Teck Resources Limited (TECK): Business Model Canvas [Dec-2025 Updated]

Honestly, you're looking at a defintely different company than the one from a year ago; Teck Resources Limited (TECK) has decisively pivoted to become a pure-play energy transition metals powerhouse. With copper now driving EBITDA and the massive Quebrada Blanca 2 mine ramping up to deliver over 210,000 tonnes in 2025, the strategic focus is sharp, backed by $8.9 billion in liquidity as of July. If you're trying to map out how this transformation translates into actual value capture-from their key partnerships to their cost profile-you need to see the full picture. Below is the distilled Business Model Canvas that breaks down exactly how Teck Resources Limited is structuring its future in base metals.

Teck Resources Limited (TECK) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that power Teck Resources Limited's metals-focused strategy as of late 2025. These aren't just handshake deals; they involve massive capital commitments and shared operational control over world-class assets.

Quebrada Blanca 2 (QB2) Copper Mine Joint Venture

The development of the Quebrada Blanca Phase 2 (QB2) copper project in Chile is significantly de-risked through a partnership with Japanese interests. Sumitomo Metal Mining Co., Ltd. (SMM) and Sumitomo Corporation (SC) acquired a substantial indirect stake in Compañia Minera Teck Quebrada Blanca S.A. (QBSA).

The structure of the QB2 ownership, based on the December 2018 transaction, is detailed below. Note that Teck Resources Limited retains the operator role and the largest equity share.

Partner	Ownership Stake in QBSA	Initial Contribution/Value
Teck Resources Limited	60%	Retained share of remaining equity contributions lowered to US$693 million
Sumitomo Metal Mining Co., Ltd. & Sumitomo Corporation	30% (Indirect Interest)	US$1.2 billion contribution for the interest
ENAMI (Chilean State Agency)	10% (Non-funding interest)	Not required to provide funding toward capital cost

The initial estimated capital cost for the QB2 project was US$4.739 billion (unescalated). The project is designed for long life, with an estimated annual copper equivalent production of 316,000 tonnes for the first five full years of operation. Furthermore, a specific performance milestone is tied to a contingent payment: a US$50 million payment to Teck Resources if QB2 achieves an optimized target mill throughput of 154ktpd by December 31, 2025.

Tahltan Nation Development Corporation (TNDC) Renewable Energy Projects

Teck Resources Limited partners with the Tahltan Nation Development Corporation (TNDC) to integrate renewable energy solutions, specifically at the Schaft Creek copper-gold-molybdenum-silver development project, where Teck is the Operator and holds a 75% interest in the Joint Venture with Copper Fox Metals. This partnership focuses on leasing solar and battery assets.

• The agreement with TNDC for the Schaft Creek solar project is structured as a 3-year leasing arrangement.
• The installation is estimated to reduce carbon emissions for camp power by more than 70%.
• In one month of full utilization in 2024, the project achieved an 83% reduction in diesel fuel consumption.
• TNDC invests in and owns the redeployable solar assets, removing the capital investment burden from Teck Resources Limited.
• Solvest co-invested with TNDC for 25% of the project.

San Nicolás Copper-Zinc Project Joint Venture

The San Nicolás copper-zinc project in Mexico is advanced through a 50/50 joint venture with Agnico Eagle Mines Limited. Agnico Eagle acquired its stake in April 2023, committing significant initial funding.

Here's a look at the ownership and key metrics for this development asset:

Metric	Value	Notes
Ownership Split	50% Teck Resources, 50% Agnico Eagle Mines Limited	Formed a 50/50 joint venture partnership.
Agnico Eagle Initial Funding Commitment	US$580 million	To fund the first portion of project costs.
Proven & Probable Reserves (as of Dec 31, 2024, 50% basis)	52.6 million tonnes	At average grades of 1.12% copper, 1.48% zinc.
Estimated 5-Year Annual Production (100% basis)	63,000 tonnes of copper and 147,000 tonnes of zinc in concentrate	Production targeted to start in 2026.
Potential Sanction Funding Requirement (Teck Estimate)	US$0.3-0.5 billion	Contingent on a potential sanction decision in H2 2025.

The initial estimated development capital costs were forecast between $1 billion and $1.1 billion.

