Global Metals, Mining & Steel Conference May 12, 2015

Forward Looking Information

Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario). 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 forward-looking statements include statements relating to management’s expectations with respect to executing Teck’s long-term strategy, reserve and resource life estimates, 2015 production guidance, 2015 estimated profit and estimated EBITDA, expectation that Teck will have a cash balance of $1 billion at the end of 2015, projected costs for our business units, expectations regarding the Corridor project, statements regarding the production and economic expectations for the Fort Hills project, including but not limited to free cash flow projections, estimated netback, operating margin, Alberta oil royalty, net margin, pre-tax cash flow, Teck’s share of go-forward capex, and the expectation that Fort Hills is expected to have significant free cash flow wide across a range of WTI prices, Fort Hills capital cost projections, Teck’s marketing and logistics plans, 2015 production and site cost guidance, capital expenditure guidance, management’s expectations with respect to production, demand and outlook in the markets for coal, copper, zinc and energy, and potential benefits of LNG use in haul trucks. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially, which are described in Teck’s public filings available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements in these slides and accompanying oral presentation are also based on assumptions, including, but not limited to, regarding general business and economic conditions, the supply and demand for, deliveries of, and the level and volatility of prices of, zinc, copper and coal and other primary metals and minerals as well as oil, and related products, the timing of the receipt of regulatory and governmental approvals for our development projects and other operations, 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 attract and retain skilled staff, our ability to procure equipment and operating supplies, positive results from the studies on our expansion projects, our coal and other product inventories, our ability to secure adequate transportation for our products, our ability to obtain permits for our operations and expansions, our ongoing relations with our employees and business partners and joint venturers. Management’s expectations of mine life are based on the current planned production rates and assume that all resources described in this presentation are developed. Certain forward-looking statements are based on assumptions regarding the price for Fort Hills product and the expenses for the project, as disclosed in the slides. Assumptions regarding liquidity are based on the assumption that Teck’s current credit facilities remain fully available. Assumptions regarding our targeted cash balance are based on current foreign exchange rates and assume that Teck’s 2015 guidance for production, costs and capital expenditures are met. Assumptions regarding Fort Hills also include the assumption that project development and funding proceed as planned. Assumptions regarding our potential reserve and resource life assume that all resources are upgraded to reserves and that all reserves and resources could be mined. The foregoing list of assumptions is not exhaustive.

2

Forward Looking Information

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in market demand for our products, changes in interest and currency exchange rates, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action 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, failure of customers or counterparties to perform their contractual obligations, changes in our credit ratings, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits, inability to address concerns regarding permits of environmental impact assessments, and changes or further deterioration in general economic conditions. We will not achieve the maximum mine lives of our projects, or be able to mine all reserves at our projects, if we do not obtain relevant permits for our operations. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. The effect of the price of oil on operating costs will be affected by the exchange rate between Canadian and U.S. dollars. Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning assumptions, risks 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, 2014, filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F.

3

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

4

5

Producing through multiple price cycles after capital is recovered,

enhancing returns

Focused on the Americas & Low Risk, Stable Jurisdictions

Strong Resource Position1

With Sustainable Long-Life Assets

Coal Resources ~100 years

Copper Resources ~30 years

Zinc Resources ~15 years

Energy Resources ~50 years

Attractive Portfolio Of Long-Life Assets & Resources

1. Reserve and resource life estimates refer to the mine life of the longest lived resource in the relevant commodity assuming production at planned rates and in some cases development of as yet undeveloped projects. See the reserve and resource disclosure in our most recent Annual Information Form, available on SEDAR and EDGAR, for additional detail regarding underlying assumptions.

Teck has good leverage to stronger zinc and copper markets, and benefits from the weaker Canadian dollar

The Value of Our Diversified Business Model

Cash Operating Profit 2014

Coal ~1/3rd

Copper ~60%

Zinc ~40%

Base Metals ~2/3rds

Production Guidance1

Unit of Change

Estimated Profit 2

Estimated EBITDA2

Coal 27 Mt US$1/tonne $21M /$1∆ $32M /$1∆

Copper 350 kt US$0.01/lb $5M /$.01∆ $8M /$.01∆

Zinc 935 kt US$0.01/lb $8M /$.01∆ $12M /$.01∆

$C/$US C$0.01 $32M /$.01∆ $52M /$.01∆

2015 Leverage to Strong Commodities

1. Mid-point of 2015 guidance ranges. Zinc includes 650,000 tonnes of zinc in concentrate and 285,000 tonnes of refined zinc. 2. Based on $1.20 CAD/USD, and budgeted commodity prices. The effect on our profit and EBITDA will vary with commodity price

and exchange rate movements, and commodity sales volumes . 6

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

7

US Steelmaking Coal Exports Most at Risk

8

Current US exports are ~2.5 times above historical average levels

US Export HCC Margin Curve

US Steelmaking Coal Exports (ex. Canada)

0

10

20

30

40

50

60

70

Mt

2000-2009 average: 23 Mt

2010-2014 average: 55 Mt

Wood Mackenzie estimates that at US$102, ~45% of US HCC exports are cash negative

-100

-80

-60

-40

-20

0

20

40

0 4 7 11 15 18 22 26 29 33 37 40

US$

/met

ric to

nne

Million metric tonnes

Source: GTIS, Wood Mackenzie

(3,000)

