Teck Provides Update on Severe Weather Impacts in British Columbia

Teck Resources Limited today provided an update to sales and production guidance, related to logistics disruptions caused by heavy rain, flooding and mudslides in British Columbia, Canada. B.C. Logistics Disruptions Rail service between west coast terminals and Teck’s B.C. operations remains impacted by recent heavy rains and flooding, with both CN and CP operating at reduced levels following service ...

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") today provided an update to sales and production guidance, related to logistics disruptions caused by heavy rain, flooding and mudslides in British Columbia, Canada.

B.C. Logistics Disruptions
Rail service between west coast terminals and Teck's B.C. operations remains impacted by recent heavy rains and flooding, with both CN and CP operating at reduced levels following service interruptions.

As a result of the rail disruption, primarily affecting shipments to Neptune and Westshore terminals in the Lower Mainland, we now estimate our fourth quarter steelmaking coal sales at 5.2 – 5.7 million tonnes, compared to 6.4 – 6.8 million tonnes previously. We have diverted shipments to Ridley Terminals in Prince Rupert to maximize sales during the quarter, which will affect our transportation costs for the quarter. CN and CP are reporting positive progress on restoring service capacity and are continuing to increase Teck shipments to Lower Mainland terminals. We expect that when rail service is fully restored we will be able to substantially recover delayed fourth quarter sales in the first half of 2022.

Strong logistics chain performance leading up to the heavy rain events resulted in historically low clean coal inventories at our operations, mitigating impacts on production volumes. To date, we have not idled any processing facilities and continue to stockpile clean coal at sites and manage available railing capacity to minimize production impacts. As a result, we expect annual steelmaking coal production of 24.5 – 25.0 million tonnes, compared to our previous guidance following the wildfires in the third quarter of nearly 25 million tonnes.

We now estimate our 2021 annual adjusted site cash cost of sales to be approximately $64 – $66 per tonne, slightly above the upper end of our previous guidance of $59 – $64 per tonne.

Due to the ongoing rain-related rail disruptions and associated demurrage costs in the fourth quarter, in addition to previously disclosed wildfire impacts and inflationary pressures, we now expect 2021 full year transportation costs of $44 – $46 per tonne compared to our previous guidance of $42 per tonne or slightly higher for the year.

We note that increased costs are more than offset by continued strong steelmaking coal prices through the second half of 2021. The average steelmaking coal price for the three months ending November 30, 2021 settled at US$371 per tonne, US$168 higher per tonne on an FOB basis than the three month average at end of August 2021, and US$254 higher than the three month average at the end of May 2021, compared to only $3 per tonne higher transportation cost, based on the mid-point of our updated annual guidance.

While there has been no impact to production at Highland Valley Copper, up to 4,500 tonnes contained copper in concentrate sales are also at risk of being delayed into the first quarter of 2022 due to logistics chain disruptions.

Teck is focused on protecting the health and safety of employees and contractors, and there is currently no risk to health and safety or infrastructure at Teck's B.C. operations from heavy rain impacts.

Cautionary Statement on Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release.

These forward-looking statements include, but are not limited to, statements concerning: updated 2021 annual and Q4 steelmaking coal production guidance; anticipated recovery of normal rail service, our ability to recover lost Q4 coal sales in the first half of 2022, and possible impacts on Q4 copper sales for HVC; confirmation of steelmaking coal guidance provided July 26, 2021; and updated annual cost of sales and transportation cost guidance for steelmaking coal.

These statements are based on a number of assumptions, including, but not limited to, assumptions regarding weather conditions, general business and economic conditions; our ability to secure adequate transportation, including rail, pipeline and port services, for our products; continuing availability of water and power resources for our operations; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations; the outcome of our coal volume negotiations with customers; and our ongoing relations with our employees and with our business and joint venture partners. Statements concerning future production costs and volumes are based on numerous assumptions regarding operating matters and on assumptions that: counterparties perform their contractual obligations; 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, and adverse weather conditions. The foregoing list of assumptions is not exhaustive.

Factors that may cause actual results to vary materially include, but are not limited to: changes in market demand for our products; 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; industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safety and environmental matters); union labour disputes; impact of COVID-19 mitigation protocols; failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations; and negative changes or deterioration in general economic conditions.

The forward-looking statements in this news release and actual results will also be impacted by the effects of COVID-19 and related matters. The overall effects of COVID-19 related matters on our business and operations and projects will depend on how the ability of our sites to maintain normal operations, and on the impacts on our suppliers, customers and markets for our products. Continuing operating activities is highly dependent on the progression of the pandemic and the success of measures taken to prevent transmission.

