Qb2 Site Visit

QB2 Site Visit
November 1, 2021

Caution Regarding Forward-Looking Statements
2
Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) and comparable legislation in other provinces
(collectively referred to herein as forward-looking statements). Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and
phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements speak only as of the original date of
this presentation.
These forward-looking statements include, but are not limited to, statements concerning: the potential impact of the COVID-19 on our business and operations,
including our ability to continue operations at our sites; our copper growth strategy and the components of that strategy, including but not limited to accelerating growth
in copper, maximizing cash flow from operations to fund copper growth and shareholder returns, and discipline in capital allocation, maximizing shareholder returns;
copper production growth and projected consolidated copper equivalent production; illustrative QB2 EBITDA at full production; the statement that Teck is transitioning
from cash outflows to potential for significant EBITDA generation; expectation that we will realize tremendous value from our copper projects; expectations for the
benefits of our RACE21TM program; expectations regarding returning cash to shareholders; ability to return cash, repay debt and advance copper growth options
while maintaining a very strong balance sheet; doubling of copper production by 2023 through QB2; timing of first production from QB2; all projections and forecasts
about QB2, including but not limited to life of the deposit, strip ratio, copper grade and production costs; and all other estimates and projections associated with our
business and operations.
The forward-looking statements are based on and involve numerous assumptions, risks and uncertainties and actual results may vary materially. These statements
are based on assumptions, including, but not limited to, general business and economic conditions; the timing of the receipt of further regulatory and governmental
approvals; the accuracy of our reserve estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on
which these are based; conditions in financial markets; the future financial performance of the company; our ability to successfully implement our autonomous truck
strategy; our ability to attract and retain skilled staff; our ability to procure equipment and construction supplies; our ongoing relations with our employees and business
partners and joint venturers; assumptions regarding completion are based on current project plans; as well as there being no unexpected material and negative impact
to the various contractors, suppliers and subcontractors for the QB2 project relating to COVID-19 or otherwise that would impair their ability to provide goods and
services as anticipated during construction; and assumptions of project completion based on current project assumptions and assumptions regarding the final
feasibility study.

Caution Regarding Forward-Looking Statements
3
Factors that may cause actual results to vary materially include, but are not limited to: general business and economic conditions; interest rates; the supply and
demand for, deliveries of, and the level and volatility of prices of, zinc, copper, coal, blended bitumen, and other primary metals, minerals and products as well as
steel, oil, natural gas, petroleum, and related products; the timing of the receipt of regulatory and governmental approvals for our development projects and other
operations and new technologies; our costs of production and production and productivity levels, as well as those of our competitors; power prices; continuing
availability of water and power resources for our operations; market competition; the accuracy of our reserve estimates (including with respect to size, grade and
recoverability) and the geological, operational and price assumptions on which these are based; conditions in financial markets; the future financial performance of the
company; our ability to successfully implement our technology and innovation strategy; extended COVID-19 related negative impacts on our suppliers, contractors and
employees; acts of governments; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves
and resources); unanticipated operational or construction 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 or delays in the receipt of government approvals, industrial disturbances or
other job action, adverse weather conditions and unanticipated events related to health, safety and environmental matters); union labour disputes; political risk; social
unrest; and failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations. Development of future reserves and resources
is dependent on, among other factors, receipt of permits. Capital allocation decisions, and decisions regarding the payment of dividends and return of capital to
shareholders, are in the discretion of the board of directors.
We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties
associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2020, 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, including but not limited to our
quarterly reports.

Welcome
H. Fraser Phillips
Senior Vice President
Investor Relations and Strategic Analysis

Introductory Remarks
Don Lindsay
President and Chief Executive Officer

Prudent Copper Growth Strategy
6
Canada
156 kt
Peru
86 kt
Chile
227 kt
Accelerate
capital efficient growth in copper
Maximize
cash flows from operations
to fund copper growth and shareholder returns
Strengthen
existing high-quality assets through RACE21TM
Discipline
in capital allocation, maximizing shareholder returns
Leadership
in sustainability

Industry Leading Copper Growth
Teck has continued to invest in growth projects; peers have not
7
WoodMac: Consolidated Copper Production Growth1
Teck2 vs. Peers3 2021E-2023E
Peru
86 kt
Copper peers: Antofagasta, First Quantum, Freeport, Hudbay, Lundin and Southern Copper.
Diversified peers: Anglo American, BHP, Glencore, Rio Tinto.
Teck provides investors exposure to industry leading copper growth and valuation unlock
102%
11%
21%
0%
20%
40%
60%
80%
100%
120%
Teck Copper Peer
Average
Diversified Peer
Average

