Teck Resources Ltd Class B

Metal Energy Corp. has closed additional strategic investments by existing shareholders Centerra Gold Inc. and Teck Resources Limited, who exercised top-up rights to maintain their respective 9.9% equity interests. The company issued 550,000 common shares at C$0.89 per share for total gross proceeds of approximately C$490,000, with no warrants issued and no finder's fees paid. Proceeds will be used for general corporate and working capital purposes. The offering remains subject to final approval of the TSX Venture Exchange, and the shares are subject to a statutory hold period of four months and one day.

Teck Resources and Anglo American have announced the future Executive Leadership Team of Anglo Teck, the combined company to be formed through their merger. Duncan Wanblad will serve as CEO, Jonathan Price as Deputy CEO and Chief Strategy Officer, and John Heasley as CFO, with the full ELT taking effect upon merger completion, expected between September 2026 and March 2027. The regional leadership team, reporting to COO Ruben Fernandes, includes CEOs for Canada and the U.S., Peru, Brazil, Chile, and Kumba Iron Ore. Anglo Teck will be headquartered in Vancouver and is projected to deliver annual pre-tax synergies of approximately US$800 million by the fourth year post-completion, with additional revenue synergies from optimizing the Collahuasi and Quebrada Blanca copper mines in Chile.

Southern Copper Corporation reported second-quarter earnings per share of $2.01, beating the Zacks Consensus Estimate of $1.97 and rising 71.8% from the prior-year quarter. Revenues surged 40.6% year over year to a quarterly record of $4.29 billion, though they missed the consensus estimate of $4.37 billion, as higher prices for copper, molybdenum, zinc and silver were partly offset by lower sales volumes. Operating income jumped 65.3% to $2.62 billion, and adjusted EBITDA reached a record $2.86 billion with a margin of 66.6%. Net income attributable to SCCO also hit a record $1.67 billion, up 71.6% year over year. Copper production declined 3.6% to 232,521 tons, including third-party concentrate, as a 12% drop in Peruvian output outweighed a 3.2% increase in Mexico.

Teck Resources reported sharply stronger second-quarter 2026 results, with sales rising to C$3,605 million and net income to C$854 million, driven by record copper prices and roughly 25% higher copper production. The company maintained its dividend at C$0.125 per share and continued progressing its planned merger with Anglo American. The quarter featured record adjusted EBITDA margins, reinforcing copper as the key near-term catalyst. Teck also highlighted plans to expand germanium, gallium, and antimony output at its Trail Operations, supporting its critical minerals strategy.

Teck Resources announced that its Board of Directors has declared an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares. The dividend will be paid on September 29, 2026 to shareholders of record at the close of business on September 15, 2026.

Teck Resources, Canada Growth Fund and the Canada Critical Minerals Accelerator have signed an agreement to expand production of germanium, gallium and antimony at Teck's Trail Operations in British Columbia. The deal sets out a framework for Canada Growth Fund's equity-like investment of up to $400m, part of a total investment by Teck of up to $850m aimed at sustaining and improving critical minerals processing capabilities. The partnership marks the first transaction under the newly introduced Canada Critical Minerals Accelerator and includes an offtake structure granting the Government of Canada rights to a portion of future production of the three metals. The initiative could double current production capacity of germanium and antimony and add gallium production, subject to negotiation of definitive agreements and regulatory approvals.

Copper Fox Metals announced positive results from its ongoing metallurgical program at the Schaft Creek copper-gold-molybdenum-silver project in British Columbia, where Teck Resources is the operator and holds a 75% interest while Copper Fox holds 25%. Open circuit cleaner flotation tests showed slightly lower copper and silver recoveries at a coarser primary grind of P80 161-210 μm compared to a finer grind of P80 140-160 μm, while molybdenum and gold recoveries appeared unaffected up to 210 μm. Locked cycle tests on six variability samples and one composite sample at a primary grind of 80% passing 209 μm yielded similar metal recoveries to historical tests at a finer 153 μm grind, with copper recovery dropping from 89% to 86% and silver from 60% to 55% when grind size increased from 109 to 173 μm, but molybdenum recovery rose from 71% to 87% and gold from 67% to 72%. The 2026 program will focus on technical reviews to assess readiness for a Pre-Feasibility Study, including updates to geological and metallurgical models, trade-off studies on tailings, mine plan, and access roads, as well as coarse particle flotation testwork and a gold deportment study.