We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2020, filed under our profile on SEDAR ( www.sedar.com ) and on EDGAR ( www.sec.gov ) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.

About Teck
As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources .

Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations & Strategic Analysis
604.699.4621
fraser.phillips@teck.com

Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com

News Provided by GlobeNewswire via QuoteMedia

Teck Resources TECK.A:CA TECK.B:CA TECK Copper Investing

Lion Copper and Gold

Overview

As governments around the world commit to investments in clean energy, the need for precious and base metals has resulted in unprecedented growth worldwide. Precious and base metals, such as copper, are needed now more than ever before for EV batteries, power grids, wind and solar technologies and EV charging.

Copper is an essential component for the transition towards clean energy and is an innovative solution fusing together energy efficiency, renewables, transportation, and smart grids.

The clean energy movement also goes beyond the resource –– it extends to every aspect of a company’s operations. Naturally, companies that supply these metals should be sustainable in the long term, support local communities, care for the environment, build the global economy and accelerate the transition to a low-carbon world to truly support the green economy productively. Not only is investing into ESG-focused companies socially-responsible but it has been shown to reduce portfolio risks and increase returns with greater long-term success. As a result, mineral companies with ESG models will likely attract investors seeking these benefits.

Lion Copper and Gold (TSXV:LEO,OTCQB:LCGMF) is a mineral exploration company focused on the MacArthur Project in Mason Valley, Nevada. The company holds the largest land position in the Mason Valley district, which is home to a large metal endowment with numerous other known copper deposits. Nevada was the top mining jurisdiction in the world in 2020 based on investment attractiveness, according to the Fraser Institute.

The MacArthur project is located 50 miles southeast of Reno, and hosts sulfide resources that are open in most directions with upside potential and high-grade mineralization. The project has a measured and indicated resource of 676 million pounds of contained copper at average grades of 0.21 percent and an inferred resource of 980 million pounds of contained copper at average grades of 0.20 percent. The resource is estimated at cut-off grades of 0.12 TCu percent. MacArthur is a large-scale, low-cost heap leach project with the potential for near term production of pure copper cathode.

Lion Copper and Gold has committed to an ESG model. The company’s “Conservation by Design” approach focuses on environmental sustainability through best practices, sound science and state-of-the-art technology. This approach progresses the company’s mission of water conservation and minimal emissions in the renewable economy. Specifically, Lion Copper and Gold plan to electrify its equipment, generate on-site solar power, recycle water in its processing facilities and invest in other eco-friendly technologies.

The company is currently focused on continuing to advance its MacArthur project through ongoing study and permitting efforts on its copper deposit and exploration on the sulfide resource. Lion Copper and Gold plans to update and expand its resource estimate in the first quarter of 2022 and complete a pre-feasibility study on the MacArthur project by the third quarter of 2022. Going forward, Lion Copper Gold also plans to enhance metallurgical approaches, optimize the production schedule and begin a permitting and execution plan.

The company is led by a highly experienced management team with a track record of success in the mineral exploration industry. Lion Copper and Gold's management team have local mining experience in Nevada as well as the ability to build and finance its flagship asset. The company’s MacArthur project also has support from the local, tribal, state and federal governments.

Company Highlights

Lion Copper and Gold Corporation (TSXV:LEO,OTCQB:LCGMF) is a mineral exploration company focused on developing a portfolio of prospective copper and gold assets in North America.
The company has the largest land position in the Mason Valley district in the mineral-rich and mining-friendly state of Nevada
The company has a strong ESG focus with its “Conservation by Design” approach that focuses on environmental sustainability through water conversation and minimal emissions.
The company’s flagship MacArthur project features a large copper deposit that was previously active in the 1990s.
- The MacArthur project has a measured and indicated resource of 676 million pounds of contained copper at average grades of 0.21 percent and an inferred resource of 980 million pounds of contained copper at average grades of 0.20 percent.
- MacArthur is a large-scale, low-cost heap leach project with the potential for near term production of pure copper cathode.

Key Projects

MacArthur Copper Project

The company’s flagship MacArthur project is located in Mason Valley, Nevada. The property has access to extensive infrastructure and is situated in the center of the district which is ideal for mine development and district consolidation.

