Recommendations highlight significant benefits and value creation opportunities for Teck shareholders
Teck Board of Directors Unanimously Recommends Teck Shareholders Vote YES to the merger TODAY
VANCOUVER, British Columbia, Nov. 26, 2025 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced that independent consulting firms Institutional Shareholder Services, Inc. (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have recommended that Teck shareholders vote “FOR” the merger of the company (the “Merger”) with Anglo American plc (“Anglo American”). As previously announced, Teck has scheduled a special meeting of stockholders for December 9, 2025 (the “Meeting”).
In their reports dated November 26, 2025 and November 21, 2025, respectively, ISS and Glass Lewis stated:
- ISS: “This agreement makes strategic sense in light of the expected synergies, strategic benefits and the opportunity for additional growth through ownership of the combined company. The pool of potential buyers is limited, the board is actively exploring alternative transaction structures to maximize shareholder value, shareholders are expected to benefit from increased liquidity and the stronger financial position of the combined company, and market reaction has been positive.”
- Glass Lewis: “Overall, the strategic benefits of the combination appear to be well supported by the scale, asset quality and long-term copper growth profile of the combined company. If successfully completed, the merger positions Anglo Teck as a financially stronger and more resilient producer with significant growth potential through operational integration and future growth opportunities… Overall, we believe the transaction represents an attractive strategic opportunity for Teck shareholders.”
“Teck’s board has determined that a merger of equals with Anglo American is the best path forward for Teck’s shareholders and all stakeholders,” said Jonathan Price, President and CEO. “Recent recommendations from ISS and Glass Lewis further support this view. This merger represents a unique opportunity to create a new global critical minerals champion headquartered in Canada with increased scale, a world-class portfolio of copper and critical minerals assets, and tremendous growth potential. We are confident the transaction will result in significant value creation and urge all Teck shareholders to vote in favor of the merger.”
Teck shareholders are encouraged to vote before the expiration of the proxy
Teck shareholders of record as of the close of business on October 20, 2025, must vote “FOR” The merger is occurring now and may be subject to early voting prior to the proxy voting deadline of 11:00 a.m. PST, December 5, 2025.
Teck's notice of the meeting, management information circular and other relevant meeting materials were mailed to shareholders and are also available online at Teck's website at: www.Teck.com/reports and Teck's issuer profiles on SEDAR+ at www.sedarplus.ca and EDGAR in www.sec.gov.
Any shareholder who has questions about how to vote should contact our proxy solicitors:
Shareholders are located in Canada
Laurel Hill Advisory Group
Toll Free: 1-877-452-7184.
Text: 1-416-304-0211.
E-mail: [email protected]
Shareholders located outside Canada
Innisfree M&A Incorporated
US Toll Free: 1-877-750-0510.
Outside the US: +1-412-232-3651.
Banks and brokers: 1-212-750-5833.
The merger, which was announced in September 2025, is subject to shareholder approval and customary closing conditions, including approval pursuant to Investment Canada Act and applicable competition and regulatory approvals in various jurisdictions around the world.
Shareholder Merge support
In addition to the unanimous support of Teck's Board of Directors, the merger is supported by Temagami Mining Company Limited, SMM Resources Incorporated, Dr. Norman B. Keevil, and Teck's team of directors and senior management, who have collectively agreed to vote shares representing approximately 79.8% of the issued and outstanding shares of Teck Class A common stock and approximately 0.02% of the issued and outstanding subordinated voting shares of Teck Class B (as of the record date of the Meeting) in favor of Joining at the Meeting.
Forward-Looking Statements
This press release contains certain forward-looking information and forward-looking statements as defined under applicable securities laws (collectively, forward-looking statements). These statements relate to future events or future results. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “expect,” “may,” “may,” “plan,” “continue,” “estimate,” “anticipate,” “may,” “will,” “project,” “forecast,” “likely,” “potential,” “should,” “believe” and similar expressions are 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 press release. These forward-looking statements include, but are not limited to, statements regarding the expected benefits and synergies of the proposed merger, the expected effects of the merger on Anglo American and Teck, future production levels, the expected timing of completion of the merger and other statements that are not historical facts.
These statements are based on a number of assumptions, including, without limitation, assumptions regarding general business and economic conditions, future prospects and expected events, such as the ability of Anglo American and Teck to complete the merger, the ability of Teck and Anglo American to obtain all necessary regulatory and court approvals, the ability of Teck and Anglo American to obtain appropriate shareholder approvals for the merger, the ability of Teck and Anglo American to satisfy all other conditions of the merger, the strategic vision for the merger. the Teck and Anglo American merger following closing of the merger, expectations regarding exploration, production and operating potential, expectations regarding production capabilities and future financial or operating performance of Teck and Anglo American following the merger, expectations regarding Teck's current production and cost guidance and previously disclosed updates, potential valuation of the Teck and Anglo American merger, expected synergies between Teck and Anglo American, expected revenue from synergies between Teck and Anglo American, integration expectations and receipt synergy; accuracy of the projected financial position and outlook of Teck and Anglo American following the closing of the merger, success of the new board of directors and management team, satisfaction of pre-merger conditions, future financial or operating performance of the combined Teck and Anglo American, expected EBITDA growth, expectations regarding the location of the combined company's headquarters in Canada, expectations for results and success Investment Canada Act obligations, expectations regarding receiving Investment Canada Act approval, assumptions regarding the proposed Investment Canada Act commitments, expectations regarding the combined company's proposed investment in Canada, the post-merger potential of Teck and Anglo American to achieve industry objectives, public opinion expectations, future plans, projections, goals, estimates and projections and timing thereof, and expectations related to the long-term strategy of the combined companies. The above list of assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially.
Forward-looking information is based on information available at the time such statements are made and represent the good faith beliefs of the officers and directors of Teck and Anglo American at that time as to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking information. Factors that could cause actual results to differ materially include, but are not limited to, the possibility that the Merger will not be completed on the terms or within the time frame currently contemplated and that it may not be completed at all due to failure to obtain or satisfy, timely or otherwise, necessary regulatory, shareholder and court approvals and other conditions to closing the Merger or for other reasons, the risk that competing bids or acquisition offers will be made, public perception of the Merger, market reaction to The Merger, the adverse impact that failure to complete the Merger for any reason may have on the business of Anglo American or Teck, the ability of Anglo American and Teck to successfully integrate and realize expected synergies, general economic and market conditions, including interest rates and exchange rates, global financial markets, changes in government regulations or tax laws, industry competition, technological developments and other factors described or discussed in Anglo American's or Teck's disclosure materials from time to time. filed with the relevant securities regulatory authorities.
Teck does not undertake any obligation to update forward-looking statements except as required by securities laws. Additional information regarding the risks, assumptions and uncertainties associated with these forward-looking statements, the Merger and Teck's business can be found in Teck's information circular regarding the meeting posted under Teck's profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).
About Tek
Teck is a leading Canadian resources company focused on the responsible supply of metals needed for economic development and the energy transition. Teck has a portfolio of premier copper and zinc operations in the Americas and an industry-leading copper growth pipeline. We are focused on creating value by promoting responsible growth and sustainability based on stakeholder trust. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and on the New York Stock Exchange under the symbol TECK. Find out more about Teck at www.teck.com or follow @TeckResources.
Investor contact person:
Emma Chapman
Vice President of Investor Relations
+44.207.509.6576
[email protected]
Media contact:
Dale Steves
Director of External Communications
236.987.7405
[email protected]
