Transaction highlights

• All‑stock merger of equals to form a diversified, investment‑grade company with a leading copper and base metals platform, underpinned by high‑quality, long‑life assets.
• Enhanced exposure to critical minerals including copper, nickel, zinc, and platinum group metals, complemented by iron ore and fertilizer growth options.
• Compelling industrial logic with significant expected value creation from portfolio optimization, operating excellence, responsible growth, and disciplined capital allocation.
• Pro forma balanced ownership with approximately equal participation by Teck and Anglo American shareholders at closing.
• Governance designed for continuity and balance; a majority independent board with equal representation from both companies.
• Subject to customary conditions including shareholder, court, and regulatory approvals in applicable jurisdictions.

Strategic rationale: building a leader for the energy transition

The combined company will be positioned to deliver responsibly produced materials that enable electrification, grid expansion, renewable energy, and low‑carbon infrastructure. Copper remains the cornerstone metal of decarbonization, with intensifying demand across transmission, EVs, and data infrastructure. Nickel, zinc, and platinum group metals play vital roles in batteries, corrosion protection, hydrogen technologies, and catalytic systems. Bringing together Teck’s and Anglo American’s technical capabilities, innovation pipelines, and global operating footprints will create a platform focused on safe, reliable supply of these essential minerals.

Beyond scale, the merger aims to increase resilience through cycle‑tested diversification across commodities and geographies, broaden optionality in growth pipelines, and lower the cost of capital through an improved risk profile and access to deeper pools of global liquidity.

Complementary world‑class portfolio

The pro forma portfolio will be anchored by a differentiated copper and base metals platform with operations and projects spanning the Americas, Africa, and Australia. The combined asset base is expected to feature:

• Copper: Large‑scale, long‑life operations and brownfield expansions with competitive cost positions and embedded debottlenecking opportunities.
• Nickel: Exposure to class‑one nickel suitable for battery supply chains, with potential for downstream partnerships and offtakes.
• Zinc: Tier‑one zinc assets supporting steel, infrastructure, and clean energy applications.
• Platinum group metals (PGMs): Strategic presence in PGMs supporting hydrogen technologies and emissions control systems.
• Iron ore and fertilizers: High‑quality iron ore and a world‑scale, long‑dated nutrient option offering counter‑cyclical balance.

This combination brings together complementary technical expertise, marketing reach, digital capabilities, and a track record of operating in complex jurisdictions with high environmental and social standards.

Value creation and synergy opportunities

The merger is expected to unlock significant value through:

• Operational excellence: Sharing of best practices in mine planning, processing, maintenance, water stewardship, tailings management, and autonomous technologies to enhance productivity and safety.
• Commercial optimization: Coordinated product marketing and logistics, improved blending strategies, and expanded customer partnerships across key markets.
• Capital allocation: Rigorous portfolio management, sequencing of growth projects for free cash flow accretion, and disciplined hurdle rates to drive returns.
• Corporate efficiencies: Streamlined overheads, systems integration, and procurement scale benefits.
• Decarbonization: Accelerated Scope 1 and 2 emissions reduction initiatives, leveraging renewable power sourcing, electrified fleets, and process innovation.

These initiatives are expected to support robust free cash flow generation across commodity cycles, with the combined company targeting competitive base dividends and a sustainable framework for additional shareholder returns subject to balance sheet strength and commodity price outlook.

Leadership in responsible mining

Both companies bring longstanding commitments to health and safety, Indigenous and community partnerships, biodiversity, and transparent governance. The merged company intends to align with leading global standards, including ICMM principles and TCFD‑aligned climate reporting, and to maintain rigorous human rights due diligence across its supply chain.

Key ESG priorities will include:

• Advancing decarbonization roadmaps with clear interim and long‑term targets.
• Embedding nature‑positive design in project development and progressive reclamation in operations.
• Expanding circularity initiatives, including metal recovery and recycling partnerships.
• Strengthening community benefits through local procurement, skills development, and long‑term social investment.

Governance, leadership, and headquarters

The combined company will adopt a balanced governance framework to ensure continuity and effective oversight. The board will comprise an equal number of directors from each company along with a majority of independent directors, with the Chair and Lead Independent Director roles designed to reflect the merger‑of‑equals nature of the combination.

A multi‑hub model is anticipated, with corporate centers in Vancouver and London and key regional offices near major operations. This structure is intended to maintain proximity to assets and stakeholders while enabling cohesive strategy and execution.

Transaction structure and terms

The merger is expected to be effected through an all‑stock, nil‑premium structure based on prevailing, mutually agreed valuation references prior to announcement. Teck and Anglo American shareholders are anticipated to own approximately 50% each of the combined company at closing, reflecting the merger‑of‑equals construct.

The combined company is expected to maintain leading index eligibility through primary and secondary listings in existing home markets. Final domicile, listing venues, and index implications will be confirmed in the definitive agreement and accompanying circulars. The transaction will be subject to approvals by each company’s shareholders, court and regulatory clearances, and other customary closing conditions.

Integration approach and workforce

An integration management office will be established to preserve business continuity, embed best practices, and engage employees transparently throughout the process. The merged company is committed to treating all employees fairly, honoring existing collective agreements, and providing clear pathways for development and mobility across the expanded global platform.

Anticipated timeline and next steps

• Signing of a definitive agreement following completion of confirmatory due diligence and final board approvals.
• Publication of shareholder materials outlining full details of the transaction, including independent fairness opinions where applicable.
• Shareholder meetings to vote on the transaction.
• Regulatory reviews across relevant jurisdictions.
• Targeted closing following receipt of all approvals and satisfaction of customary conditions.

Further updates will be provided as milestones are reached.

Commitment to stakeholders

The combined company will remain focused on creating long‑term value for shareholders while upholding commitments to employees, Indigenous and host communities, customers, suppliers, and governments. The company intends to maintain strong investment in safety, environmental stewardship, and local development, and to partner with stakeholders to maximize shared benefits from responsible resource development.

Investor and media information

Investor presentation, fact sheet, and FAQs will be made available to provide additional detail on the strategic rationale, portfolio overview, pro forma financials, and anticipated synergies.

• Transaction presentation (PDF)
• Fact sheet
• Frequently asked questions
• Webcast registration

About Teck

Teck Resources Limited is a diversified resource company focused on responsible mining and mineral development with business units in copper, zinc, and materials essential to a low‑carbon future. Teck is committed to strong ESG performance, innovation, and partnerships that create lasting value for stakeholders.

About Anglo American

Anglo American is a leading global mining company with a portfolio spanning copper, PGMs, premium iron ore, steelmaking coal, nickel, and emerging fertilizer options. Anglo American’s strategy is underpinned by responsible mining, technology‑enabled performance, and long‑term relationships with communities and customers.

Cautionary note regarding forward‑looking statements

This communication includes forward‑looking statements within the meaning of applicable securities laws. Forward‑looking statements can be identified by words such as “aims,” “anticipates,” “expects,” “intends,” “plans,” “potential,” “targets,” “will,” and similar references to future periods. These statements include, but are not limited to, statements about the proposed merger, expected benefits, synergies, strategies, governance, timing, regulatory approvals, financial policies, and future performance.

Forward‑looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially, including but not limited to: failure to obtain necessary approvals; the occurrence of any event that could give rise to termination of definitive agreements; challenges in integrating businesses; changes in market conditions, commodity prices, interest rates, or exchange rates; operational risks; legal and regulatory risks; geopolitical developments; and other factors described in each company’s public filings. Readers are cautioned not to place undue reliance on forward‑looking statements. Neither company undertakes any obligation to update these statements except as required by law.