The project features a sulfide resource with upside potential and a large oxide copper deposit with the potential for near-term production of pure cathode copper. The deposit has a measured and indicated resource of 676 million pounds of contained copper at average grades of 0.21 percent, and an inferred resource of 980 million pounds of contained copper at average grades of 0.20 percent. The resource is estimated at cut-off grades of 0.12 TCu percent.

Management Team

C. Travis Naugle, P.E -
CEO and Director

Travis Naugle is a seasoned executive and officer in the gold, copper and strategic mining sector. He participated in the design, construction and operation of mining projects in the U.S., Eurasia, Russia and Asia. Naugle’s industrial track record includes the Kupol mine project for Bema Gold which was sold to Kinross for $3 billion and the Kensington mine project for Coeur Mining. Naugle’s experience also includes the financing, development and liquidity exits of multiple strategic mining operations in Russia and Eurasia. Naugle also negotiated a bilateral mining treaty between the governments of Russia and China. His experience also includes environmental and sustainability initiatives in collaboration with local and indigenous peoples. Naugle is a licensed Professional Engineer. Naugle received his MBA from the University of Chicago Booth School of Business and holds a degree in mining engineering from Montana Tech.

Stephen Goodman -
President, CFO and Director

Stephen Goodman is an experienced senior executive, director and investment banker in several hundred million dollars of acquisition, exploration and production financings for mining companies listed on the CSE and TSX-V. After several years at Canaccord Capital, he moved to New York to work as an investment banker working at multiple firms, including Casimir Capital, Knight Capital Group, KGS Alpha Capital Markets (now BMO) and StormHarbour Securities LP. Goodman is a graduate of the University of Western Ontario. He obtained a Master of Business Administration from the Institut des Hautes Etudes Economiques et Commerciales in France and a Post-Graduate Diploma in Asia Management from Capilano University.

Tom Patton - Chairman of the Board

Tom Patton held numerous past positions, including president and COO at Western Silver, senior vice president of exploration and business development at Kennecott, executive vice president of exploration at Kennecott and managing director South America at Rio Tinto Mining and Exploration. Patton has worked as a resource exploration geologist for over 40 years. He notably headed the Western Silver team that discovered and delineated the world’s largest silver reserve, Peñasquito, and subsequently sold it to Glamis Gold (now Goldcorp) for $1.2 billion in 2006.

Tony Alford - Director

Tony Alford is the founder and president of PBA Consultants Inc. PBA Consultants Inc. is a firm specializing in tax savings and cost reduction services for many Fortune 500 companies across the USA. Alford also founded Alford Investments in 1993. Alford Investments focuses on real estate investment properties, pharmacy distribution, food-related and natural resource companies. Alford was also a director of Revett Minerals Inc. in 2009 and 2010.

Thomas Pressello - Director

Thomas Pressello has been involved in corporate and commercial finance for more than 25 years. He previously worked at one of the largest Canadian banks where he restructured several $100 million plus real estate portfolios, and a Western Canadian real estate merchant bank where he acted as a general partner for several real estate limited partnerships. He is the founder of Active Hedge Capital Inc., a finance advisory firm. He has served as the chief financial officer and president of Pacific Harbour Capital Ltd., and was responsible for the restructuring of the company. Through Active Hedge Capital Inc. Mr. Pressello also assisted with the receivership and sale of a publicly listed alternative fuels business for a TSX listed Toronto merchant bank.

Pentwater Issues Letter to Rio Tinto Board Calling for Action on Corporate Governance Failures

On January 6, 2022, Pentwater Capital Management LP (" Pentwater "), the largest minority shareholder of Turquoise Hill Resources Ltd. (" Turquoise Hill ") (TSX:TRQ) (NYSE:TRQ), sent the following letter to Ngaire Woods, member of the Board of the Directors of Rio Tinto plc (" Rio Tinto " or " Rio ") (LSE:RIO), outlining continued corporate governance failures at Rio Tinto. On January 7, 2022, Rio Tinto's attorney responded that neither Ms. Woods nor any other Rio Tinto board member would respond to Pentwater regarding the ongoing corporate governance breaches that Rio is inflicting upon Turquoise Hill.