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

500

2012 2013 2014 2015 2016 2017 2018 2019 2020

Thou

sand

tonn

es

• At 2.7% global demand growth, 680,000t of new supply needed each year

• Post 2016, production expected to decline ~280,000t per year

• Structural deficit starts in 2017

• Project developments slowed due to lower prices, higher capex, corporate austerity, permitting & availability of financing

9

Forecast Copper Refined Balance

Long-Term Copper Mine Production Still Needed

Source: ICSG, Teck

10

US

¢/lb

thou

sand

tonn

es

plotted to April 24, 2015

Monthly Chinese Zinc Mine Production

LME Zinc Stocks

Zinc Market Positioned for Change

Source: LME, NBS, CNIA

Mt M

t

plotted to April 24, 2015

4005006007008009001,0001,1001,2001,300

70¢75¢80¢85¢90¢95¢

100¢105¢110¢115¢

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Stocks Price

0

1000

2000

3000

4000

5000

6000

0

100

200

300

400

500

600

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2013 2014 2015

• Metal market in deficit

• LME stocks down >700 kt over 27 months; sub-500 kt first since 2010

• ‘Off-market’ inventory position to work down also

• Large periodic increases indicate significant off-market inventories flowing through the LME to consumers

• Chinese zinc mine production is flat to down in the last 27 months

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

11

Focus on Cost Management & Operational Performance

• Ongoing focus on cost management & operational performance

• Positive cash flows after sustaining capex at all operations

• Solid financial position

12

0

10

20

30

40

50

60

70

80

90

2012 2013 2014 2015Guidance

(Mid)

Operating Capitalized Stripping

C$/

t

13

Delivering Results in Unit Cost Management

Copper Cash Costs3

Achieved significant unit cost reductions, and expect further reductions in 2015

Steelmaking Coal All-In Costs1

2

1. All-in costs are site costs, inventory write-downs and capitalized stripping, excluding depreciation. 2. Operating costs are site costs and inventory write-downs. 3. By-product credits currently reduce cash costs by ~US$0.30/lb.

0.00

0.50

1.00

1.50

2.00

2.50

2012 2013 2014 2015Guidance

(Mid)

Before by-product creditsAfter by-product credits

US$

/lb

Investment Grade Credit Rating

14

October 1, 2014 April 17, 2015

Teck’s 10-Year Bond Spreads

Ten year bond spreads tightened following stable outlook

0

100

200

300

400

500

bps

Teck 3.75% 02/23

Jan 30th: S&P rating BBB- stable outlook

15

Source: Teck Resources Limited 1. Estimates are based on exchange rates as shown, expected bitumen netbacks, and assumed operating costs of C$25 per barrel

including sustaining capital. 2. Per barrel of bitumen. 3. Go-forward capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in

Canadian dollars and on a fully-escalated basis. 4. Pre-tax free cash flow yield during capital recovery period.

The Fort Hills project is expected to have significant free cash flow yield across a range of WTI prices

Fort Hills Free Cash Flow Yield4

Sensitivity to WTI Price Potential Contribution

from Fort Hills $70 WTI &

$0.80 CAD/USD

$90 WTI & $0.90

CAD/USD

Teck’s share of annual production (36,000 bpd) 13 Mbpa 13 Mbpa

Estimated netback2 ~$54/bbl ~$63/bbl

Estimated operating margin2 ~$29/bbl ~$38/bbl

Alberta oil royalty – Phase 1 (prior to capital recovery) 2 ~$2/bbl ~$4/bbl

Estimated net margin2 ~$26/bbl ~$34/bbl

Annual pre-tax cash flow ~$350 M ~$444 M

Teck’s share of go-forward capex3 ~$2,940 M ~$2,940 M

Free cash flow yield4 ~12% ~15%

0%

5%

10%

15%

20%

25%

60 70 80 90 100 110 120

Free

Cas

h Fl

ow Y

ield

WTI $/bbl

$0.90 CAD/USD

$0.80 CAD/USD

Fort Hills’ Economics Robust1

16

Market Access Strategy • Diversify market destinations

− Target 20,000 barrels/day East Coast − Target 20,000 barrels/day Gulf Coast − Balance sold at Hardisty or Chicago

• Common carrier and secondary pipeline capacity market

• Maintain rail as a back-up option as required

Export Pipeline Opportunities • Energy East (Europe, Asia, USGC, NEUS) • Flanagan South (USGC) possible “Open Season”

in Q4 2015 • West Coast (Asia)

Hardisty Tankage Update • Terminalling service agreement signed for

500,000 barrels dedicated storage at Hardisty

Fort Hills – Teck Logistics & Marketing

Summary

Attractive portfolio of long-life assets & resources

Good leverage to strong zinc & copper markets

Executing well & controlling the controllables

Solid financial position

Investment grade credit rating

17

Global Metals, Mining & Steel Conference May 12, 2015

Additional Information

Diversified Portfolio of Key Commodities

North America

20% Europe

18%

Latin America

3%

China 26%

Asia excl. China 33%

Source: Teck Resources Limited; 2014 revenue 20

Diversified Global Customer Base

Coking coal Copper Zinc Lead Moly Silver Germanium Indium

Original Guidance Actual Results Steelmaking Coal

Coal production 26–27 Mt 26.7 Mt Record coal production

Coal site costs C$55-60 /t C$54 /t1

Coal transportation costs C$38-42 /t C$38 /t

Combined coal costs C$93-102 /t C$92 /t

Combined coal costs US$84-92 /t US$84 /t

Copper

Copper production 320–340 kt 333 kt Record thru-put at Antamina

Copper cash unit costs2 US$1.70-190 /lb US$1.65 /lb

Zinc

Zinc in concentrate production3 555-585 kt 660 kt Record at Red Dog

Refined zinc production 280–290 kt x 277 kt Higher production 2H14 (1H14: 133 kt; 2H14 143 kt)

Capital Expenditures4 $1,905M $1,498M Significant capex reduction

Solid Delivery Against 2014 Guidance

1. Including inventory adjustments. 2. Net of by-product credits. 3. Including co-product zinc production from our copper business unit. 4. Excluding capitalized stripping.