Antamina Mine Joint Venture in Peru

Teck Resources Limited holds a minority, non-operating interest in the large Antamina copper and zinc mine in Peru, which is independently operated by Compañía Minera Antamina S.A. The partners are collaborating on a major life-extension project.

The ownership structure of the Antamina mine is:

• Teck Resources Limited: 22.5% interest.
• BHP plc: 33.75%.
• Glencore plc: 33.75%.
• Mitsubishi Corporation: 10%.

The partnership received approval in February 2024 for a Modification of Environmental Impact Assessment (MEIA) to extend the permitted mine life until 2036. This extension is supported by an investment of approximately $2 billion in expansions. For the 2025 fiscal year, Antamina is expected to produce between 335,000-400,000 tonnes of copper (on a 100% basis). Teck's proportionate share of Antamina's revenue in 2024 was $1,436 million, with a gross profit share of $737 million.

Glencore and Post-Steelmaking Coal Royalty Structure

Teck Resources Limited completed the sale of its steelmaking coal business, Elk Valley Resources (EVR), to Glencore plc in July 2024, marking a strategic shift to a pure-play metals company. Glencore acquired a 77% effective interest for cash proceeds of US$6.93 billion at closing, based on an implied enterprise value of US$9.0 billion for the entire business.

The remaining interests were sold concurrently:

• Nippon Steel Corporation (NSC) acquired a 20% interest.
• POSCO acquired a 3% interest.

The transaction structure involved Glencore acquiring the majority stake, while NSC and POSCO exchanged existing interests and made cash payments to Teck Resources Limited. The search results confirm the sale structure and the resulting cash proceeds used for shareholder returns and debt reduction, but do not specify the terms of any ongoing royalty structure payable to Teck Resources Limited from Glencore post-closing.

Teck Resources Limited (TECK) - Canvas Business Model: Key Activities

You're looking at the core actions Teck Resources Limited is driving right now, late in 2025, focusing heavily on copper growth while managing existing base metal assets. Here's the quick math on what they are actively doing across their operations and capital deployment.

Operating world-class copper and zinc mines like QB2 and Red Dog is central to Teck Resources Limited's day-to-day. The Red Dog Operations continue to be a key source of zinc concentrate feed for the Trail Operations.

The ramp-up at Quebrada Blanca Phase 2 (QB2) in Chile is a major focus, though it has faced recent headwinds. The initial 2025 copper production target for QB2 was adjusted following operational reviews. The revised annual copper production guidance for QB in 2025 is now between 170,000 to 190,000 tonnes, down from the previously disclosed 210,000 to 230,000 tonnes. In the third quarter of 2025 alone, QB copper production was 39,600 tonnes. Overall, Teck Resources Limited's total copper production guidance for 2025 is now set at 415,000 - 465,000 tonnes.

Teck Resources Limited is also actively advancing significant copper growth projects. The Highland Valley Copper Mine Life Extension Project (HVC MLE) received board approval in July 2025, with construction set to commence in August 2025. This project carries an estimated capital cost between US$2.1 to US$2.4 billion and is expected to extend the mine life to 2046, targeting an average annual copper production of 132,000 metric tons post-2024. The 2025 annual copper production guidance for Highland Valley Copper is now 120,000 to 130,000 tonnes. Furthermore, the Zafranal Project in Peru received its SEIA approval, positioning it for a potential sanction decision in the second half of 2025. Similarly, the San Nicolás Project in Mexico is progressing toward a potential sanction decision in the second half of 2025, with an estimated Teck funding requirement of US$0.3-0.5 billion.

Refining zinc and lead at Trail Operations remains a core activity, focusing on high-quality metal products and maximizing margins by processing residues. Refined zinc production guidance for Trail Operations in 2025 is between 190,000 and 230,000 tonnes, a reduction from the 256,000 tonnes produced in 2024. In the third quarter of 2025, Trail produced 52,600 tonnes of refined zinc and 17,600 tonnes of refined lead. The gross profit before depreciation and amortization from Trail in Q3 2025 was $54 million, more than double the $26 million from the same period last year.

The execution of the authorized share buyback program is a key financial activity. Teck Resources Limited has an authorized share buyback program of $3.25 billion. As of July 23, 2025, the company had completed $2.2 billion of this program, which is approximately 70% completion. In 2024, the company executed $1.25 billion of the buyback. The program is scheduled to conclude on November 21, 2025.

