笔记：
1. Non-GAAP Financial Measure. See “Use of Non-GAAP Financial Measures” section for further information.
2. See “Use of Non-GAAP Financial Measures” section for reconciliation.

• In Q4 2020, we recorded a non-cash, pre-tax impairment of $597 million (after-tax $438 million) on our interest in Fort Hills.
• Liquidity of $6.5 billion as at February 17, 2021.

Key Updates
执行我们的铜生长策略 - QB2具有主要的膨胀潜力的长寿命，低成本运行

• Through Q4 2020, the project continued its staged ramp up of the construction workforce to pre-COVID-19 levels in line with our plans developed in Q2 2020.
  • The project continues to enhance its protocols for, and management of, COVID-19;
  • Work is progressing across the project in line with our current plan;
  • Achieved our target of overall project progress of 40% at year end, and;
  • 第一次生产预计将在2022年的下半年，但取决于我们持续的能力通过Covid-19的影响，以及其他事情。亚博首页官网
• 我们根据我们目前的假设，根据我们的Covid-19议定书所见于迄今为止的施工生产率的当前亚博首页官网假设，更新了整体Covid-19相关项目成本的估计。
  • The estimated impact, including expensed costs and additional camp space, is expected to be approximately US$450 to US$500 million (excluding interest), an increase of approximately US$50 million over our previous guidance.
• 点击这里for photos of construction progress on QB2.

Operational resilience in the face of a global pandemic

• 尽管与Covid-19有关的持续挑战，但在2020年下半年，我们的运营符合计划和载入我亚博首页官网们2021个运营计划的重大影响。
  • 我们所有的业务部门都实现了H2 2020的生产和销售指导。
  • 我们的锌、炼钢煤和能源普杜拉。布辛ess units achieved H2 2020 unit cost guidance and our copper business unit achieved H2 2020 net unit cost guidance.
  • 2020年，我们的安全性能指标最低，代表了我们最安全的记录。

Increasing margins – not volumes – in our steelmaking coal business

• Steelmaking coal adjusted site cash cost of sales decreased in the fourth quarter to $58 per tonne, ahead of plan due to:
  • Elkview plant expansion;
  • 关闭我们更高的成本红衣主教河流运营;
  • Declining strip ratios, as planned;
  • 降低成本计划的好处;和
  • 赛道21.^TMinitiatives.
• We completed construction and pre-commissioning of the Elkview saturated rock fill in the fourth quarter, on schedule and below budget.
• The Neptune Bulk Terminals (Neptune) upgrade project to secure a lower cost, more reliable supply chain for our steelmaking coal is in the final phase of construction.
  • All major equipment has been installed and work activity is focused on final mechanical installations and completion of electrical and control systems. Significant new facilities have already been placed into operation and are performing to plan.
  • The surge in COVID-19 infections that started in Q4 has impacted both cost and schedule on the project, although first steelmaking coal is still expected to be handled through the new double dumper in early Q2 2021. The total cost of the project before the impact of COVID-19 is expected to be approximately 10% above our previous estimate and costs associated with COVID-19 impacts since the onset of the pandemic are estimated to be an additional $80 to $100 million.

Strong financial position

• We have US$3.7 billion available on our US$4.0 billion revolving credit facility and our US$1.0 billion revolving credit facility is undrawn as at February 17, 2021. These facilities are committed to November 2024 and June 2022, respectively. Neither facility has an earnings or cash flow based financial covenant, a credit rating trigger or a general material adverse effect borrowing condition.
• 自2019年第四季度初推出我们的成本减少计划以来，我们已经实现了大约3.55亿美元的运营成本，1.71,000万美元的资本成本减少。这些减少违反了2019年6月底预期的预期支出。我们的降低计划现在已经完成，并纳入了我们的运营计划和指导。

Safety and sustainability leadership

• 健康和安全是Teck的核心价值。我们对我们的红狗操作于2021年1月发生的死亡感到非常难过。我们对事件的调查正在进行中。
• We were named to the S&P 2020 Dow Jones Sustainability World Index for the 11th consecutive year and recognized as the industry leader in Metals and Mining. We were also recognized in January as one of the 2021 Global 100 Most Sustainable Corporations by Corporate Knights.
• We were named to the Forbes World’s Best Employers 2020 list, Canada’s Top Employers for Young People 2021 and as one of Canada’s Top 100 Employers for the fourth consecutive year by Mediacorp Canada’s Top Employer’s program.
• 我们被命名为第四年的2021年Bloomberg性别 - 平等指数。
• 指导
• Summary guidance for 2021 is outlined below and our usual guidance tables, including three-year production guidance, can be found on pages 36 — 39 of Teck’s full fourth quarter results for 2020 at the link below.