21

Actual 2014 2015 Guidance Steelmaking Coal

Coal production 26.7 Mt 26.5-27.5 Mt Coal site costs C$54 /t1 C$49-53 /t Coal transportation costs C$38 /t C$37-40 /t Combined coal costs C$92 /t C$86-93 /t Combined coal costs US$84 ~US$69-74 /t2

Copper Copper production 333 kt 340-360 kt Copper cash unit costs3 US$1.65 /lb US$1.45-1.55 /lb

Zinc Zinc in concentrate production4 660 kt 635-665 kt Refined zinc production 277 kt 280–290 kt

2015 Production & Site Cost Guidance

22

1. Including inventory adjustments. 2. At $1.25 CAD/USD. 3. Net of by-product credits. 4. Including co-product zinc production from our copper business unit.

23

($M) Sustaining

Major Enhancement

New Mine Development Sub-total

Capitalized Stripping Total

Coal $100 $45 $ - $145 $490 $635

Copper 200 15 105 320 225 545

Zinc 180 - - 180 60 240

Energy - - 910 910 - 910

Corporate 10 - - 10 - 10

TOTAL $490 $60 $1,015 $1,565 $775 $2,340

Total capex of ~$1.6B, plus capitalized stripping

2014A $511 $165 $822 $1,498 $715 $2,213

2015 Capital Expenditures Guidance

Coal Well established with capital efficient growth options

Strong platform combined with diverse portfolio of options allows us to be selective in terms of commodity and timing

Completed In Construction Pre-Sanction

Copper Strong platform with substantial growth options

Zinc World-class resource combined with integrated assets

Energy Building a new business through partnership

Trail Acid Plant

HVC Mill Optimization

Pend Oreille Restart

Fort Hills

Elk Valley Brownfield (4 Mpta)

24

Staged Growth Pipeline

Red Dog Satellite Orebodies

San Nicolas (Cu-Zn)

Elk Valley Brownfield (up to 10 Mpta)

Quintette/Mt. Duke

Frontier

Lease 421

QB Phase 2

Relincho

Mesaba Zafranal

HVC/Antamina Brownfield

Galore/Schaft Creek

Cirque

Growth Options

Operation Expiry Dates Line Creek In Negotiations - May 31, 2014 Coal Mountain In Negotiations - December 31, 2014 Antamina July 23, 2015

Carmen de Andacollo September 30, 2015 December 31, 2015

Elkview October 31, 2015

Quebrada Blanca October 30, 2015

November 30, 2015 January 31, 2016

Fording River April 30, 2016 Highland Valley Copper September 30, 2016 Trail May 31, 2017 Cardinal River June 30, 2017 Quintette April 30, 2018

Collective Agreements

25

Note: Based on public filings

Teck Resources Limited March 3, 2015

Shares Held Percent Voting Rights Class A Shareholdings Temagami Mining Company Limited 4,300,000 45.97% 28.62% SMM Resources Inc (Sumitomo) 1,469,000 15.71% 9.78% Caisse de depot et placement du Quebec 1,587,600 16.97% 10.57% Public 1,996,870 21.35% 13.29%

9,353,470 100.00% 62.27% Class B Shares Temagami Mining Company Limited 860,000 0.15% 0.06% SMM Resources Inc (Sumitomo) 295,800 0.05% 0.02% Caisse de depot et placement du Quebec 8,603,197 1.52% 0.57% China Investment Corporation (Fullbloom) 101,304,474 17.87% 6.74% Public 455,788.822 80.41% 30.34%

566,852,293 100.00% 37.73% Total Shares Temagami Mining Company Limited 5,160,000 0.90% 28.68% SMM Resources Inc (Sumitomo) 1,764,800 0.31% 9.80% Caisse de depot et placement du Quebec 10,190,797 1.77% 11.14% China Investment Corporation (Fullbloom) 101,304,474 17.58% 6.74% Public 457,785,692 79.45% 43.63%

576,205,763 100.00% 100.00%

Share Structure & Principal Shareholders

26

• Common corporate structure in Canada

• May not confirm to typical governance expectations, but can still have strong governance practices

• Family-controlled issuers can benefit from a longer-term outlook and unique governance structure

Source: The Impact of Family Control on the Share Price Performance of Large Canadian Publicly-Listed Firms (1998-2012) by Clarkson Centre for Board Effectiveness (Rotman School of Management, University of Toronto)

Canadian family-controlled issuers outperformed peers over the past 15 years, greatly benefitting minority shareholders

Cumulative Average Growth Rate

Family-Controlled Public Issuers

27

Teck has been a strong investment in recent years

Long-term investments in Teck have outperformed non-family and materials firms

Family-Controlled Public Issuers; Teck Share Price Performance

28 Source: The Impact of Family Control on the Share Price Performance of Large Canadian Publicly-Listed Firms (1998-2012) by Clarkson Centre for Board Effectiveness (Rotman School of Management, University of Toronto)

Economic Outlook

Source: NBS & CEIC.