Here are the key operational and financial metrics associated with these activities:

Activity Metric	Asset/Project	2025 Guidance/Amount	Comparison/Context Data
Copper Production (Tonnes)	QB2 (Revised 2025 Guidance)	170,000 to 190,000	Previously targeted 210,000 to 230,000 tonnes
Total Copper Production (Tonnes)	Company-wide (Revised 2025 Guidance)	415,000 - 465,000	2024 Actual Production: 446,000 tonnes
Refined Zinc Production (Tonnes)	Trail Operations (2025 Guidance)	190,000 to 230,000	2024 Actual Production: 256,000 tonnes
Refined Zinc Production (Tonnes)	Trail Operations (Q3 2025 Actual)	52,600	Refined Lead Output (Q3 2025): 17,600 tonnes
Gross Profit (Trail Operations)	Q3 2025	$54 million	Q3 2024 Gross Profit: $26 million
HVC MLE Estimated Capital Cost	Highland Valley Copper Life Extension	US$2.1 to US$2.4 billion	Construction commenced August 2025; Life extended to 2046
Share Buyback Executed (Cumulative)	Authorized $3.25 Billion Program	$2.2 billion	As of July 23, 2025 (70% complete)

The advancement of growth projects involves specific capital commitments and sanction timelines:

• Highland Valley Copper Mine Life Extension (HVC MLE) estimated capital cost: $2.1 to $2.4 billion, with spending expected from H2 2025 through 2028.
• Zafranal Project potential sanction decision: H2 2025.
• San Nicolás Project potential sanction decision: H2 2025.
• Share buyback program execution in 2024: $1.25 billion.

You can see Teck Resources Limited is definitely putting capital to work on the copper pipeline while managing current output based on market realities.

Teck Resources Limited (TECK) - Canvas Business Model: Key Resources

You're looking at the core assets that power Teck Resources Limited's business right now, late in 2025. These aren't just mines; they are the physical foundation for their strategy, especially around the energy transition metals you're tracking.

Major Copper Assets

Teck Resources Limited's copper future is heavily weighted on two key sites. Quebrada Blanca 2 (QB2) in Chile is a Tier 1 asset, and they are targeting design rates by year-end 2025. For sustainability, QB incorporates an agreement to source 100% renewable power from AES Andes for the operation beginning in 2025, and it uses 100% desalinated seawater in its production processes. Still, production has faced constraints; the Q3 2025 copper production at QB was 39,600 tonnes, leading to a revised 2025 annual guidance of 170,000 to 190,000 tonnes as of October 7, 2025.

Highland Valley Copper (HVC) in Canada is also critical, especially after the board sanctioned the Highland Valley Copper Mine Life Extension project (HVC MLE) on July 23, 2025. This is a massive commitment, with an estimated capital cost between $2.1 and $2.4 billion. This extension is designed to secure access to critical mineral supply until 2046, extending the life from 2028. Due to lower grades and maintenance in Q3 2025, the 2025 guidance for HVC was lowered to 120,000 to 130,000 tonnes.

World-Class Zinc Assets

The zinc portfolio is anchored by the Red Dog Mine in Alaska and the Antamina mine in Peru, where Teck Resources Limited holds a 22.5% interest. Red Dog is seeing lower grades as it nears the end of its current mine life, with 2025 zinc in concentrate production guidance set between 430,000 and 470,000 tonnes. For context, Q3 2025 sales volumes at Red Dog were an impressive 272,800 tonnes, signaling strong commercial execution to end the shipping season. Antamina, on the other hand, is seeing a planned surge, with its total zinc production expected to increase by 67% in 2025 to approximately 450,000 metric tons, contributing an expected 95,000 and 105,000 tonnes to Teck Resources Limited's share.

Here's a quick look at the 2025 production guidance for these key metal contributors:

Asset	Metal	2025 Production Guidance (Tonnes)
Quebrada Blanca (QB2)	Copper	170,000 to 190,000
Highland Valley Copper (HVC)	Copper	120,000 to 130,000
Red Dog Mine	Zinc in Concentrate	430,000 to 470,000
Antamina (22.5% Share)	Zinc	95,000 to 105,000

Financial Strength and Refining Technology

You mentioned liquidity, and the balance sheet provides significant resilience. As of July 23, 2025, Teck Resources Limited reported liquidity of $8.9 billion, which included $4.8 billion of cash. By October 21, 2025, that liquidity had actually grown to $9.5 billion, with cash on hand at $5.3 billion. This financial cushion supports ongoing capital deployment, such as the $2.2 billion to $2.4 billion HVC MLE investment.