2021指导 - 摘要
Production Guidance
铜（000吨）	275 - 290.
Zinc (000’s tonnes)	585 – 610
精制锌（000吨）	300 - 310
炼钢煤炭（百万吨）	25.5 - 26.5
Bitumen (million barrels)	8.6 – 12.1
Sales Guidance – Q1 2020
红色的狗zinc in concentrate sales (000’s tonnes)	90 - 100
炼钢煤炭销售（百万吨）	5.9 - 6.3
单位成本指导
Copper net cash unit costs (US$/lb.)	$ 1.30 - 1.40
Zinc net cash unit costs (US$/lb.)	$ 0.40 - 0.45
Steelmaking coal adjusted site cash cost of sales (CAD$/tonne)	$59 – 64
Steelmaking coal transportation costs (CAD$/tonne)	$36 – 39
Bitumen adjusted operating costs (CAD$/barrel)	$28 – 32

点击这里to view Teck’s full fourth quarter results for 2020.

网络广播
twill host an Investor Conference Call to discuss its Q4/2020 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on Thursday, February 18, 2021.一个现场音频网络广播会议电话，与支持演示幻灯片一起，将在我们的网站上提供m.zaojianmedia.com.。网络广播将被存档m.zaojianmedia.com.

Investor Contact:
弗雷泽菲利普斯
Senior Vice President, Investor Relations & Strategic Analysis
60.4.699.4621
fraser.phillips@teck.com

Media Contact:
玛西娅史密斯
高级副总裁，可持续发展和外事
60.4.699.4616
marcia.smith@teck.com

Use of Non-GAAP Financial Measures
Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This document refers to a number of Non-GAAP Financial Measures which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS or Generally Accepted Accounting Principles (GAAP) in the United States. These Non-GAAP Financial Measures are discussed below, as well as defined and reconciled, as applicable, to the relevant IFRS measure.

调整股东占盈利–For adjusted profit, we adjust profit attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities. We believe adjusted profit helps us and readers better understand the results of our normal operating activities and the ongoing cash generating potential of our business.

Adjusted basic earnings per share –每股调整后的基本收益调整利润除以该期间未偿还的平均股份数。

Adjusted diluted earnings per share –调整后的每股摊薄收益调整后利润除以一段时间内平均全摊股的平均数。

EBITDA -EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.

调整后EBITDA- 调整后的EBITDA是EBITDA在税前效应之前，我们认为根据上述股东应占股东的利润。

上述调整归因于股东和EBITDA占据的利润突出了物品，允许我们和读者更清楚地分析我们的其余结果。我们认为，披露这些措施协助读者了解我们业务的正在进行的现金产生潜力，以便为营运资金需求提供流动性，服务未来债务，未来资本支出和投资机会，并支付股息。

毛利before depreciation and amortization –毛利before depreciation and amortization is gross profit with the depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our business units or operations.

Net cash unit costs –Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations. Readers should be aware that this metric, by excluding certain items and reclassifying cost and revenue items, distorts our actual production costs as determined under IFRS.

Adjusted site cash cost of sales –Adjusted site cash cost of sales for our steelmaking coal operations is defined as the cost of the product as it leaves the mine excluding depreciation and amortization charges, out-bound transportation costs and any one-time collective agreement charges and inventory write-down provisions.

Profit (Loss) and Adjusted Profit

			三个月 ended December 31,		Year ended December 31,
（CAD $百万美元）			2020	2019年	2020	2019年
Profit (loss) attributable to shareholders			$(464)	$(1,835)	$（864）	$（605）
Add (deduct) on an after-tax basis:
资产损伤			438	1,943	91.2	2,052
COVID-19 costs			-	-	233	-
Environmental costs			201	62.	210	142
Inventory write-downs			15	34	91.	41
Share-based compensation			21	4	34	3
Commodity derivative losses (gains)			(15)	1	(46)	（13）
Debt prepayment option gain			-	-	-	(77)
债务兑换或购买损失			-	-	8	166.
税收和其他			52.	14	(17)	（12）
调整股东占盈利			248美元	223美元	561美元	1697美元
Adjusted basic earnings per share			$0.47	0.40美元	$ 1.05	$3.03
Adjusted diluted earnings per share			$0.46	0.40美元	1.04美元	$3.00