Lower GDP growth rate on a higher base = strong absolute growth

In absolute terms, China’s GDP growth is approximately double that of 10 years ago

China’s Growth: Less is More!

30

• Incremental GDP in 2015 is expected to be similar to last year, in absolute terms • 2014: ~RMB3,764 billion • 2015: ~RMB3,824 billion

• Nature of growth changing from fixed asset intensive to more consumer spending, impacting material consumption growth -1%

1%

3%

5%

7%

9%

11%

13%

15%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

The increase of GDP at 2010 constant prices in RMB (bn)

Increment of GDP, Rmb bn (lhs) GDP real growth (rhs)

RM

B Bi

llion

China

Japan

Korea

0

10

20

30

40

50

60

70

80

90

100

1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008

%

Source: Dragonomics

With the right policies, China still has the potential to boost incomes

China’s GDP ~20% of the US’s on a per capital basis in 2010

Substantial Economic Growth Requires Decades to Achieve

31

Per Capita GDP Relative to the US at PPP

Country

20-Year Period Beginning When Country’s

Per Capital GDP Was 21% of US’s

Average Annual GDP Growth Rate

Over a 20-Year Period

Japan 1951-1971 9.2

Singapore 1967-1987 8.6

Taiwan 1975-1995 8.3

Korea 1977-1997 7.6

Other Asian economies show that China could continue to grow significantly for some time

Substantial Potential For Continuous Robust Growth in China

32

Steelmaking Coal Business Unit & Markets

AUS$

Stronger US dollar favours producers outside of the US

Source: Argus, Bank of Canada

• >30 Mt cutbacks announced, slowly being implemented

• Require additional cutbacks to achieve market balance

• US coal production high end of cost curve and no currency benefit

• Continued closure announcements promising for last half of 2015

Coal Prices By Currency Argus FOB Australia

CDN$

US$

Met Coal Market Slowly Rebalancing; FX Assisting Producers Outside USA

plotted to April 27, 2015

34

85

95

105

115

125

135

145

$ /

tonn

e

0

2

4

6

8

10

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Mar

-12

Jun-

12

Sep

-12

Dec

-12

Mar

-13

Jun-

13

Sep

-13

Dec

-13

Mar

-14

Jun-

14

Sep

-14

Dec

-14

Mar

-15

Traditional Steel Markets

• China slowing

• Japan stable

• South Korea slight growth

Rest of the World

• Europe stable

• India good growth

• US flat

Monthly Hot Metal Production

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

Mt

35

Update to March 2015

45 55 65 75

Global Hot Metal Production

Japan

India

South Korea

Europe

China

USA

• China’s hot metal production continues to grow - 2004: 258 Mt

- 2014: 712 Mt, representing 2.5x the 2004 level and ~60% of global output

- 2019E (CRU International) ~840 Mt

• Excluding China, global hot metal production remains significant at ~40% of the total

Hot Metal Production Growth

Source: WSA, based on data reported by countries annually; NBS; CRU International 36

Global Hot Metal Production A Look Back and Forward

350

550

750

950

1,150

1,350

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Chin

a

Amer

icas CIS

JKT

Indi

a

Euro

pe

Oth

er

2019

f

Growth from 2014 to 2019 (CRU Nov 2014) Global ex. China China

Mt

Source: WSA, NBS, Wood Mackenzie, CRU 1. Europe includes 12 countries.

Crude Steel Production Continues to Grow

37

Crude steel production to grow at ~1.5-2.5% CAGR between 2014 and 2019

Ex-China seaborne demand for steelmaking coal is forecasted to increase

by ~25 Mt in the same period

Crude Steel Production 2014-2019 Crude Steel Production 2014 (Mt)

Global 1,662 (+1.2% YoY)

China 823 (+0.9% YoY)

Global, ex-China 839 (+1.5% YoY)

JKT 205 (+3% YoY)

Europe1 208 (+1.3% YoY)

India 83 (+2.3% YoY)

Xinjiang

Tibet

Qinghai

Sichuan

Inner Mongolia

Henan

Shanxi

Guangxi Guandong

Fujian

Zhejiang

Jiangsu

Shandong

Laioning

Jilin

Heilongjiang

Guizhou Hunan

Hubei

Jiangxi

Anhui

Shaanxi Gansu

Ningxia

Qinghai

Sichuan

Yunnan

Beijing

Hebei

WISCO Fangchenggang Project • Major infrastructure in place. WISCO Fangchenggang Steel

Company established in Sep to wholly manage the project. • Cold roll line to be commissioned in H1 2015. Other lines are

scheduled to start successively within the year. • Blast furnaces (BFs) in the originally approved plan. Billet

rolling line only at this time. No timeline for BFs currently. • Targeting 5 Mt steel products in 2016 and 10 Mt in 2017.

Baosteel Zhanjiang Project • The environment evaluation was approved in Dec 2014

(~8.8Mt crude steel, 8.2Mt pig iron and 3.2Mt coke). • BF #1 to be commissioned in 2015.

Ningde Steel Base • Proposed but no progress yet.

Relocation to China’s coastline facilitates access to seaborne raw materials

Sources: NBS, CISA

Ansteel Baiyunquan Project • Phase 1 (~ 5.4 Mt pig iron, 5.2 Mt crude

steel and 5 Mt steel products) in 2013. • Phase 2 (5.4 Mt BF) planned but no

progress yet.

