Underpin Value Creation Environmental Stewardship
for Shareholders and Responsibility to Local
Communities

• #2 Global exporter of seaborne • Top-tier margins and demonstrated • Proven management team ensures
steelmaking coal through-the-cycle FCF generation continuity of operational excellence
• Premium, low-emission HCC essential • Strong cash returns to shareholders • Industry-leading water management,
to steelmakers’ carbon neutral • Significant equity accretion potential commitments to nature positive and
strategies net-zero by 2050
• 30+ years of reserves and ~3.4Bt of • Environment Stewardship Trust fully
measured and indicated resources funds long-term obligations

6
 World-Class Steelmaking Coal Assets
Critical mineral necessary to support steel production and transition to low-carbon economy

#2 Global Exporter of Production Guidance4

Seaborne Steelmaking Coal 25–27Mtpa
2023 market share1 2024–2026
Plant Capacity of 27-28Mtpa
17% BMA2
BRITISH COLUMBIA Fording River ALBERTA
8% EVR 9 Mtpa
Greenhills
6% Anglo Elkford 6 Mtpa
Line Creek
53% Top 10 43 3.5 Mtpa
95

Elkview
Sparwood 9 Mtpa
95A Crowsnest Pass

30+ Years Reserve Life 3

2022 data (Mt)3 Cranbrook

93 Fernie
1,451
Inferred 95

Local Communities
860 3,386
Proven and Measured Steelmaking Coal Operations
Probable and Indicated Neptune Bulk Terminals
(100% of coal operations)

Reserves Resources

1. Wood Mackenzie, March 2023 Seaborne Met Coal Dataset for 2023 seaborne steelmaking coal.
2. BMA is a joint venture that is owned by BHP (50%) and Mitsubishi Corporation (50%)
3. Teck 2022 AIF. Amounts show reserves and resources at 100% ownership after consolidation of POSCO/NSC minority interests.
4. 2024-2026 includes impact from consolidation of minority interests
7
 High-Margin Steelmaking Coal Producer
Demonstrated through-the-cycle cash flow generation

Top Quartile Delivered Margins Track Record of Profitability

2022 WoodMac Margin Curve1 10 Year Average2

$2.7B
$199
$193
Impairment Adj. EBITDA
$170

47%
Impairment Adj. EBITDA Margin

Managing Core Business Drivers to Optimize Margins

Stable long-term Best-in-class truck Integrated operations and dedicated Continued technology and
strip ratio productivity market access through Neptune Bulk innovation to lower operating costs,
Terminals lower costs, increase logistics mitigate inflation, and drive improved
chain flexibility and reduce volatility margins
1. Wood Mackenzie Seaborne Metallurgical Coal Cost Curve March 2023 dataset for 2022 full year seaborne steelmaking coal in US$/t. EVR data reflects 2022 results. EVR’s delivered operating margin was normalized to the 2022 average FOB Australia benchmark price of US$366 per tonne by using EVR’s realized price
premium to benchmark and adjusting for mineral tax impacts. EVR unnormalized operating margin is US$204/t. EVR costs and margins were converted based on a Canadian/U.S. dollar exchange rate of ~$1.29. Delivered operating margin is a non-GAAP metric and does not have a standardized meaning under IFRS and
might not be comparable to similar financial measures.
2. Teck 10 Year historical average steelmaking coal annual Impairment Adjusted EBITDA and Impairment Adjusted EBITDA Margin for the period from 2013 to 2022. Impairment adjusted EBITDA is a non-GAAP financial measure. Impairment Adjusted EBITDA Margin is a non-GAAP ratio. See Non-GAAP Financial Measures
and Ratios. 8
 Cash Flow Waterfall
Transition Capital Structure supports resilience and returns to shareholders Supplemental
Shareholder Returns
Min 50% of available cash flow3
$255M
Resiliency of EVR

Cash Flow Capital Environmental Preferred Share

from Operations Expenditures Stewardship Trust Dividends

Transition Capital Structure (TCS)1,2

90% Gross Revenue Preferred Share

Royalty Redemptions
0%3

Free Cash Flow1

Cash Returns to EVR Common Equity

Supplemental
10% Base
Shareholder Returns
Dividends
Min 50% of available
100%3 $0.20/share
cash flow 4

1. EVR is not required to make TCS payments if cash balance is below $250M; ensures resiliency during periods of low steelmaking coal prices.
2. Teck Metals retains 87.5% of the TCS. Nippon Steel and POSCO own the remaining 12.5% of the TCS.
3. EVR retains 100% of free cash flow upon full payment of the TCS.
4. Available cash flow is after base dividend payments
9
Transition Capital Structure to Full Separation
Significant value accretion to common equity upon payment of the royalty and preferreds

Transitional Capital Structure Royalty Terms

Payable until the later of…

87.5%
Teck Metals
Gross Revenue $7.0B
6.5% Cumulative
Royalty
Preferred Equity
(“Royalty”) or
$4.4B
$7.0B 12.5% 10%
2.5% December 2028
The 5.5 year minimum term of the royalty is
Quarterly royalty payments based on revenue, equal to 90% of free cash flow triggered at benchmark HCC prices >US$210/t

Mandatory quarterly redemption of preferred equity after the Royalty is paid, equal
to 90% of free cash flow

Ability to refinance preferred equity and accelerate separation after the royalty is paid

10
 Nippon Steel and POSCO Interests Affirm EVR’s Value
High-quality steelmaking coal a key input to steel and the low-carbon transition

“
Nippon Steel (NSC) and POSCO to receive interests
in EVR for their minority interests in Elkview and Greenhills

High-quality steelmaking
NSC to pay $1.025B in cash for an additional
9% interest in EVR common shares and the TCS1,2,
coal is essential in
implies $11.5B enterprise value pursuing our carbon
neutral strategy.”
NSC to enter into a long-term coal offtake agreement Eiji Hashimoto
at market terms linked to HCC index prices, Representative Director and President of Nippon Steel
consistent with long-standing commercial arrangements

Cornerstone investments from the world’s largest steelmakers highlight robust demand and
critical importance of high-quality steelmaking coal to emissions reduction and steel infrastructure
1. Payable to Teck.
2. Nippon Steel (NSC) is permitted to acquire up to an aggregate of 17.5% of EVR common shares in the public market.