C1 Cost2
(US$/lb Cu)
$1.28 $1.16 $1.21 $1.33 $1.14 $1.14
Enterprise
Value3 (C$B)
$29.9 $27.3
Significant Base Metals Growth
Base Metals business growth rivals leading copper peers
8
Consolidated Copper Equivalent Production1 (kt CuEq)
Teck Antofagasta
First Quantum
11%
62%
0%
528
855 887
988
832 828
Teck
2020A
Teck
2023E
First Quantum
2020A
First Quantum
2023E
Antofagasta
2020A
Antofagasta
2023E
Copper Zinc (CuEq) Other (CuEq) Attributable (CuEq)
Source: Production and C1 costs for 2020 are sourced from company disclosures. Production for 2023 is sourced from Wood Mackenzie asset models. C1 costs for 2023 are sourced
from S&P Global Market Intelligence, Metals & Mining.

9
Illustrative QB2 EBITDA1 Scenarios
At Full Production
Teck is Nearing an Inflection Point
Transitioning from cash outflows to potential for significant EBITDA1 generation
Illustrative Proforma; includes QB2 on a 100% consolidation basis; QB2 EBITDA assumes 290ktpy copper sales and US$1.28/lb C1 cash cost.
For further details and various scenario assumptions, refer to the “Teck Illustrative Cash Flows - QB2 Full Production” slides in the appendix.
US$4.50/lb Copper US$4.00/lb Copper US$3.50/lb Copper
C$2.6B
(C$2.5B)
2021 QB2
Capex Guidance2
C$2.2B
C$1.8B

Solid Track Record of Cash Returns to Shareholders
>C$3.0 billion of dividends and C$1.7 billion of share buybacks 2011-2020
10
$0
$200
$400
$600
$800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD
Total Dividend Paid Share Buybacks
1
Significant EBITDA2 generation potential from QB2 could drive incremental funds available
for supplemental distributions to shareholders
Teck’s Dividends and Buybacks (C$M)

Industry leading
copper growth,
strengthening
existing high-quality,
low carbon assets
Right
Approach
Highest standards
of sustainability in
everything we do,
operational
excellence,
RACE21TM
Our people deliver
the optimal mix of
industry leading
technical, digital,
sustainability,
commercial and
financial leadership
Right
Opportunities
Strong demand for
our metals and
minerals, led by
growth and
decarbonization
Right
Assets
Teck is Poised for Growth
11
Providing essential metals and minerals for a low-carbon world
Right
Team

QB2 Update
Red Conger
Executive Vice President and
Chief Operating Officer
Alex Christopher
Senior Vice President, Exploration, Projects
and Technical Services

QB2 Update
Focused on delivering critical systems for first copper
14
Desalinated Water
& Pipeline
Minimum Dam Height
& Water Management
Crushing, Grinding,
& Flotation
Three key enablers for commissioning and start-up

Mine
Truck shop – nearing
completion
September 2021

Crushing and
Conveying
Aerial view of primary
crusher – civil and
structural works
nearing completion
October 2021

Crushing and
Conveying
Overland conveyor -
installation advancing
October 2021

Crushing and
Conveying
Stacker structure -
erection of
pre-assembled
modules
September 2021

Concentrator
Aerial view of grinding
building and flotation
tanks
October 2021

Tailings
Management
Facility
Starter dam
October 2021

Port Onshore
Concentrate storage
building - steel truss
erection
October 2021

Port Offshore
Aerial view of port jetty
– advancing from
multiple work-fronts
October 2021

Pipeline
MWS pump station 5 -
pumps and piping
October 2021

Pipeline
Lowering welded pipe
into trench
October 2021

Chilean Political Update
Amparo Cornejo
Vice President
Sustainability and External Affairs, Chile

26
• On November 15, 2019, Chilean political
representatives signed an agreement for a
referendum to change the constitution to
address socio-political unrest
• This is a complex process and an
opportunity for Chileans to take control
of their future
• 14 elections are scheduled in 2020-2021:
the first round of the presidential race and
the election of Senators and Deputies will
take place on November 21
Chilean Socio-Political Context
This is an important moment in Chile’s history

27
Constitutional Convention
• Since it was installed on July 4th, the Convention is advancing:
‒ Regulations and procedures have been established
‒ Seven committees that will draft the final text have
been installed
• Ratification by a 2/3 majority is required to approve
constitutional rules, broad agreements are required
• Constitutional discussion started on October 18th
• Binding plebiscite to approve or exit; Obligatory vote