Reconciliation of Basic Earnings per share to Adjusted Basic Earnings per share

			三个月 ended December 31,		Year ended December 31,
（每股金额）			2020	2019年	2020	2019年
Basic earnings (loss) per share			$（0.87）	$(3.33)	$(1.62)	$(1.08)
Add (deduct):
资产损伤			0.82	3.52	1.71	3.67
COVID-19 costs			-	-	0.44	-
环境成本			0.37	0.11	0.39	0.25
Inventory write-downs			0.03	0.06	0.17	0.07
Share-based compensation			0.04	0.01	0.06	0.01
Commodity derivative losses (gains)			(0.03)	-	（0.09）	(0.02)
Debt prepayment option gain			-	-	-	（0.13）
债务兑换或购买损失			-	-	0.01	0.29
税收和其他			0.11	0.03	(0.02)	(0.03)
Adjusted basic earnings per share			$0.47	0.40美元	$ 1.05	$3.03

Reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share

			三个月 ended December 31,		Year ended December 31,
（每股金额）			2020	2019年	2020	2019年
Diluted earnings (loss) per share			$（0.87）	$(3.33)	$(1.62)	$(1.08)
Add (deduct):
资产损伤			0.82	3.49	1.70	3.63
亚博首页官网Covid-19费用			-	-	0.43	-
Environmental costs			0.37	0.11	0.39	0.25
Inventory write-downs			0.03	0.06	0.17	0.07
Share-based compensation			0.04	0.01	0.07	0.01
Commodity derivative losses (gains)			(0.03)	-	（0.09）	(0.02)
Debt prepayment option gain			-	-	-	（0.13）
债务赎回亏损			-	-	0.01	0.29
税收和其他			0.10	0.06	(0.02)	(0.02)
Adjusted diluted earnings per share			$0.46	0.40美元	1.04美元	$3.00

EBITDA和调整后EBITDA的和解

			三个月 ended December 31,		Year ended December 31,
（CAD $百万美元）			2020	2019年	2020	2019年
Profit (loss)			$(473)	$(1,855)	$（944）	$(588)
Finance expense net of finance income			44	46	268	218
提供（恢复）所得税			(76)	（510）	(192)	120
Depreciation and amortization			406	415	1,510	1,619
EBITDA			（99）	(1,904)	642	1,369
Add (deduct):
资产损伤			597	2,519	1,244	2,690
亚博首页官网Covid-19费用			-	-	336	-
环境成本			258	85.	270	197
Inventory write-downs			23	51.	134	60.
Share-based compensation			29	6	47	4
Commodity derivative losses (gains)			(20)	2	（62）	(17)
Debt prepayment option gain			-	-	-	（105）
债务兑换或购买损失			-	-	11	224
税收和其他			51.	26	(52)	51.
调整后EBITDA			$839	785美元	2,570美元	$ 4,473

Reconciliation of Gross Profit Before Depreciation and Amortization

			三个月 ended December 31,		Year ended December 31,
（CAD $百万美元）			2020	2019年	2020	2019年
毛利			$505	460美元	$1,333	3,340美元
Depreciation and amortization			406	415	1,510	1,619
毛利before depreciation and amortization			$911	$875	$ 2,843	$4,959
据报道：
Copper
高地山谷铜			$185	117美元	476美元	395美元
Antamina			210	164.	566	614
Carmen de Andacollo			63.	(14)	170.	89.
Quebrada Blanca			12	(28)	30	(18)
			470	239	1,242	1,080
Zinc
Trail Operations			27	(10)	65.	-
红色的狗			188.	210	717	837
Pend Oreille			-	-	-	(4)
Other			2	(15)	33	(2)
			217	185.	815	831
Steelmaking coal			248	448	1,009	2,904
Energy			（24）	3	（223）	144
毛利before depreciation and amortization			$911	$875	$ 2,843	$4,959