11
Operational
Resilience
Jeff Hanman / Chief Operating Officer

12
 Operating Strategy Focused on Resilience
Clear strategy to maintain competitiveness, maximize cash flows, and lead in sustainability

Maintain Competitive Position Maximize Cash Flows Sustainability Leadership

• Health & safety is a core value • Maintain and improve top-quartile margins by • Pathway to Net-Zero emissions
leveraging technology
• Production of 25–27 Mt per year1 • Achieving water quality improvements
• Enhancing plant availability, yield and throughput
• Stable long-term strip ratio of 10:1 • Long-term environmental stewardship
• Ability to flex cost structure based on market conditions
• Integrated supply chain with four operations to • Committed to Indigenous engagement
maximize efficiency from pit to port

1. Production of 25-27 Mt from 2024-2026 includes impacts from consolidation of minority interests.

13
 Optimization Drives Productivity and Margins

Truck Productivity Plant Improvements

Standard Haulage Model1 %

+20%
COVID absenteeism
& workforce
constraints
103% 102% 104% 103%
99% 101% 100% 100% 99%

90% 92%

82%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F

• Continuous operator productivity benchmarking and

supervisor engagement • Targeting bottlenecks with technology:
20% • Optimized operating procedures:
5% • Advanced analytics enable decision making in real
increase increase
• Improved dumping and payloads time to improve yield, availability and plant
in haul truck in plant throughput throughput
• Improved dispatching
productivity delivers and 2% increase in • Advanced process control to reduce variability and
$150M in potential • Focused training on spot times and speed plant yield at
enhance performance
savings • Structured performance reviews and feedback Greenhills
• Opportunity to scale improvements across EVR plants
• Preventative maintenance and asset health systems

1. Standard Haulage Model (SHM) is an internal haulage baseline model which anticipates an expected rate of material movement per equipment operating hour taking into account size of truck fleet, haul distance, grade and other
road design elements. 2023 is based on budget
14
 Pathway to Net Zero Emissions by 2050
Focusing on material drivers; on track with key milestones

Carbon Reduction Pathways Overview Detailed Carbon Reduction Pathways

Diesel Natural Gas Hard to Abate Offsets & Insets

3
Core and Coal

Activities
Piloting and adopting smaller zero emissions vehicles (e.g. electric buses)
Evaluating the elimination of fossil-fuel power dryers at our steelmaking coal operations
Million tonnes of CO2e

2
Electricity
Renewable grid power Agreement with Caterpillar to deploy 30 zero-emissions large haul trucks by 2030
at all steelmaking Complete first nature-based solutions offset project
coal operations
Evaluating trolley-assist and renewable fuels for haul trucks
1
Evaluating renewable natural gas and hydrogen for coal dryers

Diesel
Field test early-learner haul truck with Caterpillar
Trolley-assist /
renewable diesel / Begin transition to net-zero coal drying
zero emission Begin deployment of Caterpillar
haul trucks 0 zero-emission trucks

Natural Gas and Coal

Renewable NG / 2030 2040 2050
Baseline1
coal drying 33% Net zero 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
-1
intensity Net zero 33%
reduction Scope 2 Intensity
reduction
1. Baseline reflects average emissions from 2016-2019.

15
Achieving Water Quality Improvements
Stabilizing and reducing selenium levels in the watershed

Water Treatment Facilities to 2027

millions of litres per day

Pre-2020 2020 to 2022 2023 to 2027

Initial facilities Transitioning from Additional SRF treatment capacity
completed, successful AWTF to SRF to meet future requirements Greenhills
+8x
SRF at Elkview Creek
Elkview
(Phase 3)
7.5 142.5
Complete Fording River 15
Under Construction North 2
Future Facility (Phase 1)
20
Fording River
Active Water North 1
Treatment Facility (Phase 3)
North 10
Line Creek
Saturated Rock Fill Fording River +4x
North 1 12.5
(Phase 1&2)

30 77.5

Fording River
South
20
Elkview Saturated Rock Fill Intake (20M Litres/day)
Elkview
(Phase 2)
Elkview 10
Significant ramp up in water West (Phase 1)
Line Creek
10 17.5
treatment capacity completed (Phase 1&2)

and more underway 7.5

2020 2022 2027

16
Long-Term Environmental Stewardship
Creation of an Environmental Stewardship Trust to invest in the future of EVR

Sets aside cash in trust over time to fully fund

long-term environmental and reclamation
obligations

Escalating fixed annual contributions, starting at

$50 million; prioritized ahead of royalties

An investment in the business to

strengthen confidence and support
social license to operate

17
Marketing
and Logistics
Réal Foley / Chief Commercial Officer

18
Critical Ingredient to Global Economic Growth

Steel’s Essential Role Premium Steelmaking Coal Supports Decarbonization Strategy

Essential for economic growth Steel demand is forecast to remain HCC a critical raw material to steel Supply gap forecasted by 2025
in a low-carbon world strong through to 2050 production without additional supply
• Steel is not substitutable for most • Industrialized growth in India and • 0.7t of steelmaking coal required for each • Seaborne HCC demand expected to remain
applications Southeast Asia tonne of steel resilient, driven by India and Southeast Asia
• Essential to lifting global living • China demand expected to remain steady • Premium HCC generates 5–30% lower CO2 • Supply growth largely from existing mines,
standards until 2030 emissions in blast furnaces subject to investment, labour, logistics and
• Steel is required for infrastructure • >70% of global steel production through • To meet decarbonization targets, steelmakers permitting challenges
development and to support blast furnace are expected to increase high-grade HCC • 120Mt global supply gap expected by 2040
electrification and decarbonization • 100% recyclable • Blast furnace + CCUS is the only technology • Material impact of green steel technologies
that can be adopted with speed and scale expected in the second half of the century

19
 Steelmaking Coal Market Outlook

Global Seaborne Coking Coal Outlook1 Seaborne HCC Demand Growth to 2030 by Region2
Mt Mt

Australia Supply India Demand

300 Canada Supply Total World Demand
ROW Supply

250
S.E. Asia
120 Mt
200 Supply
Gap Rest of World

150 China

100 Europe

50 India

Japan/Korea/Taiwan
0
-5 0 5 10 15 20 25 30

• Market shortage • Forecasted demand • Divestments and challenges to • Impact of green steel • Prime hard coking coal is
forecasted by 2025, growth primarily driven by permitting create uncertainty in technologies anticipated important to blast furnace
unless additional India and SE Asia supply, new projects focused on after 2050 decarbonization efforts
production comes on lower grade coals

