Myles Allsop

Orest Wowkodaw

Carlos de Alba

Craig Hutchison

Matthew Murphy

Chris LaFemina

Bill Peterson

Liam Fitzpatrick

Lawson Winder

William Peterson

Bryce Adams

Christopher LaFemina

Lucas Pipes

Timna Tanners

- The global copper market was valued at **USD 242.11 billion in 2024** and is projected to reach approximately **USD 456.61 billion by 2034**, growing at a **compound annual growth rate (CAGR) of 6.55%** from 2025 to 2034.  **[886986_f988a6d889d04d34a08c8cb634e57932_0]** 
- This robust growth is primarily driven by increasing demand from electrical and electronics, construction, and transportation sectors, as well as the global shift towards **renewable energy sources** and the rise in **electric vehicle production**.  **[886986_f988a6d889d04d34a08c8cb634e57932_0]** 
- Copper prices have surged to approximately **$10,775 per metric ton as of October 2025**, largely due to **supply disruptions** in major mining regions, a weakening U.S. dollar, and a structural shift in demand towards green energy applications.  **[886986_f988a6d889d04d34a08c8cb634e57932_0]** **[886986_f988a6d889d04d34a08c8cb634e57932_2]** 
- **China's consumption patterns** are a dominant influence, accounting for approximately **50% of global refined copper demand**, with purchasing behavior sensitive to price thresholds, such as aggressive buying below **$9,000/ton** and potential demand destruction above **$11,000/ton**.  **[886986_f988a6d889d04d34a08c8cb634e57932_1]** 
- In a significant development, **Anglo American and Teck Resources agreed to combine** in an all-share deal in September 2025, forming "Anglo Teck" to bolster scale, cost synergies, and resilience.  **[886986_f988a6d889d04d34a08c8cb634e57932_10]**

Teck Resources: Global Copper Market Forecast and Strategic Merger

- **Teck Resources** is among the world's leading mining majors that have invested in **I-Pulse**, a company focused on developing disruptive pulsed power technologies for various industries, including mining.  **[886986_1c290691b9d74ac18ade10d02695aa47_0]** 
- I-Pulse's technology aims to **reduce the energy required to unlock critical minerals from rock by up to 80%** and could **increase metal recoveries by approximately 5%**, potentially revolutionizing mineral extraction.  **[886986_1c290691b9d74ac18ade10d02695aa47_0]** **[886986_1c290691b9d74ac18ade10d02695aa47_1]** 
- **Codelco**, the world's largest copper producer, has recently joined as a strategic investor and partner in I-Pulse, alongside existing investors like Teck Resources, to accelerate the commercialization of these breakthrough innovations.  **[886986_1c290691b9d74ac18ade10d02695aa47_0]**

Teck Resources' Investment in I-Pulse Highlighted by Codelco Partnership

- Teck Resources Limited completed a comprehensive operational review, resulting in **revised annual production guidance** for Quebrada Blanca (QB) and Highland Valley Copper for 2025–2028, Red Dog for 2026–2028, and Trail for 2026, as well as updated net cash unit cost guidance for its copper and zinc segments.  **[886986_0000950142-25-002709_eh250689556_ex9901.htm:0]** 
- Production at **Quebrada Blanca (QB)** continues to be constrained by the pace of Tailings Management Facility (TMF) development, leading to concentrator downtime, particularly in Q3 2025.  **[886986_0000950142-25-002709_eh250689556_ex9901.htm:0]**  The 2025 annual copper production guidance for QB was revised downwards to **170,000 to 190,000 tonnes** from the previously disclosed 210,000 to 230,000 tonnes.  **[886986_0000950142-25-002709_eh250689556_ex9901.htm:1]** **[886986_0000950142-25-002709_eh250689556_ex9901.htm:2]** 
- The **2025 net cash unit costs** for QB are now expected to be between **US$2.65 – $3.00 per pound** (previously US$2.25–$2.45 per pound), and for the overall copper segment, they are revised to **US$2.05 – $2.30 per pound** (previously US$1.90–$2.05 per pound).  **[886986_0000950142-25-002709_eh250689556_ex9901.htm:2]** **[886986_0000950142-25-002709_eh250689556_ex9901.htm:6]** 
- Teck anticipates **$420 million** in capital expenditures related to TMF development in 2026, following **$340 million** in 2025.  **[886986_0000950142-25-002709_eh250689556_ex9901.htm:6]**

Teck Resources Updates Operational Outlook and Guidance Following Comprehensive Review