铜单位成本和解

			三个月 ended December 31,		Year ended December 31,
（在数百万美元中，除了指出）			2020	2019年	2020	2019年
报告的收入			$820	592美元	2,419美元	$ 2,469
By-product revenue (A)			（104）	(68)	（300）	（311）
Smelter processing charges (B)			40	38	140	164.
调整收入			$756	562美元	$2,259	$ 2,322
Cost of sales as reported			452美元	462美元	$1,560	$ 1,852
Less:
Depreciation and amortization			（102）	（109）	(383)	（463）
Inventory (write-downs) provision reversal			-	(20)	-	（24）
劳动结算和strike costs			-	(22)	-	(35)
By-product cost of sales (C)			(29)	(19)	（71）	(58)
调整的现金成本销售额(D)			321美元	$292	$1,106	$1,272
Payable pounds sold (millions) (E)			172.7	158.5	591.7	641.7
每单位金额 - CAD $ /磅
调整的现金成本销售额(D/E)			$1.86	$1.84	$1.87	$1.98
Smelter processing charges (B/E)			0.23	0.24	0.23	0.26
Total cash unit costs – CAD$/pound			$2.09	$2.08	$2.10	$2.24
副产品的现金余量– ((A – C)/E)			(0.43)	(0.31)	(0.39)	(0.39)
净现金单位成本 - CAD $ /磅			$1.66	$1.77	$1.71	$1.85
美元金额1
Average exchange rate (CAD$ per US$1.00)			$1.30	$1.32	$1.34	$1.33
Per unit amounts – US$/pound
调整的现金成本销售额			$1.42	$1.40	$1.39	$1.49
Smelter processing charges			0.18	0.18	0.18	0.19
Total cash unit costs – US$/pound			$1.60	$1.58	$1.57	$1.68
副产品的现金余量			（0.33）	（0.24）	(0.29)	(0.29)
净现金单位费用 - 美元/磅			$1.27	$1.34	$1.28	$1.39

关于前瞻性陈述的警告声明

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.

这些前瞻性陈述包括但不限于关于：我们的重点和策略的陈述;预计我们商品的全球和区域供应，需求和市场前景;Covid-19对我们的业务和运营的潜在影响，包括我们在亚博首页官网我们的网站上继续运营的能力并进展我们的项目和战略;我们能够管理Covid-19提供的挑战，包括我们管理协议所实施的有效性，以保护员工的健康和安亚博首页官网全;Covid-19对我们2021个运营计划亚博首页官网的预期影响;期望在全球经济复苏和相关商品需求的情况下，我们将在疫苗和刺激的推出和刺激方面得到很好的定位;QB2加速计划和预期和Teck对项目资本贡献的时间;估计CoVID-19亚博首页官网关于我们QB2项目的相关费用;建筑暂停期对QB2项目的影响;QB2的首次生产的估计时间; expectation that QB2 will be a long-life, low-cost operation with major expansion potential; effectiveness of our tailings and water-related projects to manage increased water volumes at Red Dog, including expectation that they will minimize potential constraints on production in the future; expectations regarding the Neptune Bulk Terminals facility upgrade including costs, benefits and timing of completion of the upgrade, our expectations regarding the continued impact of costs associated with COVID-19 response measures on unit costs; expectations regarding the benefits of CP and CN Rail infrastructure improvements to support increased volumes through Neptune Bulk Terminals; expectation regarding mining in new areas at Fording River, Elkview and Greenhills Operation and anticipated long term production from these operations; coal sales to China targets; benefits of the agreements with Westshore and Ridley Terminals, including that they will provide greater flexibility and optionality and contribute to reduced costs and improved performance and reliability; timing of construction and completion of our Fording AWTF and our SRFs; our expectation that Fording River AWTF will be the last full-scale AWTF and that future treatment facilities will be SRFs; expected Elk Valley water treatment spending, capital and operating costs, and plans; expected cost of implementing incremental measures required under the October 2020 Direction issued by Environment and Climate Change Canada; expected benefits that will be generated from our RACE21™ innovation-driven business transformation initiative; Fort Hills focus on cost discipline and ability to ramp up production; liquidity and availability of borrowings under our credit facilities and the QB2 project finance facility; timing of Teck’s next contributions to QB2 project capital; our expectations regarding the amount of Class B subordinate voting shares that might be purchased under the normal course issuer bid and the mechanics thereof; and all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, cost reduction and other guidance under the heading “Guidance” and discussed in the various business unit sections.