1. Data compiled by Teck based on information from Wood Mackenzie (Long Term Outlook Q4 2022) and CRU (Metallics Market Outlook Q1 2022)
2. Wood Mackenzie, CRU, Fenwei, IHS/Global Trade, Teck

20
 Chinese HCC Imports Expected to Remain Resilient
Ex-Australia seaborne imports up to new record high of 36 Mt

Chinese HCC Imports1 Blast Furnace Utilization Rates in China2

Mt %

Ex-Australian Australian Imports Mongolian Imports BF EAF

80 100%
Australian
Coal Ban
70
15 80%
60 24
26 34
15
50 28 26 60%
24 14
19 30
40 13
6 2
30 31 35 40%
14 31
28 31
20 26 27
34 36 20%
30
10 21 16
10 9 13 9 10 14
0 0%
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

• China committed to decarbonizing steel, with a peak by 2025 and carbon neutrality by 2060
• >65% of China blast furnace capacity located along the coast to access seaborne high-grade HCC
• Domestic Chinese coal production restricted by reserve, quality, and limited supply
• Blast furnace utilization steadily increasing post LNY
• EAF production in China is expected to increase but will remain limited as a percentage of total Chinese crude steel production due to lack of investment and infrastructure
• Easing of Australian import ban progressing slowly and not expected to impact prices materially

1. China Customs, Golden Hank, Fenwei.

2. NBS, Sxcoal.

21
 Resilient HCC Price Over Time
Consensus long-term estimates consistently below 5Y rolling average by 22%

Metallurgical Coal Prices

Argus Premium FOB Australia quarterly average (US$/t)

Consensus LT HCC Price Rolling 5-Yr Avg HCC

700 Expanding demand Over investment Increasing demand Supply shortage

With limited new supply, High prices led to large influx of supply, Demand recovered with limited Supply shortage and continued under
600 strong demand growth followed by depressed prices which supply and under investment investment drives strong pricing
for seaborne coal resulted in numerous mine
500 strengthened prices bankruptcies

400

300

200

100

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

HCC prices have averaged >US$180/t over the last decade and >US$220/t in the last five years
Prices expected to remain resilient as steel is essential for the global economy
Source: SBB Platts, press search, McKinsey, Consensus Economics, Reuters.

22
 High-Quality HCC Drives Premium Pricing

Premium Pricing through Market Diversification

Teck 2022 Steelmaking coal revenue % CSR % EVR HCC1
comparable with top premium
80 product from Australia
40% Asia (ex-China, India)
US
30% China Canada Australia
Australia HCC and
15% India Canada
South Africa
60
10% Europe
5% Americas
US
HCC
EVR achieves ~92% average realization on benchmark HCC 40
Australia
SSCC

EVR Product Mix Sales Mix / Pricing Mechanism

20

75% 40%
high-quality HCC quarterly indexed contracts South Africa
25% 60% -
SHCC, SSCC, PCI spot FOB and CFR 50% 60% 70% 80% 90% 100%

Varies based on mine plans 30

Drum Strength DI (%)
15

1. Coking coal peers company filings and presentations

23
Integrated Logistics Infrastructure
Underpins resilience while providing flexibility to maximize margins

Neptune Bulk Terminals >18.5 Mtpa

• 100% ownership of coal-handling facilities
• Primary terminal for market access, with competitive cost of service structure

Prince Rupert
British Columbia
Westshore Terminals 5-7 Mtpa
• Provides volume flexibility Trigon Terminals

• Contract expires Q4 2027

Trigon Terminals (Ridley) 6 Mtpa

• Alternative for sprint and recovery volume
• Contract expires Q4 2027

CP and CN Rail Neptune Terminals Kamloops

Vancouver
• Commercial arrangements in place to support fluid movement of trains
to all three westcoast terminals Westshore Terminals
• 5% of annual volumes eastbound Elk Valley
USA
• Agreement with CP expires April 2023, negotiations for new agreement
EVR
nearing completion
• Agreement with CN expires Q4 2026
24
Financial
Overview
Ryan Podrasky / Chief Financial Officer

25
 Top-Tier Steelmaking Coal Margins
Five-year historical performance1

Production Unit Costs

Mt Mt
2
26.2 25.7 Adjusted Site Cash Cost of Sales Transportation
24.6 89
21.1 21.5
62 65 64 65

44 47
37 39 41

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

EBITDA Margin Capital Expenditures3

%, adjusted for impairment2 $B

EBITDA margin Realized Price (US$/t) Sustaining Stripping Growth

80% 67% 400 1.3 1.3

70% 350 1.2 1.2
59% 61%
60% 355 300
50% 1.0
50% 250
40% 200
30% 24% 209 150
187
164
20% 100
10% 113 50
0% 0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

1. Excludes impact from consolidation of minority interests

2. Adjusted site cash costs and sales and impairment adjusted EBITDA margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Ratios”.
3. Capital expenditures include an adjustment of $140M of growth capital to sustaining capital in 2018 and $155M of growth capital to sustaining capital in 2019 as a result of a reclassification of capital expenditures relating to major enhancement capital expenditures in 2020.
26
 Guidance and Outlook

Production1 Unit Costs

2023–2026F (Mt) 2023F ($/t)

25-27 25-27 25-27

24-26
$88-96
Adjusted site cash cost of sales2

$45-48
Transportation costs
2023F 2024F 2025F 2026F

Expect costs to remain elevated through 2025 due to

Capital Expenditures inflation and HCC benchmark price assumptions
2023F

Overall
$750M • Expected total capex to remain elevated until 2026, declining to ~$1B per year by 2027
Capitalized Stripping
Capitalized Stripping
• 2023 is a peak period of stripping due to inflation and to advance the development of mine pits

$760M Sustaining Capital

• Expect to remain elevated for next three years driven by:
• Water treatment investments
Sustaining Capital • Relocation of the Administrative Maintenance Complex at the Elkview operations
• Water treatment
• Total of $450-550M in 2023 to 2024
1. 2024-2026 includes impact from consolidation of minority interests
2. Adjusted site cash cost of sales is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios”.