Teck Resources has mailed a letter of transmittal and election form to registered holders of its Class A common shares and Class B subordinate voting shares in connection with the court-approved plan of arrangement for its merger of equals with Anglo American. Under the merger, each Teck share will be exchanged for 1.3301 ordinary shares of Anglo American, or for eligible Canadian shareholders who so elect, exchangeable shares of Anglo Teck Exchangeco Limited. The election window is now open, and registered shareholders are strongly encouraged to submit their completed letters of transmittal promptly, as the election deadline has not yet been determined and will be announced with at least seven business days' notice. Shareholders who fail to deposit a properly completed letter of transmittal by the third anniversary of the merger closing will forfeit their right to the consideration. The letter of transmittal is for registered shareholders only; beneficial holders should contact their intermediaries for instructions.

Teck Resources' fair value estimate has been increased to CA$85.00 from CA$83.06, reflecting updated financial assumptions. Revenue growth is now modeled at 83.99%, up from 9.64%, while net profit margin is projected at 15.98%, compared with 13.21% previously. The future price-to-earnings multiple is set at 26.02 times, down from 31.40 times, and the discount rate is 8.23%, slightly higher than the prior 8.18%. Analyst price targets remain mixed, with Scotiabank raising its target to C$85, Deutsche Bank to US$62 with a Buy rating, and multiple increases from TD Securities, CIBC, and Canaccord, while Veritas shifted to a Reduce rating with a C$100 target.

Visionary Metals Corp. has closed its upsized financing, issuing 31,019,508 units at $0.24 per unit for gross proceeds of $7,444,682.08, including a $1,200,000 investment by Teck Resources Limited. The financing consisted of a non-brokered private placement under the listed issuer financing exemption and a concurrent non-brokered private placement. Each unit comprises one post-consolidation common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.36 for 36 months. The company intends to use a minimum of $2.4 million of the net proceeds, together with Teck's direct funding, for diamond drilling at its Tin Cup and King Solomon nickel-copper projects, approximately $1.33 million to repurchase shares from a shareholder's estate, and the remainder for advancing the Slipstream copper-gold-silver porphyry projects and general working capital. Following the consolidation and offering, Teck will beneficially own approximately 12.5% of the issued and outstanding shares on a non-diluted basis.

Kay Copper Corporation provided an update on its proposed transaction with Teck Resources Limited and Kodiak Copper Corp. to create a new US-focused copper exploration company. The transaction, first announced on April 29, 2026, would see Kodiak vend its wholly owned Mohave project and Teck vend its wholly owned Copper Hill project, both in Arizona, into a subsidiary of Kay Copper. A new private company has been incorporated for the deal and completed a non-brokered initial financing at $0.10 per share for gross proceeds of $830,000 to support TSX Venture Exchange listing requirements. Mark Osterberg has been named Vice President of Exploration, bringing decades of porphyry copper experience. The transaction is expected to close in the third quarter of 2026, subject to definitive agreements, due diligence, regulatory approvals, and a concurrent subscription receipt financing of at least C$4.0 million at $0.25 per share.

Anglo American has agreed to sell its Australian steelmaking coal assets for up to $3.88 billion, a move to simplify its portfolio and reduce debt before its planned combination with Teck Resources. The sale keeps investor attention on Anglo American's portfolio reset ahead of the merger, which would create a top-five global copper producer. The combined Anglo Teck is expected to offer investors more than 70% exposure to copper, giving Teck a cleaner link to electrification, grid expansion, and AI-related power demand.