Capital Steel Caofeidian Project • Planned 20 Mtpa steel capacity. • Phase 1 (10 Mt) completed in 2010. • Phase 2 (10 Mt) under preparation but no

progress yet.

Shandong Steel Rizhao Project • Planned 21.35 Mt crude steel. • Phase 1 (8.5 Mt) approved in Feb 2013 • Construction started in Sep 2014 and

scheduled to commission by the end of 2016.

Chinese Steel Industry Moving to the Coast

38

40%

45%

50%

55%

60%

65%

70%

0100200300400500600700800900

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Mt

Total Coastal Provinces Coastal %

China Met Coal Still Struggling

Government support for domestic coal producers • Import tax increase (Australia exempt under FTA) • Export tax reduction

- Not large enough to stimulate exports • Resource tax reform

- Higher rates in larger coal producing provinces • Overall, changes not meaningfully supportive

Shanxi logistics improving

• Improved road transport efficiency (eliminating inspections) • Extra-provincial trade fees cancelled • Improved rail transportation capacity

39

China’s supportive actions preventing a meaningful price recovery

60.0

15.4 13.2

75.4

47.7

14.8

6.9

68.8

0

10

20

30

40

50

60

70

80

Seaborne Landborne Stock changeat six ports

Importdemand

Mt

2013 2014

Mixed Views on China Coking Coal Imports

40

2019

F

China's Coking Coal Imports and Stock Change at Ports

Imports down by <10% when combined with inventory drawdowns; stocks at ports near record lows

China Rolling 12-Month Coking Coal Imports

2019 Forecast: 50~95 Mt

0

10

20

30

40

50

60

70

80

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4

Jan-

15

Mt

Seaborne Mongolia

Source: GTIS, Wood Mackenzie, CRU, Mysteel

We Are a Leading Steelmaking Coal Supplier To Steel Producers Worldwide

41

North America

~5% Europe ~15% China

~25%

High quality, consistency, reliability, long-term supply

Asia excl. China ~50%

Source: Teck Resources Limited; 2014

Latin America

~5%

Proactively realigning sales with changing market

0

50

100

150

200

250

300

350

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

US$

/ to

nne

Teck Realized Price (US$) Benchmark Price

Average realized price discount to benchmark is a function of:

1. Product mix: over 90% is hard coking coal

2. Carry over sales volumes

3. Direction of quarterly benchmark prices and spot prices

- Q2 2015 benchmark for premium products is US$109.50/t

Hard Coking Coal Benchmark Price

Premium Steelmaking Coal Product

42

Average realized price discount of ~8%

96%

88%

93%

94% 92%

0

20

40

60

80

100

120

2014 2015E

US$

/t

Site Costs Transportation Inventory Write-DownCapitalized Stripping Sustaining Capital

105

93

Teck costs lower than most major competitors

Total Cash Cost 2015 vs. 2014

Steelmaking Coal Costs

43

(US$/t) 2014 ($1.10

CAD/USD)

2015E* ($1.20

CAD/USD)

Site1 $49 $43

Transportation 35 $32

IFRS Total $84 $75

Capitalized Stripping $15 $15

Full Cash Cost $99 $90

Sustaining Capex $6 $3

Total Cash Cost $105 $93

* Based on the mid-point of 2015 guidance. 1. Includes inventory write-down.

IFRS Costs

Significant Long-Term Coal Growth Potential

44

Potential Production Increase Scenarios Teck’s large resource base supports several options for growth: • Quintette restart (up to 4 Mtpa)

fully permitted

• Brownfields expansions - Elkview expansion - Fording River expansion - Greenhills expansion

• Capital efficiency and operating cost improvements will be key drivers

-

10

20

30

40

50

Prod

uctio

n (M

t)

FRO GHO CMO EVO LCO

CRO QCO 28 Mt 40 Mt

Time Conceptual

Potential to grow production when market conditions are favourable

>75 Mt of West Coast Port Capacity Planned Teck Portion at 40 Mt

45

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

Westshore Terminals

Neptune Coal Terminal

Ridley Terminals

West Coast Port Capacity

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

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

Milli

on T

onne

s (N

omin

al)

Teck’s share of capacity exceeds current production plans, including Quintette

12.5 18

33 6

7

3

0

5

10

15

20

25

30

35

40

Neptune CoalTerminal

RidleyTerminals

WestshoreTerminals

Current Capacity Planned Growth

0%

20%

40%

60%

80%

100%

CO2 NOx Particulate SOx Diesel Natural Gas

LNG for Haul Trucks Project

• Pilot project underway to evaluate running Teck haul trucks on a blend of diesel and LNG - Expected to be running in 2015

• Has the potential to reduce our haul truck fleet fuel bill by $27M annually and lower our CO2 emissions by 35,000 tonnes per year

46

Comparison of Fuel Cost

$-

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

LNG / Diesel Liter Diesel / LiterGas Cost Liquifaction Carbon Tax Delivery Diesel

Pric

e pe

r Lite

r

Comparison of Emissions

% o

f Die

sel E

mis

sion

s

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

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

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

• Produce some of the highest hot strengths in the world 50 60 70 80 90 100

South Africa

Japan (Sorachl)

Japan (Yubarl)

U.S.A. Canada Other Teck HCC Australia Japan South Africa

Australia (hard coking) and Canada

U.S.A.