27
 Rising Industry Costs Support Strong HCC Outlook

Significant Shift in HCC Cost Curve from 2020 to 20221 90th Percentile Costs Support HCC Prices2

US$/t 50th Percentile 90th Percentile FOB Australia Estimated 90th Percentile Cost
2020 84 111
$500
$300 2022 146 171
D 74% 54%
$250 $400

90th
$200 $300
50th Percentile
Percentile
$150
$200

$100
$100

$50
$0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
$0

Shift in cost curve provides support for HCC prices

1. Wood Mackenzie, Deutsche Bank Research.

2. McKinsey, Minespans, IPCC

28
 Flexible Operating Strategy Drives Resiliency
Profitability through all pricing environments

Realized Coal Price vs Teck Coal Business Unit

Impairment Adjusted EBITDA1
$8 $355 $400

$7 EBITDA ($B) Realized Coal Price (US$/t) $350

7.0 $300
$6 Impairment
$209 $250
$174 $187 Adj. EBITDA1
$5
$149 $164 $200
10Y Average
$4 $115 $115 $113 $150
$93
$3 3.6 3.7 3.8 $100 >$2.7B
2.8 $50
$2
2.0 $0
$1 1.7
-$50
0.9 0.9 0.8
$- -$100
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Low Price Environment High Price Environment 2023 and Beyond

Focus on protecting margins and free cash flow Focus on increasing production to capitalize on • Continue to capitalize on current high price
• Parking higher cost equipment, reduced high margin environment environment
contractor trades, hiring freeze and lower • Utilize higher cost equipment, contractor labour, • Integrated operations
material movement internal overtime and intersite processing • Building flexibility to enhance resiliency
• Emphasis on cost reduction initiatives

1. Impairment Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios”

29
 Illustrative Cash Flow Waterfall
Based on 2022A

Cash Flow Capital Environmental Preferred Share

from Operations Expenditures Stewardship Trust Dividends
$6.6B ($1.2B)2 ($50M) ($290M)

Transition Capital Structure (TCS)1,2

90% Gross Revenue Preferred Share

Royalty Redemptions
$4.7B -

Free Cash Flow1

$5.2B Illustrative Cash Returns of ~$265M to $520M to EVR Common Equity Holders

Supplemental
10%3 FCF Available to Base Residual
Common Equity Dividends Shareholder Returns Cash
Min 50% of available cash flow4
$520M $10M $255M $255M

1. For the purposes of this illustration, free cash flow is calculated as cash flow from operating activities less capital expenditures, less preferred share dividends less aggregated adjustments for non-operating items (includes EST contributions).
Further details will be available in the proxy circular.
2. Includes deferred stripping, sustaining capex, and growth capex.
3. EVR retains 100% of free cash flow upon full payment of the TCS.
4. Available cash flow is after base dividend payments. 30
 Accounting Treatment for the Transition Capital Structure

Gross Revenue Royalty (“Royalty”) 6.5% Cumulative Preferred Equity

$7.0B or Dec 2028 $4.4B

Accounting Balance Sheet Balance Sheet

Treatment • Recorded as a financial liability at fair market • Recorded as a financial liability at $4.4B book value
value • Redemptions will reduce liability balance
• Liability will be marked-to-market on a quarterly
basis

Income Statement (IS) Income Statement

• Royalty payments will not be recorded on the IS • Dividends will be expensed
but accounted for in adjusted EBITDA2 and • Dividend payments will be included in adjusted EBITDA
adjusted earnings2 and adjusted earnings
• Quarterly change in fair market value of liability • Redemptions will not be recorded on the IS but
will be recorded as accretion and remeasurement accounted for in adjusted EBITDA and adjusted earnings
expenses, and accounted for in adjusted EBITDA
and adjusted earnings

Cash Flow Statement Cash Flow Statement

• Quarterly payments will be recorded as financing • Redemptions will be recorded as financing cash flows
cash flows

Tax Treatment • Royalty payments are deductible for income tax • Dividend payments and redemptions are not deductible
for income tax
• Royalty payments are not deductible for BC
mineral tax • Dividend payments are subject to a nominal part VI.I tax
payable of ~2.2%

1. UCC refers to undepreciated capital cost for capital cost allowance purposes.
2. Adjusted EBITDA and Adjusted Earnings are non-GAAP financial measures. See “Non-GAAP Financial Measures and Ratios”.
31
Significant Equity Accretion Potential

Illustrative EVR Enterprise Value

Cash flow attributable to common equity increases 10x
over the term of the Transition Capital Structure (TCS)
Common Equity Royalty Preferred

• EVR common equity entitled to 10% of FCF at inception,

100% increases to 100% upon payment of the TCS
• The value of EVR common equity increases as the TCS is paid
• The minimum 5.5 year term of the royalty is triggered at
average benchmark HCC price >US$210/t

Ability to refinance preferred shares once royalty is repaid

to access 100% of cash flows

Inception Post-Royalty Post-TCS

32
EVR
Valuation
Helen Kelly / VP Investor Relations

33
 Peers Snapshot
EVR
22.2 12.6 12.7
Steelmaking Coal Production 5.1 7.1
2022A (Mt)1
2.2 (10% attributable)2

% Steelmaking Coal Revenue

100% 100% 98% 58% 94%
2022A3

Realized Steelmaking
$355 $335 $240 $247 $269
Coal Price1 and % realized of FOB
98% 92% 66% 67% 73%
Australia 2022A4

Steelmaking Coal Margin Curve

1st 1st 1st 1st 3rd
Quartile5

EBITDA $7.0
$1.3 $2.3 $1.9 $1.6
2022A1 ($B) $0.7 (10% attributable)

EV/EBITDA
N/A 2.5x 4.5x 3.1x 2.4x
2024E6

Free Cash Flow $5.2

$0.9 $1.8 $1.4 $1.0
2022A7 ($B) $0.5 (10% attributable)

FCF Yield
N/A 4% 11% 13% 20%
2024E6
1. Company filings, broker research.
2. Includes pro forma impact from consolidation of minority interests.
3. % metallurgical coal sales against total reported revenue (includes PCI).
4. 2022 daily average Argus Premium HCC FOB Australia price.
5. Wood Mackenzie 2023E margin curve, November 2022.
6. Factset estimates, as at March 20, 2023.
7. Illustrative EVR FCF shown calculated as cash flow from operating activities less capital expenditures, less preferred share dividends less aggregated adjustments for non-operating items (includes EST contributions). Further details will be available in the proxy circular. 34
 Illustrative EVR Equity Valuation
Enterprise Value Discounted Cash Flow
1 $B 3
Illustrative Enterprise Value 11.5 11.5 11.5
Model discounted cash flows attributable to
Discount Rate 5% 8% 10% EVR common equity
(-) NPV of Royalty 5.9 5.4 5.0
(-) Book Value of Preferred Equity 4.4 4.4 4.4
Considerations
(+) Cash1 0.3 0.3 0.3
• Discount rate
(-) Leases1 0.1 0.1 0.1
• Duration based on reserves
Implied EVR Equity Value 1.5 2.0 2.3
Illustrated EV validated NSC transaction metrics and consensus NPV estimates