The Trail Operations in British Columbia is a major asset, being one of the world's largest fully integrated zinc and lead smelting and refining complexes. Its refined zinc production guidance for 2025 is set between 190,000 and 230,000 tonnes, down from 256,000 tonnes in 2024. Teck Resources Limited is investing $210 million at Trail Operations specifically to increase its capacity to recycle end-of-life electronic waste, which speaks directly to proprietary technology use in the circular economy.

Long-Life Mineral Reserves

The longevity of these assets is a key resource for long-term planning. For example, the QB operation has an initial mine life of 27 years, and even after the current ramp-up phase, it will have used only about 18% of its 2022 reserves and resources, showing substantial potential for further extensions. For the Red Dog zinc asset, 2023 reserve data showed total reserves and resources of 51.1 Million Tonnes, grading 11.8% Zn and 3.9% Pb.

These reserves support the narrative of providing essential materials. You can see the operational focus through these key metrics:

• QB has the potential for throughput optimization that could increase output by a further 15-25% beyond design rates.
• The HVC MLE project is foundational to the strategy to double copper production by the end of the decade.
• Trail Operations is actively assessing pathways to process residues for an extended period beyond 2026.

Teck Resources Limited (TECK) - Canvas Business Model: Value Propositions

You're looking at the core value Teck Resources Limited delivers to its customers and investors as of late 2025. It's all about essential materials and shareholder alignment.

Supply of essential metals (Copper, Zinc) for the global energy transition

Teck Resources Limited is positioned as a provider of metals critical for electrification and the energy transition. The company's 2025 copper production guidance, revised in October 2025, targeted output between 415,000 and 465,000 tonnes for the year. This production comes from key assets like Quebrada Blanca (QB), which saw its 2025 guidance revised to 170,000 to 190,000 tonnes. The company is focused on securing this supply, evidenced by the Board sanctioning the Highland Valley Copper Mine Life Extension project, extending that asset to 2046.

Low-carbon copper production supporting sustainable supply chains

Teck Resources Limited emphasizes its role in responsibly providing metals for the low-carbon economy, a key component of its overall strategy. While specific carbon intensity figures weren't immediately available for late 2025, the strategic focus is clear: advancing copper growth to meet demand for sustainable supply chains.

Diversified base metals portfolio providing commodity price resilience

The portfolio offers exposure to both copper and zinc, which helps buffer against volatility in any single commodity market. The company's zinc business, including Red Dog and Trail Operations, had a 2025 annual zinc in concentrate production guidance between 525,000 and 575,000 tonnes. Furthermore, the proposed merger of equals with Anglo American plc, announced September 9, 2025, is expected to create a combined entity with more than 70% exposure to copper, signaling a strategic shift toward the metal seen as most critical for the energy transition.

Significant cash returns to shareholders, over $1.0 billion returned YTD July 2025

Teck Resources Limited maintains a commitment to returning capital. From January 1 through July 23, 2025, the company returned approximately $1.0 billion to shareholders through share buybacks. The total authorized share buyback program is $3.25 billion, of which $2.2 billion was completed through that date. The company had returned a total of approximately $6 billion since 2020.

High-quality refined zinc and lead products from Trail Operations

The Trail Operations are a source of high-quality refined products and by-products, which significantly boosted profitability in 2025 despite challenging zinc market conditions.

Here are the key production and financial metrics for Trail in the third quarter of 2025:

Product/Metric	Q3 2025 Amount	Comparison/Context
Refined Zinc Production	52,600 tonnes	On track for the high end of 2025 guidance of 190,000 to 230,000 tonnes
Refined Lead Production	17,600 tonnes	Modestly fell from 19,000 tonnes in Q2 2025
Gross Profit (before D&A)	$54 million	More than double the $26 million posted in Q3 2024
Operating Costs	$144 million	Six per cent lower than the prior year

The strategy at Trail has prioritized processing higher-value by-products, like silver, germanium, and indium, over maximizing primary zinc output when market conditions are unfavorable.