28
Presidential Elections
November 21 – December 19
• 7 candidates participating
• Process still very open; the 4 candidates with
the highest possibilities of advancing to the
second round are:
‒ Gabriel Boric (Frente Amplio)
‒ José Antonio Kast (Partido Republicano)
‒ Yasna Provoste (Nuevo pacto Social)
‒ Sebastian Sichel (Chile Podemos más)
• 27 senators and all congress representatives
also elected in this process

29
Chilean Mining Royalty Bill
• The bill establishes the State’s compensation for copper and lithium mining at
the equivalent of 3% of the nominal value of the extracted minerals
• Approved by Congress and the Senate’s Mining Committee; expected to be
modified by the Senate, which would require a third legislative process
• Unlikely that the bill will be approved prior to the second round of the presidential
election
• Teck has Stability Agreement (DL 600) for QB2 which grants a stable rate for the
specific mining tax and mining licenses for 15 years from the start of production

32
US$4.50/lb Copper Scenario US$4.00/lb Copper Scenario US$3.50/lb Copper Scenario
$5.73/share $4.93/share $4.13/share
Teck Illustrative Cash Flows - QB2 Full Production
Scenarios indicate potential Available Cash Flow of C$4–6/share
For further details please see Teck Illustrative Cash Flows – QB2 Full Production slides in the appendix of this presentation.
For this purpose, we define available cash flow as cash flow from operating activities after interest and finance charges, lease payments and distributions to non-controlling interests
less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capital structure to maintain solid investment grade credit metrics;
and (iv) our base $0.20 per share annual dividend. Proceeds from any asset sales may also be used to supplement available cash flow. Any additional cash returns will be made
through share repurchases and/or supplemental dividends depending on market conditions at the relevant time.

Teck Illustrative Cash Flows - QB2 Full Production
Scenarios indicate potential Available Cash Flow of C$4–6/share
33
Illustrative Proforma; includes QB2 on a 100% consolidation basis; QB2 EBITDA assumes 290ktpy copper sales and US$1.28/lb C1 cash cost.
For this purpose, we define available cash flow as cash flow from operating activities after interest and finance charges, lease payments and distributions to non-controlling interests
less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capital structure to maintain solid investment grade credit metrics;
and (iv) our base $0.20 per share annual dividend. Proceeds from any asset sales may also be used to supplement available cash flow. Any additional cash returns will be made
through share repurchases and/or supplemental dividends depending on market conditions at the relevant time.
US$4.50/lb
Copper C$/share9
US$4.00/lb
Copper C$/share9
US$3.50/lb
Copper C$/share9
Adjusted EBITDA1 $6.0 $5.6 $5.3
QB2 EBITDA (100%)2 2.6 2.2 1.8
Less: cash taxes (100%)3 (1.9) (1.7) (1.5)
Less: cash interest paid4 (0.4) (0.4) (0.4)
Less: lease payments5 (0.1) (0.1) (0.1)
Operating cash flow $6.2 $5.6 $5.0
Less: capital spending6 (1.8) (1.8) (1.8)
Less: base dividends7 (0.1) (0.1) (0.1)
Less: QB2 project finance repayment (100%)8 (0.4) (0.4) (0.4)
Illustrative Available Cash Flow (100%) $3.9 $3.4 $2.8
Illustrative Available Cash Flow (Teck's share) 3.1 $5.73 2.6 $4.93 2.2 $4.13
30% of Teck's Available Cash Flow for supplemental
distribution (0.9) (1.72) (0.8) (1.48) (0.7) (1.24)
Balance available for Teck's growth and
shareholders $2.1 $4.01 $ 1.8 $3.45 $1.5 $2.89
Gross Debt/EBITDA (Teck's share; assumes
June 30, 2021 reported gross debt)
0.96x 1.04x 1.13x
Illustrative Available Cash Flow (C$B)