Consensus EV/EBITDA @ 10% attributable basis2

2 $B

24E FOB Australia Benchmark2 (US$/t) 237 237 237

24E Teck Coal EBITDA2,3 (100%) A 3.9 3.9 3.9

Met Coal EV/EBITDA Multiple B 2.5x 3.0x 3.5x

24E EVR EBITDA (10%) C = 10% x A 0.4 0.4 0.4

EVR Enterprise Value BxC 1.0 1.2 1.4

1
(+) Cash 0.3 0.3 0.3
(-) Leases1 0.1 0.1 0.1
Implied EVR Equity Value 1.1 1.3 1.5
1. EVR will be initially capitalized with $250M of cash and carry ~$150M of lease obligations at inception.
2. Consensus reflect average of 10 detailed broker model estimates.
3. EVR EBITDA as reflected from broker consensus for Teck’s coal business unit. EBITDA is a non-GAAP measure. See Non-GAAP Financial Measures and Ratios.
35
 Exchange Listings, Index Inclusion and Timing
Applications to the TSX and NYSE under symbol “ELK”

S&P / TSX NYSE

• Conditional approval for TSX listing • Applied to list on the NYSE, subject to fulfilment of all listing
• As a spin-off of an incumbent, EVR inherits Teck Resources’ index requirements
membership under S&P’s Corporate Actions rules1
• Expect to qualify for the TSX Composite (subject to quarterly rebalancing)

Record Date Annual and Closing EVR Shares

for Meeting Special Meeting Date Begin Trading2

7 26 31 ~8

MARCH APRIL MAY JUNE

2023
1. An incumbent that represents 0.025% (~$700M market capitalization) remains eligible. The Index Committee has final decision on index composition.
2. Subject to approval of the TSX and NYSE.
36
EVR
Modelling
Helen Kelly / VP Investor Relations

37
 Revenue Model
2020 2021 2022 A. Sales Volumes
• Sales to generally mirror production in the long-term
Sales Volume A Mt 21.9 23.4 22.2 • Guidance
• 2023F 24–26Mt
Realized Price • 2024-2026F 25–27Mt
FOB Australia Benchmark1 B US$/t 126 224 364 includes impact from consolidation
Realization % C 90% 93% 98% of minority interests
Realized Price D=BxC US$/t 113 209 355
FX Rate E 1.34 1.25 1.30 • EVR to provide quarterly sales guidance
Realized Price F=DxE C$/t 151 261 462
C. Realization
Revenue 2
AxF C$B 3.4 6.3 10.4 • Average historical realizations ~92%

F. Realized Price
• Approximately the weighted average of:
• 40% x FOB Australia Index (M-1)
• 30% x FOB Australia Spot (M)
• 30% x CFR China less freight

Source: 2020-2022 results from company filings

1. FOB Australia benchmark pricing represents Argus Premium HCC FOB Australia daily price average for 2020-2022.
2. 2020-2022 revenue shown includes impact of POSCO’s royalty at Greenhills. Post separation, POSCO’s interest and royalty in Greenhills will be swapped for 2.5% of the TCS and EVR common equity.
38
 Cost of Sales Model
2020 2021 2022

Adj. Site Cash Cost of Sales A C$/t 64 65 89

A. Adjusted Site Cash Cost of Sales1
(+) Transportation Costs B C$/t 41 44 47 2023 guidance $88-96/t
(+) Other D C$/t 3 2 1
B. Transportation Costs
Total Cash Unit Costs C$/t 108 111 137
2023 guidance $45-48/t
Sales E Mt 21.9 23.4 22.2

Site Operating Costs F=AxE C$M 1,402 1,521 1,976

(+) Transportation Costs G=BxE C$M 898 1,030 1,043
(+) Depreciation & Amortization H C$M 732 872 963
(+) Other I=DxE C$M 66 47 22
Cost of Sales C$B 3.1 3.5 4.0

Breakdown of Cost of Sales 2022A Operating Cost2 Breakdown 2022A

Depreciation and
Amortization Labour 41%
25% Operating Supplies & Parts 31%
Transportation
Costs Energy 19%
30%
SG&A and Other Costs 9%
Operating
Costs Total 100%
45%
Source: 2020-2022 results from company filings

1. Adjusted site cash cost of sales per tonne and impairment adjusted EBITDA margin are non-GAAP financial ratios. See “Non-GAAP Financial Measures and Ratios”.
2. Operating costs reflect expenditures net of capitalized stripping and inventory adjustments.
39
 EBITDA Build Up

Revenue A C$M C. Depreciation & Amortization

(-) Cost of Sales B C$M • Teck Coal BU 2022A $963M
(+) Depreciation & Amortization C C$M • Included within cost of sales
(-) Other Operating Expenses D C$M
EBITDA E = A-B+C-D C$M
F. General and administration2
• Teck G&A 2022A $236M, estimate ~40-50% to EVR
Other Operating Expenses
1 • Excludes one-time costs related to the separation
General and Administration F C$M
(+) Research and Innovation G C$M G. Research and innovation2
• Teck R&I 2022A $67M, estimate ~40-50% to EVR
(+) Other H C$M
• Expect to decline over time as water treatment investments
Other Operating Expenses D = F+G+H C$M
are complete

H. Other
EBITDA E C$M • Includes pricing adjustments, social responsibility costs,
(+) Other Operating Expenses D C$M environmental costs and other1
Gross Profit before D&A I = E+D C$M

1. Refer to Financial Statement Note 3 of our 2022 Q4 Report for additional details about Other Operating Expenses.
2. Further details will be available in the proxy circular.