Australia (soft coking)

10

20

30

40

50

60

70

80

Drum Strength Dl 30 (%)

CSR

Teck HCC

47

Coking Coal Strength

High Quality Hard Coking Coal

Copper Business Unit & Markets

Base Metal Stocks Low on Days Consumption

49

Zinc Reported Stocks

17 days of consumption

Copper Reported Stocks

10 days of consumption

Lead Reported Stocks

8 days of consumption

Source: LME, ICSG, ILZSG * Charts as of April 15, 2015.

75¢

85¢

95¢

105¢

115¢

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2013 86.6¢ US/lb 2014 98.2¢ US/lb 2015 94.8¢ US/lb

2014

2015

LME ZINC Prices

225¢

245¢

265¢

285¢

305¢

325¢

345¢

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2013 332.1¢ US/lb 2014 311.2¢ US/lb 2015 264.9¢ US/lb

2015

2014

LME COPPER Prices

75¢80¢85¢90¢95¢

100¢105¢

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2013 97.1¢ US/lb 2014 95.1¢ US/lb 2015 82.6¢ US/lb

2015 2014

LME LEAD Prices

0100200300400500600700800900

1,000

Jan Feb Mar Apr May Jun Jul AugSep Oct NovDec

Thou

sand

s

Stocks fell 241,875t or 25.9% in 2014 Stocks have fallen 190,875t or 27.6% in 2015

LME ZINC Stocks

0

100

200

300

400

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Thou

sand

s

Stocks fell 189,400t or 51.7% in 2014

Stocks have risen 160,225t or 90.5% in 2015

LME COPPER Stocks

0

100

200

300

400

Jan Feb Mar Apr May Jun Jul AugSep Oct NovDec

Thou

sand

s

Stocks rose 7,526t or 3.5% in 2014

Stocks have risen 10,950t or 4.9% in 2015

LME LEAD Stocks

0

200

400

600

800

1000

0¢

100¢

200¢

300¢

400¢

500¢

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

LME Stocks Price

US¢

/lb

thou

sand

tonn

es

plotted to April 24, 2015

Source: LME

Copper Prices & Stocks

50

LME Daily Copper Prices & Stocks

Copper Concentrate TC/RC

0¢

10¢

20¢

30¢

40¢

50¢

60¢

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Spot Realised TC/RC

51

TC/R

C –

Nom

inal

US¢

/lb

Source: CRU

plotted to March 2015

Copper Concentrate TC/RC

-950

-859 -776

-851

-945

-584

-839

-973

-831

-1,060

-495

-1,200

-1,000

-800

-600

-400

-200

02005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2015YTD

Thou

sand

tonn

es

0

100

200

300

400

500

600

700

800

900

plotted to Feb. 2015

Copper Market Balance Trending Down Th

ousa

nd to

nnes

Surplus only 0.6% of global demand

52

Mine Guidance Wood Mackenzie Forecast 2015 Refined Copper Surplus

Mine guidance being revised downwards; mine disruptions still significant

Source: Wood Mackenzie

Significant Chinese Copper Demand Remains

-

200

400

600

800

1,000

1,200

1,400

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 20300%

5%

10%

15%

20%

25%

30%

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030

Annual Avg. 13%

Annual Avg. 5%

Annual Avg. Growth 330 Mt/yr

Annual Avg. Growth 505 Mt/yr

Thou

sand

tonn

es

53

…But Will Add Significantly in Additional Tonnage Terms

Annual Growth Rate of Chinese Copper Consumption to Slow Dramatically…

China expected to add almost as much to global demand in the next 15 years as the past 25 years

Source: CRU, Wood Mackenzie, Teck

0

100

200

300

400

500

600

700

800

900

1,000

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

Cathode Concs Scrap Blister/Semis

000’

s to

nnes

(con

tent

)

China Now Accounts for >49% of Global Copper Consumption

Source: Antaike

China’s Copper Imports Remain Strong

54

Updated to March 2015

Zinc Business Unit & Markets

Zinc Prices & Stocks

0

200

400

600

800

1,000

1,200

1,400

0¢

50¢

100¢

150¢

200¢

250¢

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Stocks Price

56 Source: LME

US¢

/lb

thou

sand

tonn

es

plotted to April 24, 2015

LME Daily Zinc Prices & Stocks

Zinc Treatment Charges

$0

$100

$200

$300

$400

$500

$600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Spot Annual Realised

57

US$

/dm

t

Source: Teck, CRU

plotted to March 2015

Zinc Spot TCs vs. Realized Annual TCs

Committed Zinc Supply Insufficient for Demand

• We expect mine supply increases to allow for growth in refined supply of 1.2 million tonnes between 2014 and 2020

• Over this same period we expect refined demand to increase 3.7 million tonnes or about 4%/yr

• The market has been in deficit since 2014, but large inventory has funded the deficit

• Metal market moving into significant deficit with further closures, but inventories are depleting

58

(3,000)