Endnotes
Slide 7: Industry Leading Copper Growth
1. Source: Wood Mackenzie base case (attributable) copper production dataset. Consolidated production estimates were derived based on accounting standards for consolidation for Teck and its peers.
2. Teck growth estimate uses 2020 actual production and Wood Mackenzie data for 2023.
3. Copper peers: Antofagasta, First Quantum, Freeport, Hudbay, Lundin, Southern Copper. Diversified peers: Anglo American, BHP, Glencore, Rio Tinto. Peer production metrics for 2020 and 2023 are from Wood Mackenzie. Peer production
metrics for 2020 and 2023 are from Wood Mackenzie. Peer averages are the simple averages.
Slide 8: Significant Base Metals Growth
1. Production for 2020 reflects actuals sourced from company disclosures. Production for 2023 is sourced from Wood Mackenzie asset models, considering assets included in Wood Mackenzie’s base case for each company. Production is shown
on a consolidated reporting basis, except where noted as attributable for ownership. Copper equivalent production for 2020 is calculated using annual average prices of: US$2.83/lb Cu, US$1.05/lb Zn, US$0.85/lb Pb, US$8.68/lb Mo,
US$US$1,779/oz Au, US$20.70/oz Ag, US$6.43/lb Ni. Copper equivalent production for 2023 is calculated using the following prices: US$3.50/lb Cu, US$1.15/lb Zn, US$0.90/lb Pb, US$10.50/lb Mo, US$1,650/oz Au, US$22.50/oz Ag,
US$6.90/lb Ni.
2. 2020 C1 cash cost data is sourced from company disclosures and are for copper operations only. Expected 2023 C1 cash cost data is sourced from S&P Global Market Intelligence (formerly SNL Metals & Mining) cost curve database
considering primary copper mines and total cash costs on a by-product basis for Teck and peers, and weighted on a consolidated production basis.
3. Enterprise Value, or Total Enterprise Value is as of market close on August 30, 2021 and is sourced from S&P Capital IQ.
Slide 9: Teck is Nearing an Inflection Point
1. EBITDA is a non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
2. Guidance for QB2 capital expenditures as at October 26, 2021.
Slide 10: Solid Track Record of Cash Returns to Shareholders
1. As at September 30, 2021.
2. EBITDA is a non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
Slide 34: Teck Illustrative Cash Flows – QB2 Full Production
1 Adjusted EBITDA is H1 2021 Adjusted EBITDA annualized and price adjusted assuming copper prices of US$4.50, US$4.00, and US$3.50 per pound, and a hard coking coal (HCC) price of US$199/t FOB Australia. All other commodity prices
are at H1 2021 actual average prices of copper US$4.13 per pound, zinc US$1.29 per pound, steelmaking coal US$137.50 per tonne realized price, Western Canadian Select (WCS) US$49.78 per barrel, West Texas Intermediate (WTI)
US$62.16 per barrel and a Canadian/U.S. dollar exchange rate of $1.25. The sensitivity of our EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices are: C$0.01 change in US$ FX = C$87 million EBITDA; US$
0.01/lb change in copper price = C$7 million EBITDA; US$ 0.01/lb change in zinc price = C$12 million EBITDA; US$1/tonne change in steelmaking coal price = C$29 million EBITDA; US$1/bbl change in WCS price = C$8 million EBITDA;
US$1/bbl change in WTI price = C$3 million EBITDA. EBITDA and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
2 QB2 EBITDA assumes a C1 cash cost of US$1.28/lb, a Canadian/U.S. dollar exchange rate of $1.25, and annual copper sales of 290,000 tonnes. EBITDA is a non-GAAP financial measures. See “Non-GAAP Financial Measures” slides.
3 Annualized H1 2021 cash taxes adjusted for future Canadian cash taxability on the basis of spot HCC prices, and future QB2 taxability, post-QB2 ramp up and post QB2 accelerated tax depreciation period. QB2 cash taxes are calculated on a
post-financing basis.
4 Annualized H1 2021 cash interest paid.
5 Lease payments are annualized H1 2021 lease payments (C$130 million/year).
6 Q2 2021 guidance for capital expenditures.
7 Base dividend of C$0.20/share, paid quarterly.
8 QB2 project finance repayments are two semi-annual principal repayments of US$147 million each.
9 Per share amounts assume 532.4 million shares outstanding as at June 30, 2021.
34