40
Current Taxes Payable

Income Tax Payable A C$M B. BC Mineral Taxes

(+) BCMT Payable B C$M • Deductible for the purposes of computing income taxes
Current Taxes Payable C C$M
E. Capitalized Stripping
EBITDA D C$M • Deductible for income tax and BCMT as an operating
(-) Capitalized Stripping E C$M expense
(-) Sustaining Capex F C$M
Tax Base for BCMT G = D-E-F C$M H. Capital Cost Allowance (“CCA”)
(x) BCMT Rate 13% % • Deductible at 25% of the undepreciated
capital cost (“UCC”) per year on a declining-balance basis.
BCMT Payable B = 13% x G C$M
• Estimated $1.65B UCC balance at inception
• Future additions will include sustaining capex
EBITDA D C$M
(-) Capitalized Stripping E C$M I. Royalty Payments
(-) CCA H C$M • Deductible for income tax purposes, but not for BC
(-) Royalty Payments I C$M Mineral Tax purposes
(-) BCMT Payable B C$M
Tax Base for Income Taxes J = D-E-H-I-B C$M
(x) Tax Rate 27% %
Income Tax Payable A = 27% x J C$M

41
Free Cash Flow Build Up

EBITDA A C$M D. Capital Expenditures

(-) Current Taxes Payable B C$M • 2023 guidance
• Sustaining capital $760M
Cash Flow from Ops C = A-B C$M • Capitalized stripping $750M
(-) Capex D C$M • Refer to slide 27 for additional guidance
(-) EST Contributions E C$M
(-) Pref Dividend Payments F C$M E. EST Contributions
• $50M in 2023, increasing by $5M/yr to 2033
FCF G = C-D-E-F C$M • $100M/yr from 2033 to 2036
• $230M/yr from 2037+ until fund reaches self-
sustainability
• Subject to changes in rate of return
assumptions, areas disturbed etc., undiscounted
contributions are expected to total ~$2B

F. Preferred Dividend Payments

• 6.5% cumulative dividends on preferred equity
outstanding
• Initial book value of preferred equity is $4.4B

42
 TCS Payments
87.5% payable to Teck Metals

A. Royalty
Royalty Payment A = 90% x FCF C$M Opening amount $7.0B
(+) Pref Equity Redemptions B = 90% x FCF - A C$M • Royalties1 are paid from 90% of FCF until the later of:
Total TCS Payments C=A+B C$M • $7.0B have been paid, or
• December 2028
• Recorded on EVR balance sheet at NPV5% to reflect
value of future payments
While TCS is outstanding… After royalty is terminated…
B. Preferred Equity
Opening balance $4.4B
Preferred Equity
90% FCF Royalty1
Redemptions
• Preferred redemptions are paid from 90% of FCF after the
royalty has been terminated
• Recorded on EVR balance sheet at face value

After preferred equity is redeemed…

100% FCF EVR Common Equity

1. Royalty is a 60% gross revenue royalty subject to a 90% free cash flow limit.

43
 FCF Attributable to EVR Common Equity

FCF A C$M D. Base Dividend

(-) TCS Payments B C$M • $0.20/share base dividend
EVR FCF after TCS C = A-B C$M E. Supplemental Returns
(-) Base Dividend D C$M • Minimum of 50% of available free cash flow after base dividend
(-) Supplemental Returns E C$M • (Line C – Line D) x 50%
Residual Cash F = C-D-E C$M
G. Opening Cash
• $250M cash + $75M captive insurance at inception
Opening Cash G C$M
(+) Residual Cash F C$M
Ending Cash H = G+F C$M

1. Further details will be available in the proxy circular.

44
 Potential for Strong Cash Returns for EVR Shareholders
Illustrative 2022A1

Cash Flow Capital Environmental Preferred Share

from Operations Expenditures Stewardship Trust Dividends
$6.6B ($1.2B)2 ($50M) ($290M)

Transition Capital Structure (TCS)1,2

90% Gross Revenue Preferred Share

Royalty Redemptions
$4.7B -

Free Cash Flow1

$5.2B Illustrative Cash Returns of ~$265M to $520M to EVR Common Equity Holders

Base Supplemental Residual

10% FCF Available to
Common Equity Dividends Shareholder Returns Cash
Min 50% of available cash flow3
$520M $10M $255M $255M

1. For the purposes of this illustration, free cash flow is calculated as cash flow from operating activities less capital expenditures, less preferred share dividends less aggregated adjustments for non-operating items (includes EST contributions).
More details to come in the circular.
2. Includes deferred stripping, sustaining capex, and growth capex.
3. Available cash flow is after base dividend payments.
45
Elk Valley
Resources
Q&A
Investor & Analyst Presentation
and Modelling Workshop

46
Appendix

47
 Nippon Steel and POSCO Investments
NSC investment validates EVR valuation; consolidation of minority interests simplifies structure

(NSC)

Minority interest 10% EVR Common Equity1 Minority interest 2.5% EVR Common Equity
2.5% in Elkview
2.5% in Elkview
10% Transition Capital Structure
(Royalty + Preferred Equity)
+ 1 Director on the EVR Board2
+ 2.5% Transition Capital Structure
(Royalty + Preferred Equity)
Cash investment Offtake Long-term coal offtake rights Partnership interest
$1B payable to Teck agreement3
20% in Greenhills

NSC’s $1B cash investment implies $11.5B enterprise value for EVR

1. Nippon Steel (NSC) is permitted to acquire up to an aggregate of 17.5% of EVR common shares in the public market.
2. Investor rights agreement includes pre-emptive rights on future securities issuances and registration rights. NSC will agree to certain customary transfer and standstill restrictions.
3. Long-term coal offtake rights agreement include coal sales to NSC at market terms
48
Environmental Stewardship Trust
Long-term objective to achieve full cash funding to support environmental obligations

Creation of an Environmental Stewardship Trust (EST) to EST Contributions

fully fund long-term environmental obligations

2023 – 2036
• Initial annual contribution of $50M, increasing by
$5M per annum, and $100M per annum from 2033-2036 $50M per annum,
increasing by
• Contributions of $230M per annum commencing 2037
$5M per annum
• Contributions cease upon EST achieving full funding
Annual payments
increase over time
and cease upon
Designed to ensure sufficient funding in place to pursue full funding
sustainable mine rehabilitation initiatives 2037+
$230M per annum
Demonstrates commitment to environmental stewardship
while considering the interests of shareholders, local
communities, Indigenous Groups, and the environment

Until full funding

49
FCF to EVR Common Equity over the duration of the TCS

90% FCF
1 While royalty is outstanding…
10% FCF
• 87.5% payable to Teck Metals
90% FCF Royalty $7.0B • EVR is limited in its ability to raise debt while TCS is outstanding