The value proposition also includes the supply of zinc concentrate from Red Dog, with Q3 sales volumes of 272,800 tonnes, exceeding its previously disclosed guidance of 200,000 to 250,000 tonnes.

You should review the updated 2026 refined zinc production guidance for Trail, which is now set between 190,000 and 230,000 tonnes.

Teck Resources Limited (TECK) - Canvas Business Model: Customer Relationships

Direct, long-term supply contracts with major industrial customers

Trail's supply of zinc and lead concentrates, excluding those from Red Dog, is provided primarily through long-term contracts with mine producers located in North America, South America, and Australia. Statements concerning future production costs or volumes are based on assumptions that customers and other counterparties perform their contractual obligations. The Highland Valley Copper mine operates throughout the year. Power is supplied by BC Hydro through a 138-kilovolt line that terminates at the Nicola substation east of Merritt.

Technical support and customized product specifications for refined metals

Refined zinc production at Trail Operations for the third quarter of 2025 was 52,600 tonnes. Teck Resources Limited expects to come in at the high end of its annual 2025 refined zinc production guidance range of 190,000 to 230,000 tonnes. This compares to 2024 refined zinc production of 256,000 tonnes. The focus at Trail has been on improving profitability and cash generation by prioritizing processing of residues over maximizing refined zinc production.

Dedicated investor relations focused on transparent communication and capital returns

Teck Resources Limited returned approximately $1.0 billion to shareholders through share buybacks from January 1 through July 23, 2025. Future cash flows are expected to be returned to shareholders, ranging from 30% to 100%. The company completed $2.2 billion of its $3.25 billion authorized share buyback through July 23, 2025. The second quarter of 2025 saw share buybacks totaling $487 million.

Financial Metric	Date/Period	Amount (CAD/USD)
Liquidity	As at July 23, 2025	$8.9 billion
Cash on Hand	As at July 23, 2025	$4.8 billion
Liquidity	As at April 23, 2025	$10.0 billion
Cash on Hand	As at April 23, 2025	$5.8 billion
Net Cash Position	As at April 23, 2025	$764 million
Share Buybacks Completed (YTD)	Through July 23, 2025	$2.2 billion
Authorized Share Buyback Program	2025	$3.25 billion

Government and Indigenous relations for operational stability and permitting

Teck Resources Limited has a goal to contribute $100 million to community organizations and global initiatives, including Zinc & Health and Copper & Health programs, by the end of 2025. The company also aims to increase local employment and procurement opportunities by the end of 2025 to deliver direct economic benefits to communities. The Highland Valley Copper Mine Life Extension project (HVC MLE), sanctioned on July 23, 2025, has an estimated total project capital cost between $2.1 and $2.4 billion, to be spent between 2025 and 2028. The Teck-Anglo American merger proposal includes a pledged C$4.5 billion investment in Canada, contingent on deal approval, which includes a planned C$750 million investment to expand copper processing capacity at Trail Operations. The Osoyoos Indian Band is demanding consultations regarding the expansion of the Trail smelter.

• HVC MLE expected capital spending in H2 2025 is reflected in the revised 2025 annual copper growth capital expenditure guidance of $1,040-$1,170 million.
• High-Potential Incident (HPI) Frequency rate for the six months ended June 30, 2025, was 0.09.

Teck Resources Limited (TECK) - Canvas Business Model: Channels

You're looking at how Teck Resources Limited moves its product from the mine and smelter to the customer, which is all about logistics and high-volume contracts in the global commodities space.

Direct sales teams managing global commodity contracts

Teck Resources Limited's direct sales teams manage the off-take of mined concentrates and refined metals globally. A concrete example of securing supply through a contractual channel is the $40-million USD equity investment agreement announced on March 6, 2025, with Bunker Hill Mining Corp. to secure zinc and lead concentrate for Trail Operations. This investment supports the supply chain for Teck Resources Limited's North American critical minerals needs.

The sales focus is heavily weighted towards key commodities, with copper sales volumes reaching 106,200 tonnes in the first quarter of 2025. For zinc in concentrate, Red Dog's sales volumes were reported at 35,100 tonnes in the second quarter of 2025.