Non-GAAP Financial Measures
35
Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This document refers to a number of Non-GAAP Financial
Measures which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS or Generally Accepted Accounting Principles (GAAP) in the United States.
The Non-GAAP Measures described below do not have standardized meanings under IFRS, may differ from those used by other issuers, and may not be comparable to such measures as reported by others. These measures have
been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these measures because we believe they assist readers in understanding the results of our operations and financial position
and are meant to 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.
Adjusted profit attributable to shareholders – For adjusted profit, we adjust profit 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. We believe adjusted profit helps us and readers better understand the results of our core operating activities and the ongoing cash generating potential of our
business.
Adjusted basic earnings per share – Adjusted basic earnings per share is adjusted profit divided by average number of shares outstanding in the period.
Adjusted diluted earnings per share – Adjusted diluted earnings per share is adjusted profit divided by average number of fully diluted shares in a period.
EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.
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.
The adjustments described above to profit attributable to shareholders and EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers
in understanding the ongoing cash generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay
dividends.
Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with the depreciation and amortization expense added back. We believe this measure assists us and readers to
assess our ability to generate cash flow from our business units or operations.
Gross profit margins before depreciation – Gross profit margins before depreciation are gross profit before depreciation and amortization, divided by revenue for each respective business unit. We believe this measure assists us
and readers to compare margins on a percentage basis among our business units.
Unit costs – Unit costs for our steelmaking coal operations are total cost of goods sold, divided by tonnes sold in the period, excluding depreciation and amortization charges. We include this information as it is frequently requested
by investors and investment analysts who use it to assess our cost structure and margins and compare it to similar information provided by many companies in the industry.
Adjusted site cash cost of sales – Adjusted site cash cost of sales 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.
Total cash unit costs – Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described above, plus the smelter and refining charges added back in determining adjusted revenue. This
presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis.
Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product,
the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations. Readers should be aware that this metric, by excluding certain items and reclassifying cost and revenue items,
distorts our actual production costs as determined under IFRS.
Adjusted cash cost of sales – Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time
collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization as these costs are non-cash and discounted cash flow
valuation models used in the industry substitute expectations of future capital spending for these amounts.
Adjusted operating costs – Adjusted operating costs for our energy business unit is defined as the costs of product as it leaves the mine, excluding depreciation and amortization charges, cost of diluent for blending to transport
our bitumen by pipeline, cost of non-proprietary product purchased and transportation costs of our product and non-proprietary product and any one-time collective agreement charges or inventory write-down provisions.

36
Cash margins for by-products – Cash margins for by-products is revenue from by- and co-products, less any associated cost of sales of the by and co-product. In addition, for our copper operations, by-product cost of sales also
includes cost recoveries associated with our streaming transactions.
Adjusted revenue – Adjusted revenue for our copper and zinc operations excludes the revenue from co-products and by-products, but adds back the processing and refining charges to arrive at the value of the underlying payable
pounds of copper and zinc. Readers may compare this on a per unit basis with the price of copper and zinc on the LME.
Adjusted revenue for our energy business unit excludes the cost of diluent for blending and non-proprietary product revenues, but adds back crown royalties to arrive at the value of the underlying bitumen.
Blended bitumen revenue – Blended bitumen revenue is revenue as reported for our energy business unit, but excludes non-proprietary product revenue, and adds back crown royalties that are deducted from revenue.
Blended bitumen price realized – Blended bitumen price realized is blended bitumen revenue divided by blended bitumen barrels sold in the period.
Operating netback – Operating netbacks per barrel in our energy business unit are calculated as blended bitumen sales revenue net of diluent expenses (also referred to as bitumen price realized), less crown royalties,
transportation and operating expenses divided by barrels of bitumen sold. We include this information as investors and investment analysts use it to measure our profitability on a per barrel basis and compare it to similar information
provided by other companies in the oil sands industry.
The debt-related measures outlined below are disclosed as we believe they provide readers with information that allows them to assess our credit capacity and the ability to meet our short and long-term financial obligations.
Net debt – Net debt is total debt, less cash and cash equivalents.
Debt to debt-plus-equity ratio – debt to debt-plus-equity ratio takes total debt as reported and divides that by the sum of total debt plus total equity, expressed as a percentage.
Net debt to net debt-plus-equity ratio – net debt to net debt-plus-equity ratio is net debt divided by the sum of net debt plus total equity, expressed as a percentage.
Debt to Adjusted EBITDA ratio – debt to adjusted EBITDA ratio takes total debt as reported and divides that by adjusted EBITDA for the twelve months ended at the reporting period, expressed as the number of times adjusted
EBITDA needs to be earned to repay all of the outstanding debt.
Net debt to Adjusted EBITDA ratio – net debt to adjusted EBITDA ratio is the same calculation as the debt to adjusted EBITDA ratio, but using net debt as the numerator.
Net debt to capitalization ratio – net debt to capitalization ratio is net debt divided by the sum of total debt plus equity attributable to shareholders. The ratio is a financial covenant under our revolving credit facility.

37
Reconciliation of EBITDA and Adjusted EBITDA
Reconciliation of EBITDA by Business Unit
Three months ended September 30, 2021
(CAD$ in millions) Copper Zinc
Steelmaking
Coal Energy Corporate Total
Profit (loss) before tax $ 296 $ 246 $ 1,009 $ (37) $ (159) $ 1,354
Net finance income (expense) 32 13 27 6 (23) 55
Depreciation 106 81 219 25 - 431
EBITDA $ 434 $ 339 $ 1,255 $ (6) $ (182) $ 1,840

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