• $0.20/sh base dividend

10% FCF
10% FCF EVR common equity • 50% available cash flow

2 After royalty is terminated…

Preferred equity
90% FCF • 87.5% payable to Teck Metals
redemption $4.4B

• $0.20/sh base dividend

10% FCF EVR common equity • 50% available cash flow

+ Ability to refinance preferred equity

3 After preferred equity is redeemed…

100% FCF EVR common equity

50
Proposed EVR Directors

Jane Bird is a Senior Business Advisor at Bennett Jones LLP, providing advice to private and public sector clients on the development and execution of infrastructure projects. Ms. Bird has over 20 years of experience leading significant projects in the
transportation, power, building and wastewater sectors. In 2017, she received the National Outstanding Leader Award from the Women’s Infrastructure Network. Ms. Bird was also awarded the Vancouver Board of Trade Spirit of Vancouver Outstanding
Leadership Award (2009); named one of Canada’s Most Powerful Women (2009) and awarded the Downtown Vancouver Business Improvement Association Appreciation Award (2011). Ms. Bird is a director of several companies, including the Canada
Infrastructure Bank, Global Container Terminals Inc. and Nieuport Aviation Partners (Chair). She is a graduate of Queen’s University (BA) and Dalhousie University (LLB). Ms. Bird has an ICD.D designation from the Institute of Corporate Directors.
John Currie brings over 40 years of experience in the financial management of public and private companies, including both executive and board director roles. He served as Chief Financial Officer of lululemon Inc. from 2007 until his retirement in 2015.
Prior to joining lululemon, he served as Chief Financial Officer of Intrawest Corporation. He currently serves on the board of Aritzia Inc. where he is Lead Independent Director, Chair of the Audit Committee, and a member of the Compensation and
Nominating Committee. Until his term ended in May 2022, he served on the board of the Vancouver Airport Authority for almost ten years, where he was Chair of the Finance and Audit Committee and a member of the Human Resources Committee. Mr.
Currie received a Bachelor of Commerce degree from the University of British Columbia and is a Chartered Professional Accountant.
Sarah Kavanagh is currently a Corporate Director and is a former Commissioner on the OSC. She is a Director of Hudbay Minerals, Bausch Health Companies, Bausch & Lomb, Cymax Technologies Group and a Director of Sustainable Development
Technology Canada. Ms. Kavanagh is also a former Trustee of WPT Industrial REIT and AST, a leading provider of shareholder services based in NY. Until 2010 Ms. Kavanagh was a Vice Chair in the Investment Banking Department at Scotia Capital
and held the role of Head of Equity Capital Markets and before that Head of Investment Banking at Scotia Capital. As well as her experience in investment banking, Ms. Kavanagh has held senior finance positions at several Canadian corporations. Prior
to moving to Canada, Ms. Kavanagh spent seven years in the investment banking department at Lehman Brothers in New York. In 2015 Ms. Kavanagh was named one of Canada’s Top 100 Most Powerful Women by WXN, where she continues to act as
a formal mentor. Ms. Kavanagh was named one of the Diversity 50 in 2012. She is also an alumnus of Catalyst Women on Board, a mentorship program where she acts as a formal mentor. In 2008 she received the Women in Capital Markets Award for
Leadership. Ms. Kavanagh completed the ICD.D program at Rotman School of Business and serves on the Executive Committee of the Ontario Chapter of ICD. She was Chair of the Board of Governors at The Bishop Strachan School from 2009-2014.
Ms. Kavanagh holds an M.B.A. from Harvard Business School and a B.A. in Economics from Williams College.
Daniel Racine joined Yamana Gold in May 2014 and in August 2018 he was appointed President and Chief Executive Officer. From August 2012 until March 2014, Mr. Racine was President and Chief Operating Officer of Brigus Gold Corp. Prior to
joining Brigus, Mr. Racine was Senior Vice President, Mining of Agnico-Eagle Mines Limited where he was responsible for Agnico-Eagle's global mining operations. Mr. Racine joined Agnico-Eagle as a junior Mining Engineer in 1987 taking on
progressively senior roles throughout his tenure, including LaRonde Mine Manager, Vice-President Operations Manager, and Senior Vice President Operations. Mr. Racine holds a Bachelor of Mining Engineering degree from Laval University. He is a
registered engineer with L'Ordre des Ingenieurs du Quebec, a professional engineer with Professional Engineers Ontario and a member of the Ontario Society of Professional Engineers. Mr. Racine will be leaving Yamana Gold in March 2023 following
Yamana Gold’s acquisition by Pan American Silver Corp. and Agnico Eagle Mines Limited.
Peter Rozee has been Senior Vice President, Commercial and Legal Affairs of Teck Resources Limited since 2010. From 2001 to 2010 he held various senior legal positions with Teck. Prior to joining Teck, Mr. Rozee was General Counsel of Inmet
Mining Corporation, and practiced law with the Tory law firm in Toronto. Mr. Rozee holds a B.A. from Trinity College, University of Toronto and an LLB from Osgoode Hall Law School. He is a member of the Law Societies of Ontario and British Columbia.
Mr. Rozee will be retiring from Teck in early April 2023.
David Scott retired from the position Vice Chair and Managing Director, Mining Global Investment Banking at CIBC Capital Markets in May 2019. During his 20-year career with CIBC, Mr. Scott held progressively senior positions, and played an active
role in the majority of significant mining M&A and equity financing transactions completed in Canada during his tenure with CIBC. Prior to joining CIBC, Mr. Scott held various leadership positions specializing in mining at RBC Dominion Securities Inc.,
Richardson Greenshields of Canada Ltd., and Levesque Beaubien Geoffrion Inc. Prior to his investment banking career, Mr. Scott worked as a geologist with the Noranda Group. Mr. Scott currently serves on the board of Kinross Gold Corporation and
was Lead Director of Maverix Metals Inc. prior to its acquisition by Triple Flag Precious Metals He has a B.A.Sc. in Geology from the University of Western Ontario.
Robin Sheremeta is EVR’s proposed President and Chief Executive Officer and has been Teck’s Senior Vice President, Coal since May 2016. Mr. Sheremeta has held various Engineering and Operating roles in the Elk Valley progressing through to
General Manager of Elkview Operations and Greenhills Operations over the period 1988 to 2010. He was appointed Vice President, Health and Safety Leadership for Teck in 2010 and returned to the Coal Operations as Vice President Operations from
2013 to 2015. He is a graduate of the University of British Columbia (B.A.Sc.) and Simon Fraser University (M.B.A.).
Marcia Smith is EVR’s proposed Chair. She joined Teck in 2010 as Vice President Corporate Affairs and then served as the Senior Vice President, Sustainability and External Affairs for over a decade. During her 13-year career at Teck, Ms. Smith held
executive positions with responsibility for health and safety, environment, legacy/closed properties, communities, Indigenous Peoples, government and corporate affairs. She also had accountability for Teck’s sustainability and climate change strategies.
Ms. Smith currently serves as a Director of Aritzia Inc. Prior to joining Teck, she was the managing partner of a leading Canadian public relations firm in British Columbia. She earned a Bachelor of Arts (Honours) in English and Political Science from
Laurentian University. She has been named as one of Canada’s Most Powerful Women (2016), is a past recipient of the Business in Vancouver Influential Women in Business Award, and in 2020 was named “Mining Person of the Year” by the Mining
Association of British Columbia. Marcia Smith will be retiring from Teck in March 2023.
Anne Marie Toutant has 35 years of experience in the mining industry with extensive operations and technical expertise. Since late 2020, she has been a director of IAMGOLD, serving as chair of the Human Resources and Compensation Committee as
well as a member of the Sustainability, Technical, and Côté Gold Project Review committees. She served on several boards including the Suncor Energy Foundation (2012-2019) and the Mining Association of Canada (2005-2019 and Chair 2017-2019)
and is a founding member of Women in Mining Calgary. A Fellow of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Ms. Toutant is currently serving as the Institute's President. Between 2004 and 2020 she held executive roles at
Suncor focused on leading priorities such as: the safe commissioning, world class start-up and initial operations of the $18B Fort Hills project, deployment testing of autonomous trucks in northern Alberta, and the consolidation of mining activities in the
Millennium mine, one of the world’s largest open-pit mines. Prior to Suncor, Ms. Toutant held operations and engineering roles of increasing responsibility in metallurgical and thermal coal mines in western Canada for Luscar Ltd. and Cardinal River Coals
Ltd. becoming one of Canada’s early female mine managers in 1998. Ms. Toutant holds a Bachelor of Science degree in Mining Engineering from the University of Alberta and is registered as a Professional Engineer in the province of Alberta.
Kiichi Yamada has been with Nippon Steel Corporation (“NSC”) since 1992, where he has spent a significant portion of his 31-year career focused on procuring steelmaking raw materials such as iron ore and steelmaking coal. Additionally, he has spent
time at NSC responsible for planning for a carbon neutral procurement process. He spent two years at Kyushu Steel Works in southern Japan before becoming the General Manager of Raw Materials Division-I at NSC headquarters in Tokyo where he has
been responsible for coal procurement. Throughout his career, he has worked to strengthen the long-standing relationship between NSC and Teck. He holds a Bachelor of Laws from the University of Tokyo.
51
Non-GAAP
Financial
Measures
and Ratios