Global shipping and logistics network for concentrate and refined metal delivery

The physical movement of product relies on a substantial logistics network. The Red Dog shipping season commenced on July 11, 2025. For Quebrada Blanca (QB), an outage of the shiploader at the port facility was announced on June 2, 2025, expected to last into the first half of 2026. During this period, Teck Resources Limited maximized shipments to local customers using alternative port arrangements.

Trail Operations, one of the world's largest fully integrated zinc and lead smelting and refining complexes, distributes refined zinc to North America by rail and/or truck and to Asia by ship.

Here's a look at the refined metal output volumes from Trail Operations for the third quarter of 2025:

Product	Q3 2025 Production (Tonnes)	Comparison to Prior Year
Refined Zinc	52,600	Down nearly 20%
Refined Lead	17,600	Fell modestly

London Metal Exchange (LME) and other commodity markets for price discovery

Commodity markets like the London Metal Exchange (LME) are crucial for setting the realized price on Teck Resources Limited's sales. The LME saw average daily volumes (ADV) rise to 698,209 lots in the first quarter of 2025, a 5.9% gain year-over-year. Copper ADV gained 10.6% in Q1 2025. Conversely, lead ADV slipped 2.8% in the same quarter. Copper prices were trading around $4.835 per pound as of the first quarter of 2025. Teck Resources Limited management anticipates the global zinc market will be near-balanced through 2026-2027.

Trail Operations for direct distribution of refined zinc and lead

Trail Operations is a primary distribution hub for refined products. The gross profit before depreciation and amortization from Trail Operations surged to $54 million in the third quarter of 2025, more than double the $26 million reported in the same period last year. This was achieved while intentionally reducing primary zinc output to focus on higher-value by-products like silver, germanium, and indium.

Teck Resources Limited's 2025 refined zinc production guidance for Trail Operations was set between 190,000 and 230,000 tonnes, compared to the 256,000 tonnes produced in 2024.

The distribution channels for Trail Operations include:

• Rail and/or truck for customers in North America.
• Ship for customers in Asia.
• Specialized markets for various minor metals and other compounds produced.

Operating costs at Trail were $144 million in Q3 2025, which was six per cent lower than the year prior. Finance: draft 13-week cash view by Friday.

Teck Resources Limited (TECK) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Teck Resources Limited's essential metals as of late 2025, following their strategic pivot to focus on copper and zinc. The customer base is segmented by the end-use of these base metals, which are critical for global infrastructure and the energy transition.

Global copper fabricators and wire rod manufacturers

This group represents a primary destination for Teck Resources Limited's refined copper output. These fabricators take the raw metal and turn it into essential components. The demand here is directly tied to Teck Resources Limited's production and sales performance. For instance, in the first quarter of 2025, copper sales volumes reached 106,200 tonnes, an 11% increase compared to the same period in 2024. The realized price for copper in that quarter was US$4.27 per pound. Teck Resources Limited is positioning itself for growth here, with a 2025 total copper production guidance revised to between 470,000 and 525,000 tonnes.

Here's a snapshot of the copper production outlook influencing this segment:

• 2025 Total Copper Production Guidance Range: 470,000 to 525,000 tonnes.
• Quebrada Blanca (QB) 2025 Production Guidance: 210,000 to 230,000 tonnes.
• Highland Valley Copper (HVC) life extension targets: 137,000 tonnes per annum post-2024.

Automotive and electric vehicle (EV) manufacturers needing copper

The EV sector is a major driver for copper demand, as electric vehicles require significantly more copper than traditional vehicles. While Teck Resources Limited does not sell directly to OEMs (Original Equipment Manufacturers), their copper output feeds the supply chain that serves these manufacturers. The company is a top 10 copper producer in the Americas, giving it significant reach into this market. The strong realized copper price of US$4.27 per pound in Q1 2025 reflects the high value placed on this metal by downstream users, including those building EVs.

Steel producers for zinc galvanizing (corrosion protection)

Zinc is vital for galvanizing steel, which protects it from corrosion, a process heavily used in construction and infrastructure-sectors that rely on steel producers. Teck Resources Limited is the largest net zinc miner globally. The company's refined zinc sales in Q1 2025 were 90,800 tonnes, up 7% year-over-year. The realized price for zinc in Q1 2025 stood at US$1.28 per pound. However, Teck Resources Limited is strategically reducing zinc production to maximize value, expecting total zinc in concentrate production for 2025 to be between 525,000 and 575,000 tonnes, down from 615,900 tonnes in 2024.