Dear Ms. Woods,

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Suite	Rock Type	Age (Ma)	Features	Alteration	Veining	Mineralization
Porphyry Sheets	Latite Porphyry	162.2 ±2.6 ¹	Porphyritic, 20-40% plag,10-15% hrnblnd-biotite w/n a K-feldspar rich groundmass	Weak localized potassic, Epidote and silicification	Qtz-Epi-Cal± sulphides; localized Mt-Act? and Epi-Prehnite	local disseminated as mafic replacement Associated with Qtz-Epi-Cal ± sulphides
Duckling Creek	(Quartz) Syenite	174.7±0.7 to 178.9±1.3 ¹	Fine grained to Pegmatitic, K-feldspar rich	Weak localized potassic, Epidote and silicification	Qtz-Epi-Cal± sulphides;	Local disseminated Associated with Qtz-Epi-Cal ± sulphides
Duckling Creek	(Quartz) Monzonite and Monzonite Porphyry	179.7±2.5 and 178.8±0.2 ²	Equigranular, Fine to medium grained, K-feldspar rich Pyx-Hrnblnd-biotite bearing; Porphyritic varieties contain large orthoclase Phenos.	Weak- extensively Potassic-propylitic altered; possible Lithocap alteration related to tourmaline sericite+pyrite	Qtz-Epi-Cal± sulphides; magnetite veins and breccias; Act±Qtz	Disseminated, mafic and magnetite replacement Associated with Qtz-Epi-Cal ± sulphides
Thane Creek	(Quartz) Monzodiorite	194±1.1 ¹	Equigranular, Medium to Coarse grained, Pyx-Hrnblnd-plag bearing;	Weak- extensively Potassic-Sodic altered; possible Lithocap alteration related to tourmaline-sericite+pyrite	Qtz-Epi-Cal± sulphides; magnetite veins and breccias; Act±Qtz and Qtz±chl± sulphides ³	Disseminated, mafic and magnetite replacement Associated with Qtz-Epi-Cal ± sulphides
	Gail Zone Quartz±sulphide Vein	202.8±0.8 ³
Thane Creek	Diorite	206.6±0.9 ¹

		Q4 2021 Production	Full Year 2021 Production	2021 Production Guidance ¹
Copper (t)
	Candelaria (100% basis)	45,573	151,719	150,000	-	155,000
	Chapada	14,870	52,019	48,000	-	50,000
	Eagle	3,636	18,419	18,000	-	20,000
	Neves-Corvo	12,100	37,941	36,000	-	38,000
	Zinkgruvan	817	2,786	3,000	-	4,000
	Total Copper	76,996	262,884	255,000	-	267,000

Zinc (t)
	Neves-Corvo	18,750	66,031	67,000	-	70,000
	Zinkgruvan	18,080	77,766	73,000	-	76,000
	Total Zinc	36,830	143,797	140,000	-	146,000

Gold (oz)
	Candelaria (100% basis)	26,000	91,000	85,000	-	90,000
	Chapada	20,000	76,000	73,000	-	76,000
	Total Gold	46,000	167,000	158,000	-	166,000

Nickel (t)
	Eagle	4,101	18,353	18,000	-	20,000
	Total Nickel	4,101	18,353	18,000	-	20,000

MEASURED + INDICATED RESOURCES MACARTHUR COPPER PROJECT JANUARY 13, 2022
Material Type	Cutoff Grade %TCu	Ktons	Average Grade % TCu	Contained Copper (lbs x 1000)
Leach Cap	0.06	15,610	0.120	37,482
Oxide	0.06	226,501	0.159	718,742
Transition	0.06	43,382	0.213	185,049
Sulphide	0.06/0.08	14,797	0.200	59,110
Total		300,290	0.167	1,000,383

INFERRED RESOURCES MACARTHUR COPPER PROJECT JANUARY 13, 2022
Material Type	Cutoff Grade %TCu	Ktons	Average Grade % TCu	Contained Copper (lbs x 1000)
Leach Cap	0.06	17,734	0.085	30,218
Oxide	0.06	105,183	0.146	307,289
Transition	0.06	23,279	0.202	94,185
Sulphide	0.06/0.08	8,596	0.202	34,658
Total		154,792	0.151	466,350

DDH	From (m)	To (m)	Width*	Fe %	Au ppm	Cu %
21FND042	189.70	193.55	3.85	36.65	0.09	1.99
21FND043	185.82	189.79	3.97	33.17	0.16	2.85
21FND044	182.30	187.01	4.71	35.84	0.06	1.16
21FND045	180.33	184.00	3.67	39.81	0.15	3.18
21FND050	189.75	195.30	5.55	33.40	0.04	0.72
including	189.75	192.40	2.65	43.15	0.07	1.28
21FND051	185.45	191.20	5.75	33.51	0.06	1.60
including	185.45	188.13	2.68	36.08	0.11	3.24

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