52
Non-GAAP Financial Measures and Ratios

Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This
presentation includes reference to certain non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS, do not have a standardized
meaning prescribed by IFRS and may not be comparable to similar financial measures or ratios disclosed by other issuers. These financial measures and ratios have been
derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers
in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be
considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS. For more information on our use of non-GAAP financial
measures and ratios, see the section titled “Use of Non-GAAP Financial Measures and Ratios” in our most recent Management Discussion & Analysis, which is incorporated by
reference herein and is available on SEDAR at www.sedar.com. Additional information on certain non-GAAP ratios is below.

Non-GAAP Financial Measures and Ratios

Adjusted site cash cost of sales per tonne – Adjusted site cash cost of sales per tonne for our steelmaking coal operations is defined as the cost of the product as it leaves
the mine excluding depreciation and amortization charges, out-bound transportation costs and any one-time collective agreement charges and inventory write-down provisions.
Adjusted profit attributable to shareholders – For adjusted profit attributable to shareholders, we adjust profit (loss) attributable to shareholders as reported to remove the
after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities.
Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit attributable to shareholders as described above.
Adjusted diluted earnings per share – Adjusted diluted earnings per share is adjusted profit attributable to shareholders divided by average number of fully diluted shares in a
period.
EBITDA – EBITDA is profit before net finance expense, provision of income taxes and depreciation and amortization
Impairment Adjusted EBITDA – Impairment Adjusted EBITDA is EBITDA plus impairment expenses less impairment reversals. There is no similar financial measure in our
financial statements with which to compare. Impairment Adjusted EBITDA is a non-GAAP financial measure. We believe this measure assists us and the reader to remove the
impact from one-time non-cash adjusting items
Impairment Adjusted EBITDA margins – Impairment Adjusted EBITDA margins are Impairment Adjusted EBITDA as a percentage of revenue. There is no similar financial
measure in our financial statements with which to compare. Adjusted EBITDA is a non-GAAP financial measure. We believe this measure assists us and readers to evaluate the
profitability of the business unit with the impact of one-time non-cash adjusting items removed

53
 Reconciliation of EBITDA; Impairment Adjusted EBITDA

Reconciliation between Segmented Profit, Segmented EBITDA, Impairment Adjusted EBITDA and Impairment Adjusted EBITDA Margin 1

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Profit (Loss) before Taxes $M 922 142 (1,882) 1,266 3,077 2,951 1,574 41 2,847 5,952
Net finance expense $M 48 40 26 21 5 47 60 56 91 86
Depreciation and amortization $M 722 712 706 628 725 730 792 732 872 963

Coal Business Unit EBITDA1 $M 1,692 894 (1,150) 1,915 3,807 3,728 2,426 829 3,810 7,001

Add (deduct): $M
Asset impairment $M 2,032 (207) 289
Environmental costs $M 96 4 60
Inventory write-downs (reversals) $M 59 (10)
Share-based compensation $M 3 9 32
Commodity derivatives $M
Other $M 58 29 (33) 40 26 63 (17)

Impairment Adjusted EBITDA1 $M 1,692 894 882 1,973 3,629 3,695 2,755 1,013 3,876 7,076
Revenue $M 4,113 3,335 3,049 4,144 6,014 6,349 5,522 3,375 6,251 10,409

Impairment Adj EBITDA Margin1 % 41% 27% 29% 48% 60% 58% 50% 30% 62% 68%

1. EBITDA and Impairment Adjusted EBITDA are non-GAAP financial measures. Impairment Adjusted EBITDA Margin is a non-GAAP financial ratio. See “Non-GAAP Financial Measures and Ratios” slides.

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investors@teck.com
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or 604.699.4257

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