Here's how the zinc production profile is shifting for these customers:

Zinc Metric	2024 Actual (Approx.)	2025 Guidance Range	Change Driver
Total Zinc in Concentrate Production (Tonnes)	615,900	525,000 to 575,000	Declining grades at Red Dog
Refined Zinc Production (Trail Operations) (Tonnes)	256,000 (Q1 2024 equivalent)	190,000 to 230,000	Reduction to maximize value amid concentrate tightness

Chemical and fertilizer industries utilizing by-products like sulphur and fertilizers

Teck Resources Limited's Trail Operations is a large, fully integrated metallurgical complex. Smelting operations inherently produce by-products, most notably sulphur, which is a key input for the chemical and fertilizer industries. While specific revenue figures for these by-products aren't broken out as a primary segment, their value contributes to overall profitability. For example, molybdenum, another key by-product from the QB operation, has a 2025 production guidance between 1,700 and 2,500 tonnes. The profitability of the zinc business in Q2 2025 was supported by higher lead and by-product production.

• Trail Operations: One of the world's largest fully integrated zinc and lead smelting and refining facilities.
• Q1 2025 Zinc Business Gross Profit (before D&A): $225 million.
• Molybdenum (QB By-product) 2025 Guidance: 1,700 to 2,500 tonnes.

Teck Resources Limited (TECK) - Canvas Business Model: Cost Structure

You're looking at the major drains on Teck Resources Limited's cash flow as they pivot hard into copper. Honestly, the cost structure is dominated by massive, multi-year capital projects and the ongoing, non-negotiable expenses of responsible mining.

High operating costs associated with mining, processing, and labor are a constant focus, especially as Teck embeds its management operating system for efficiency. Inflation on input costs like supplies, equipment, and labor is definitely factored into their guidance. You see this pressure reflected in the unit cost targets for their remaining operations.

The 2025 copper net cash unit cost guidance, including the newly ramped-up QB mine, was initially set between US$1.65-$1.95 per pound, but this was revised in Q2 2025 to a higher range of US$1.90-$2.05 per pound. For the QB mine specifically, the net cash unit cost guidance for 2025 is between US$1.80-$2.15 per pound. On the zinc side, the 2025 net cash unit cost guidance is tighter, expected at US$0.45 -$0.55 per pound.

Significant capital expenditures for copper growth projects like QB2 ramp-up are shifting. Since the construction of the Quebrada Blanca Phase 2 (QB2) project was completed in 2024, the overall 2025 capital expenditures are expected to decrease from 2024 levels, offset by spending on other copper growth. The initial 2025 sustaining capital and capitalized stripping expenditures were guided between $1.0-$1.2 billion. However, following the sanctioning of the Highland Valley Copper Mine Life Extension project (HVC MLE) in June 2025, the copper sustaining capital expenditure guidance was revised up to $940-$1,010 million for 2025, with growth capital expenditure revised to $1,040-$1,170 million.

The HVC MLE itself represents a future cost commitment, estimated between $2.1 and $2.4 billion in total capital cost, scheduled to be spent between 2025 and 2028. Also, the next phase at Quebrada Blanca, the QB Mill Expansion (QBME), has an estimated attributable capital cost between $100 million to $200 million.

Here's a breakdown of the initial 2025 Sustaining Capital guidance:

Category	2025 Sustaining Capital Guidance (CAD$ millions)	2025 Capitalized Stripping Guidance (CAD$ millions)
Copper Business	$600 - $670	$245 - $285 (Revised Q2 2025)
Zinc Business	$150 - $175	N/A

Environmental compliance and water treatment costs (e.g., Elk Valley water quality) remain a substantial, long-tail liability, even after the sale of the steelmaking coal business. Teck has already invested more than C$1.4 billion since 2014 to manage selenium contamination, with plans to invest an additional $150 million to $250 million by the end of 2024. To meet provincial requirements, Teck set aside a financial security bond of C$1.9 billion. However, an independent report commissioned by Wildsight estimated the cost to implement Teck's current water treatment plan (building plants to 2027 and operating for 60 years) at least C$6.4 billion (or $4.7 billion USD).

