Annual Information Form - teck.com

1 Annual Information Form February 26, 2018 2017 Annual Information Form Teck Resources Limited Page i Table of Contents Nomenclature .. 1 Cautionary Statement on Forward-Looking Information .. 1 Glossary of Technical Terms .. 7 Corporate Structure .. 9 Name, Address and Incorporation .. 9 Intercorporate Relationships .. 10 General Development of the Business .. 12 Three-Year History .. 12 2015 .. 12 2016 .. 12 2017 .. 13 Description of the 15 General .. 15 Product Summary .. 16 Steelmaking Coal .. 16 Copper .. 17 Zinc .. 18 18 Individual Operations .. 20 Steelmaking Coal .. 20 Copper .. 27 Zinc .. 40 46 Exploration .. 49 Corporate .. 49 Mineral Reserves and Resources .. 50 Oil and Gas Reserves.

2 62 Health and Safety and Environmental Protection .. 69 Social and Environmental Policies .. 72 Human Resources .. 73 Technology .. 74 Foreign Operations .. 74 Competitive Conditions .. 75 Risk Factors .. 76 92 Description of Capital Structure .. 93 General Description of Capital Structure .. 93 Ratings .. 98 Market for Securities .. 100 Trading Price and Volume .. 100 2017 Annual Information Form Teck Resources Limited Page ii Directors and Officers .. 101 Directors .. 101 Officers .. 103 Audit Committee Information .. 105 Composition of the Audit Committee .. 105 Pre-Approval Policies and Procedures .. 106 Auditor s Fees .. 107 Ownership by Directors and Officers .. 107 Legal Proceedings .. 108 Transfer Agents and Registrars.

3 110 Material Contracts .. 110 Interests of Experts .. 110 Disclosure Pursuant to the Requirements of the New York Stock Exchange .. 111 Additional Information .. 111 Schedule A Audit Committee Charter .. A-1 Schedule B Report of Management and Directors on Reserves Data and Other Information .. B-1 Schedule C Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor .. C-1 Schedule D List of Technical Reports .. D-1 2017 Annual Information Form Teck Resources Limited Page 1 Nomenclature In this Annual Information Form, unless the context otherwise dictates, we , Teck or the Company refers to Teck Resources Limited and its subsidiaries. Cautionary Statement on Forward-Looking Information This Annual Information Form contains certain forward-looking Information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements ).

4 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 Annual Information Form. These forward-looking statements include but are not limited to, statements concerning: forecast production; forecast operating costs and capital costs; sales forecasts; our strategies and objectives; future prices and price volatility for coal, copper, zinc and other products and commodities that we produce and sell as well as oil, natural gas and petroleum products; the demand for and supply of copper, coal, zinc and other products and commodities that we produce and sell; expected receipt of regulatory approvals, and the expected timing thereof; expected receipt or completion of prefeasibility studies, feasibility studies and other studies and the expected timing thereof.

5 Proposed or expected changes in regulatory frameworks; our interest and other expenses; our tax position and the tax rates applicable to us; the costs of construction at our Fort Hills oil sands mining and processing operation, anticipated production rate and capacity, and timing of achieving 90% of designed capacity; expectations regarding the adequacy of our Fort Hills related logistic arrangements; expectations regarding the size of our interest in Fort Hills; decisions regarding the timing and costs of construction and production with respect to, and the issuance of the necessary permits and other authorizations required for, certain 2017 Annual Information Form Teck Resources Limited Page 2 of our other development and expansion projects, including, among others, the Quebrada Blanca Phase 2 project, the NuevaUni n copper project, and the Frontier project; expected mine lives and the possibility of extending mine lives; our estimates of the quantity and quality of our mineral and oil reserves and resources; the production capacity of our operations, our planned production levels and future production.

6 Availability of transportation for our products from our operations; availability of any of our credit facilities; financial assurance requirements related to our projects and related agreements; potential impact of transportation, port and other potential production disruptions; our planned capital expenditures and capital spending; our estimates of reclamation and other costs related to environmental protection; our future capital and mine production costs, including the costs and potential impact of complying with existing and proposed environmental laws and regulations in the operation and closure of various operations; the costs, steps and potential impact of managing water quality at our coal operations, including but not limited to the statements under Description of the Business Individual Operations Steelmaking Coal Elk Valley Water Management regarding the expectations regarding timing and costs of AWTF construction and number of AWTFs required, Elk Valley Water Quality Plan spending guidance, including projected 2018 capital spending other capital spending guidance, associated operating costs, potential for saturated fills to reduce capital and operating costs associated with active water treatment; expectation that Neptune terminal can expand operations to over million tonnes per year.

7 Anticipated benefits, timing and cost of our ball mill project at Highland Valley; expectations regarding the Quebrada Blanca Phase 2 project, including expectations regarding capacity, mine life, regulatory approvals, projected expenditures and timing of any development decision in respect thereof; expected spending and activities at our Project Satellite properties; anticipated benefits, timing and costs of the Red Dog mill upgrade projects; timing of the sale of Waneta Dam and expectation that the sale of Waneta Dam will close; our financial and operating objectives; our exploration, environmental, health and safety initiatives; the outcome of legal proceedings and other disputes in which we are involved; 2017 Annual Information Form Teck Resources Limited Page 3 the outcome of our coal sales negotiations and negotiations with metals and concentrate customers concerning treatment charges, price adjustments and premiums; the timing of completion of prefeasibility or feasibility studies on our properties; the estimated mine lives of our operations; our dividend policy; and general business and economic conditions.

8 Canadian disclosure rules require us to present projected capital and projected operating costs for each of our material mining operations. The amounts presented for each operation are estimates, based on current mine plans and assumptions believed to be reasonable, including assumptions with respect to energy and labour costs and the Canadian/US dollar exchange rate. Future capital expenditures are based on management s best estimate of expected future capital requirements, which are generally for the extraction and processing of existing reserves and resources. Cash operating costs are not a measure recognized under International Financial Reporting Standards in Canada or generally accepted accounting principles in the United States.

9 Various factors will cause actual results to vary from the projected operating and capital costs set out below. Our disclosed cash operating costs do not include transportation costs or royalties, and may not be comparable to similar measures reported by other issuers. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; risks generally encountered in the permitting and development of mineral and oil and gas properties such as unusual or unexpected geological formations, unanticipated metallurgical difficulties, delays associated with permit appeals or other regulatory processes, ground control problems, adverse weather conditions, process upsets and equipment malfunctions; risks associated with the Canadian Corruption of Foreign Public Officials Act and similar worldwide bribery laws.

10 Risks associated with labour disturbances and availability of skilled labour; risks associated with fluctuations in the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; risks created through competition for mining and oil and gas properties; risks associated with lack of access to markets; risks associated with mineral and oil and gas reserve estimates; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions; risks associated with access to capital; risks associated with changes to our credit ratings; risks associated with our material financing arrangements and our covenants thereunder; risks associated with climate change, environmental compliance, changes in environmental legislation and regulation and changes to our reclamation objectives; risks associated with our dependence on third parties for the provision of transportation , port and other critical services; risks associated with non-performance by contractual counterparties; risks associated with potential disputes with partners and co-owners; risks associated with aboriginal title claims and other title risks; social and political risks associated with operations in foreign countries; risks associated with the preparation of our financial statements; risks related to trade barriers or import restrictions.