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

500

2012 2013 2014 2015 2016 2017 2018 2019 2020

Thou

sand

tonn

es

Forecast Zinc Refined Balance

Source: Teck

400

500

600

700

800

900

1,000

1,100

1,200

50¢

60¢

70¢

80¢

90¢

100¢

110¢

120¢

Stocks Price

59

0

200

400

600

800

1,000

1,200

1,400

0¢

50¢

100¢

150¢

200¢

250¢

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Stocks Price

US

¢/lb

thou

sand

tonn

es

plotted to April 24, 2015

US

¢/lb

thou

sand

tonn

es

• LME stocks down ~600 kt over 24 months • Large inventory position still to work down but we are under 500kt for the first time

since early 2010 • Large, sudden increases indicate there are also significant off-market inventories

flowing through the LME to consumers

LME Zinc Stocks – Since Dec 2012

plotted to April 24, 2015

LME Zinc Stocks - 11 Years

Zinc Inventories Declining

Source: LME

60

China 6%

USA 19%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

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

Galvanized Steel as % Crude Production China Zinc Demand 2014

Construction 15%

Transportation 20%

Other 5%

Consumer Goods 30%

Infrastructure 30%

Chinese Zinc Demand to Outpace Supply

Source: Teck

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

Significant Zinc Mine Reductions; Large Short-Term Losses, More Long Term

-600

-500

-400

-300

-200

-100

0

Cen

tury

Ram

pura

Agu

cha

Lish

een

Red

Dog

Sko

rpio

n

Pom

orza

ny

Bru

nsw

ick

Per

seve

ranc

e

Wol

verin

e

Zyry

anov

sk

Mae

Sod

Par

agsh

a

61

-600

-500

-400

-300

-200

-100

0

Cen

tury

Ram

pura

Agu

cha

Lish

een

Sko

rpio

n

Ros

eber

y

Red

Dog

Pom

orza

ny-O

lkus

z

Bru

nsw

ick

Cay

eli

Per

seve

ranc

e

Wol

verin

e

Jagu

ar

Zyry

anov

sk

Akh

zal (

Akt

ogas

k)

Kid

d C

reek

Bra

cem

ac-M

cLeo

d

Source: ICSG, Wood Mackenzie Teck, Company Reports

2013-2017 2013-2020

Energy Business Unit & Markets

Building An Energy Business

Strategic diversification

Large truck & shovel mining projects

World-class resources

Long-life assets

Mining-friendly jurisdiction

Competitive margins

Minimizing execution risk

Tax effective

63

Mined bitumen is in Teck’s ‘sweet spot’

Diesel & Crude Oil Prices

Spread has widened; Delay in changes in crude oil prices flowing through to diesel prices

Diesel Prices vs. WTI Prices 2007-2015

Source: Alberta Transportation, OPIS. 64

$-

$20

$40

$60

$80

$100

$120

$140

$160

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

CA

D$/

L

Alberta ULSD Rack Rate (CAD$/L) WTI (CAD$/L)

Average Diesel Premiums: 2007-2015: C$0.23/litre 2011-2015: C$0.28/litre

Plotted to 3/2015

• Significant value created over long term

• 60% of PV of cash flows beyond year 5

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

• Options for debottlenecking and expansion

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

The Real Value of Long-Life Assets

65

Fort Hills Project Indicative Rolling NPV1

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

1. GLJ Petroleum Consultants, December 2014. 2. There is no certainty that it will be commercially viable to produce any portion of the contingent bitumen resources. For more information

about contingent bitumen resources, see Teck’s annual information form dated March 2, 2015 available at www.sedar.com. 3. Sproule, December 2014.

World-Class Energy Reserves & Resources

No Exploration Risk – No Large Finding Costs

Bitumen Reserves

Teck’s Share (million bbl) Proved Probable Proved Plus Probable

Fort Hills1 414 200 614

Contingent Bitumen Resources2

Project Teck’s Share (million bbl) Low Best High Low Best High

Fort Hills1 30 139.4 763.1 6 27.9 152.6

Frontier3 2,360 3,047 3,465 2,360 3,047 3,465

Lease 421

Total 2,390 3,186.4 4,228 2,366 3,074.9 3,617.6

Still to be declared

World Class Energy Reserves & Resources

66

Fort Hills Is One of the Best Undeveloped Oil Sands Mining Leases

Ore grade is a function of the bitumen quantity in the deposit

TV:BIP is a ratio of the total volume of bitumen in place to the total volume of material required to be moved (like a strip ratio)

Strip Ratio vs. Ore Grade

Source: Teck

9.5

10

10.5

11

11.5

12

8910111213

Ore

Gra

de (w

t% b

itum

en)

TV:BIP

Fort Hills

Frontier

• >3 billion bbls of proven plus probable reserves of bitumen

- Production 180,000 barrels per day (bpd) of bitumen

- Teck’s share is significant at 36,000 bpd; equivalent to 13 million barrels per year (Mbpy)

• World-class resource - Average ore grade of 11.4% - Strip ratio of 1.5:1 and TV:BIP of 10.5

• Consistent production year-over-year through multiple decades

- Scheduled to produce first oil as early as Q4 2017

- Expect 90% of planned production capacity within 12 months

67

Fort Hills Is Part Of A New Breed Of Mineable Oil Sands Projects

68

Mine & Extraction

Diluted Bitumen (Doesn’t meet commercial pipeline specs)

Heavy Crude Conversion Refinery With Coker

Simple Refinery On-Site Upgrader ($10-15B)

New mining projects produce clean, high-quality bitumen and receive a heavy oil price (discounted), but don’t have to invest in an upgrader

‘PFT’ Diluted Bitumen (Meets commercial pipeline specs)

Export Pipeline

Synthetic Oil

Legacy Oil Sands Mining Projects (~30 Years Ago)

Oil Sands Mining Projects Today

Naphtha froth treatment process

Paraffinic froth treatment ‘PFT’ process

Mine & Extraction

Minimizing Execution Risk In The Fort Hills Project

• Cost-driven schedule - “Cheaper rather than sooner”