Exploration and development spending to replenish reserves is focused on advancing key copper assets. For instance, the Zafranal project in Peru is targeting a final investment decision in the second half of 2025. In Mexico, the San Nicolás project has an estimated funding requirement for Teck of US$0.3-0.5 billion toward a potential sanction decision in H2 2025.

Regarding Debt servicing costs, though a $2.75 billion debt reduction program is underway, the company made significant progress in 2024, reducing debt by US$1.6 billion, which included a tender offer of US$196 million in Q4 2024. The debt reduction program, funded by the EVR sale proceeds, targeted up to $2.75 billion. As of July 23, 2025, Teck maintained liquidity of $8.9 billion, which included $4.8 billion in cash.

• Total cash returns to shareholders announced from EVR proceeds: $3.5 billion.
• Debt reduction program target from EVR proceeds: up to $2.75 billion.
• Final taxes and transaction costs from EVR sale: approximately $1.0 billion.
• Share buybacks executed in 2024: $1.25 billion of the authorized $3.25 billion program.
• Share buybacks executed through July 23, 2025: $2.2 billion of the $3.25 billion authorized.

The costs associated with corporate overhead are also being managed; general and administration costs decreased by $29 million (or 33%) in Q4 2024 year-over-year. Research and innovation expense also dropped by $67 million in 2024 compared to 2023.

Teck Resources Limited (TECK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Teck Resources Limited brings in cash as of late 2025, which is heavily weighted toward copper now that the coal business is gone. The shift is clear: copper is the engine, driving profitability alongside strong zinc performance.

Copper sales are now the primary commodity by EBITDA contribution, reflecting the company's strategic pivot. For the third quarter of 2025, the copper segment generated gross profit before depreciation and amortization of $740 million, up from $604 million a year prior, largely due to copper prices averaging US$4.44 per pound during that quarter. Copper sales volumes for Q3 2025 were 110,300 tonnes, similar to the previous year. This focus is key to the planned Anglo Teck group, which aims to be a top five copper producer.

Zinc sales remain a major component, with Teck Resources Limited being a top-three global zinc miner. The zinc segment posted gross profit before depreciation and amortization of $454 million in Q3 2025, an increase from $358 million year-over-year. This was supported by strong sales volumes from Red Dog, which shipped 272,800 tonnes of zinc and lead concentrate following a successful shipping season. The profitability at Trail Operations also helped lift this segment's results.

Revenue also comes from by-product sales, which help cushion operational results. These include sales from Molybdenum, Gold, Silver, and Lead. For instance, molybdenum production at Quebrada Blanca (QB) reached 480 tonnes in Q3 2025 as the ramp-up continued. Increased by-product revenues were cited as a factor offsetting lower copper prices in Q2 2025.

Regarding the royalty payments from the sale of the steelmaking coal business to Glencore, you should note that Teck Resources Limited completed the sale of its remaining 77% interest in the steelmaking coal business to Glencore plc in July 2024. Teck received total cash proceeds of US$7.3 billion upon closing. Following that transaction, Teck Resources Limited has no further financial interest in the former steelmaking coal business, Elk Valley Resources (EVR).

Here's a quick look at the Q3 2025 performance drivers for the main revenue segments:

Revenue Stream Component	Metric	Amount (Q3 2025)
Copper Sales	Gross Profit Before D&A	$740 million
Copper Sales	Sales Volume	110,300 tonnes
Zinc Sales	Gross Profit Before D&A	$454 million
Zinc Sales (Red Dog)	Sales Volume (Concentrate)	272,800 tonnes
By-product (Molybdenum at QB)	Production	480 tonnes

The overall financial picture shows a company focused on its core metals. The trailing twelve-month revenue, as of late 2025, is approximately $7.13 billion USD. Analysts' consensus estimate for the full fiscal year 2025 revenue was $7.23 billion CAD.

The key revenue sources for Teck Resources Limited are:

• Copper Sales: The leading contributor to gross profit before depreciation and amortization.
• Zinc Sales: Strong volumes from Red Dog support this stream.
• By-product Sales: Revenue from Molybdenum, Gold, Silver, and Lead.
• Coal Sale Proceeds: Large one-time cash inflow from the 2024 sale to Glencore.

Finance: draft 13-week cash view by Friday.