这些陈述基于许多假设，包括但不限于关于一般商业和经济条件，利率，商品和电价，外国或国内政府的行为以及法律诉讼的结果，供需，供需铜，煤，锌和混纺沥青价格和其他金属和矿物质，以及石油，天然气和其他石油产品，以及收到监管和政府批准的时机的水平和波动对于我们的开发项目和其他业务，包括矿山扩展;关于我们扩展和开发项目的研究的积极结果;我们为我们的产品生产和生产力水平以及我们的竞争对手的生产成本以及我们的业务，我们的能力，我们的生产和生产力水平以及我们的能力，我们的生产成本和生产力水平以及我们的能力为我们的产品保护足够的运输，管道和港口服务;金融市场的信贷市场条件和条件的变化一般，资金可用性地改善我们的借款，因为它们成为归因于到期或以合理的术语融资我们的发展项目;我们能够以足够的数量采购设备和运营供应的能力;合格员工和承包商的运营提供，包括我们的新发展和吸引和留住熟练员工的能力;与工会员工的集体协议达成令人满意的谈判; the impact of changes in Canadian-U.S. dollar and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our development and expansion projects; the benefits of technology for our operations and development projects, including the impact of our RACE21™ program; costs of closure, and environmental compliance costs generally; market competition; the accuracy of our mineral reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and tax rates; the outcome of our coal price and volume negotiations with customers; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers; new curtailment measures on oil production taken by the Government of Alberta; the resolution of environmental and other proceedings or disputes; our ability to obtain, comply with and renew permits in a timely manner; and our ongoing relations with our employees and with our business and joint venture partners. Assumptions regarding our Red Dog tailings and water-related projects include assumptions regarding the effectiveness of the projects and future water volumes. Guidance regarding our Highland Valley Copper production assumes, among other things, that we will start processing softer ores after 2022. Our Guidance tables include footnotes with further assumptions relating to our guidance.

此外,假设关于麋鹿山谷Water Quality Plan include assumptions that additional treatment will be effective at scale, and that the technology and facilities operate as expected, as well as additional assumptions discussed under the heading “Elk Valley Water Management Update”. Assumptions regarding QB2 include current project assumptions and assumptions regarding the final feasibility study, CLP/USD exchange rate of 775, as well as there being no unexpected material and negative impact to the various contractors, suppliers and subcontractors for the QB2 project relating to COVID-19 or otherwise that would impair their ability to provide goods and services as anticipated during the suspension period or ramp-up of construction activities. Assumptions regarding the benefits of the Neptune Bulk Terminals expansion include assumptions that the relevant project is constructed and operated in accordance with current expectations. Statements regarding the availability of our credit facilities and project financing facility are based on assumptions that we will be able to satisfy the conditions for borrowing at the time of a borrowing request and that the facilities are not otherwise terminated or accelerated due to an event of default.

声明关于未来生产成本或volumes are based on numerous assumptions regarding operating matters and on assumptions that counterparties perform their contractual obligations, that 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, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies and may be further impacted by reduced demand for oil and low oil prices. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in market demand for our products, changes in interest and currency exchange rates, acts of governments and the outcome of legal proceedings, 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 or delays in the receipt of government approvals, 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, political risk, social unrest, failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations, changes in our credit ratings, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits, inability to address concerns regarding permits of environmental impact assessments, and changes or further deterioration in general economic conditions. Certain operations and projects are not controlled by us; schedules and costs may be adjusted by our partners, and timing of spending and operation of the operation or project is not in our control. Current and new technologies relating to our Elk Valley water treatment efforts may not perform as anticipated, and ongoing monitoring may reveal unexpected environmental conditions requiring additional remedial measures. QB2 costs, construction progress and timing of first production is dependent on, among other matters, our continued ability to successfully manage through the impacts of COVID-19. QB2 costs may also be affected by claims and other proceedings that might be brought against us relating to costs and impacts of the COVID-19 pandemic. Red Dog production may also be impacted by water levels at site.

这条新闻发行的前瞻性陈述e 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 duration of impacts on our suppliers, customers and markets for our products, all of which are unknown at this time. Continuing operating activities is highly dependent on the progression of the pandemic and the success of measures taken to prevent transmission, which will influence when health and government authorities remove various restrictions on business activities.

除非在证券法下，我们不承担更新前瞻性陈述的义务。关于与这些前瞻性陈述和我们的业务相关的风险和不确定性的进一步资料，可以在2019年12月31日止年度的年度信息表中找到，根据我们的塞纳达提交（www.sedar.com.）和埃德加（www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.

Scientific and technical information in this quarterly report regarding our coal properties, which for this purpose does not include the discussion under “Elk Valley Water Management Update” was reviewed, approved and verified by Jo-Anna Singleton, P.Geo. and Robin Gold P.Eng., each an employee of Teck Coal Limited and a Qualified Person as defined under National Instrument 43-101. Scientific and technical information in this quarterly report regarding our other properties was reviewed, approved and verified by Rodrigo Alves Marinho, P.Geo., an employee of Teck and a Qualified Person as defined under National Instrument 43-101.