• Disciplined engineering approach

• “Shovel Ready” • Global sourcing of engineering

and module fabrication • Balanced manpower profile

Suncor has completed 4

projects of ~$20 billion over last 5 years, all at or under budget

Benefiting from Suncor’s operational and project development experience

69

• Focusing on productivity improvements - Reduced pressure on skilled labour and contractors

• Benefiting from availability of fabricators for major equipment

• Seeking project cost reductions - Exploring performance improvements with

contractors and suppliers - Building cost savings and improved productivity

expectations into current contract negotiations - Reviewing all indirect costs

70

Lower Oil Price Environment Provides Opportunities for the Fort Hills Project

“Major projects in construction such as Fort Hills…will move forward as planned and take full advantage of the current economic environment.

These are long-term growth projects that are expected to provide strong returns when they come online in late 2017.”

- Suncor, January 13, 2015

Enhanced ability to deliver on time and on budget

Secondary Extraction

Primary Extraction Utilities & Cogen

Admin Complex Robson Lodge

Construction Trailers

River Water Intake

Flare Area

Tailings Area

Ore Prep Plant

Overall Fort Hills Site Photo

71

1. All costs and capital are based on Suncor’s estimates. 2. Go-forward capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013),

denominated in Canadian dollars and on a fully-escalated basis.

Competitive Costs1 for Fort Hills

Project Capital: ~C$13.5 billion

Teck Capital: • Fully-escalated capital investment:

~C$2.94B over four years (2014-2017), including earn-in of C$240M

• Estimated spending in 2015: C$850M of incurred costs, based on Suncor’s planned project spending

Operating & Sustaining Costs: • C$25 to $28/bbl total

• Sustaining C$3-5/bbl (included in above)

• Excludes diluent purchase

72

To be financed by a combination of cash balance, free cash flow and $3B unused line of credit

Fully Escalated Go-Forward Capital2

$0

$20

$40

$60

$80

$100

$120

$140

Project 1 Project 2 Fort Hills

Cos

ts in

C$

Thou

sand

s pe

r Bar

rel/d

ay

Capital Cost Per Flowing Barrel

Full project cost including spent to date:

C$84

Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp) * Based on example exchange rate of $1.25 CAD/USD

Bitumen Netback Calculation Example*

Teck seeks to secure dedicated transportation capacity for Fort Hills volumes to key markets to minimize WCS discount

Bitumen Netback Calculation Model

73

US$75.00

C$56.50

C$75.00

$0$10$20$30$40$50$60$70$80$90

~75% Bitumen

~25% Diluent

Typical Diluted Bitumen (Dilbit) Blend

Western Canadian Select (WCS) at Hardisty

WTI Bitumen Netback

US$60 C$42.75

US$75 C$56.50

US$90 C$70.25

Heavy Oil Price Differential

74

West Texas Intermediate (WTI) & Western Canadian Select (WCS) Prices WTI-WCS Differential

Source: Bloomberg, Teck Resources Limited

Fort Hills project economics benefit from recent narrowing of the WTI-WCS differential

Plotted to 4/27/20154

Plotted to 4/27/2015

Long-term WTI-WCS differential

$0

$20

$40

$60

$80

$100

$120

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

WTI Cushing WCS Hardisty

US$

/bar

rel

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Differential…

US$

/bar

rel

Netback2

$56.50/bbl

Cash Margin $31.50

Cash Costs $25.00

LME Price US$3.00/lb

Cash Margin US$1.75

Cash Costs US$1.25

Competitive Bitumen Margins1

Typical Bitumen Producer

56% Margin

Low Quartile Cost Copper Mine

58% Margin

75

Fort Hills’ cash margins are expected to be comparable to the lowest cost mining operations

1. Excludes royalties. 2. Assuming US$75 WTI, $15 differential WTI to WCS and $0.80 USD/CAD

Wood Buffalo Extension

Norlite Diluent Pipeline

East Tank Farm Blending w/Condensate

Cheecham Terminal

Hardisty Terminal

Wood Buffalo Pipeline

Athabasca Pipeline Waupisoo

Pipeline

Edmonton Terminal

Fort Hills Mine Terminal

Northern Courier Hot Bitumen Pipeline

Committed Energy Logistics Solutions in Alberta

76

Pipeline Operator Nominal Capacity (kbpd)

Teck Capacity (kbpd)

Status

Northern Courier Hot Bitumen TransCanada 202 40.4 Construction

East Tank Farm - Blending Suncor 292 58.4 Construction

Wood Buffalo Blend Pipeline Enbridge 550 65.3 Operating

Wood Buffalo Extension Enbridge 550 65.3 Regulatory

Norlite Diluent Pipeline Enbridge 130 18.0 Regulatory

Teck

Options Export Pipeline

Rail

Local Market

Pipeline Legend Bitumen Blend Diluent Existing New Kirby

Terminal

Terminal Operator Nominal Capacity

(k barrels)

Teck Capacity (kbpd)

Status

Hardisty Blend Tankage Gibson Energy 500 500 Construction

Dedicated Storage Tank at Gibson Terminal in Hardisty, AB

Battle River

Station (ENB)

Inbound Pipeline

Teck Pipe & Tank

77

Fort Hills’ Dedicated Storage Tank

1. Planned connection to TransCanada Energy East is via modification of existing Keystone connection.

1