- Teck has completed a comprehensive operational review, resulting in a **revised guidance outlook** for its assets, driven primarily by ongoing tailings management facility (TMF) development work at Quebrada Blanca (QB).  **[0000886986_2172287_0]** **[0000886986_2172287_4]** 
- The TMF development at QB, which has constrained mill production, is expected to be completed by the end of **2026** and no longer be a constraint from **2027** onwards.  **[0000886986_2172287_3]** **[0000886986_2172287_6]** **[0000886986_2172287_8]** 
- Revised annual copper production guidance for QB is now **240,000 to 275,000 tons** in **2027** and **220,000 to 255,000 tons** in **2028**, reflecting a slower ramp-up and lower recovery assumptions.  **[0000886986_2172287_6]** 
- QB's net cash unit costs are projected to be **$2.25 to $2.70 per pound** in **2026**, with **CAD $420 million** in capital allocated for TMF development in the same year.  **[0000886986_2172287_6]** 
- Production guidance for Highland Valley Copper (HVC) and Red Dog has also been adjusted due to operational issues, though Red Dog expects to be at the higher end of its **2025** zinc in concentrate guidance of **430,000 to 470,000 tons**.  **[0000886986_2172287_6]** **[0000886986_2172287_7]**

Teck Completes Operational Review, Updates Guidance for Key Assets

- Teck Resources Limited completed a Comprehensive Operations Review, resulting in **revised annual production guidance** for Quebrada Blanca (QB) and Highland Valley Copper for 2025–2028, Red Dog for 2026–2028, and Trail for 2026.  **[886986_7d943e3216ec4af991573040856d0339_0]** 
- **Quebrada Blanca's 2025 copper production guidance** was updated to **170,000 to 190,000 tonnes** from 210,000 to 230,000 tonnes, primarily due to constraints from Tailings Management Facility (TMF) development.  **[886986_7d943e3216ec4af991573040856d0339_3]** **[886986_7d943e3216ec4af991573040856d0339_2]** 
- The company's **2025 net cash unit costs for the copper segment** have been revised to **US$2.05 – $2.30 per pound**, an increase from the previously disclosed guidance of US$1.90–$2.05 per pound.  **[886986_7d943e3216ec4af991573040856d0339_10]** 
- Teck expects **$420 million in capital expenditures** related to the TMF in **2026**, in addition to $340 million in 2025.  **[886986_7d943e3216ec4af991573040856d0339_10]**

Teck Resources Updates Operational Outlook and Revises Production Guidance

- The global antimony market is projected to grow from **$1.01 billion in 2023** to **$1.78 billion by 2032**, with the U.S. market estimated to reach **$106.57 million by 2032** due to demand for flame retardant clothing.  **[886986_f33ab429d47b424db1ef6017f085db1d_0]** 
- The United Steelworkers union (USW) has expressed cautious optimism regarding a proposed merger between **Teck Resources Limited** and Anglo American, which would affect **over 2,500 USW members** at Teck's operations in British Columbia.  **[886986_f33ab429d47b424db1ef6017f085db1d_4]**

Teck Resources Proposed Merger with Anglo American

- Fairchild Gold Corp. announced on **September 29, 2025**, an agreement to acquire a **100% interest** in the **Golden Arrow Project** from Emergent Metals Corp.  **[886986_a7bdef21d85945bcabd8deb4e63cb087_0]** **[886986_a7bdef21d85945bcabd8deb4e63cb087_2]** 
- The acquisition consideration includes **US$600,000 in cash**, the issuance of **12.5 million common shares** of Fairchild, a **US$3.5 million senior secured note**, and a **0.5% Net Smelter Return (NSR) royalty** to Emergent Metals.  **[886986_a7bdef21d85945bcabd8deb4e63cb087_3]** 
- The Golden Arrow Project is an advanced-stage gold-silver property in Nevada, with historical measured + indicated resources of **296,500 oz gold** and **4,008,000 oz silver**, and inferred resources of **50,400 oz gold** and **1,249,000 oz silver**.  **[886986_a7bdef21d85945bcabd8deb4e63cb087_0]** 
- The project is strategically located along the Walker Lane Shear Zone and benefits from established permitting infrastructure, enabling rapid advancement and significant exploration upside.  **[886986_a7bdef21d85945bcabd8deb4e63cb087_0]** **[886986_a7bdef21d85945bcabd8deb4e63cb087_1]**

Fairchild Gold Corp. to Acquire Golden Arrow Project

- Bunker Hill Mining Corp. successfully closed a bought deal private placement, securing **C$51,854,494** in gross proceeds.  **[886986_ed644bb0421b494cb5b44b3ba942f6e9_0]** 
- **Teck Resources Limited** subscribed for **223,786,706 Units** in the USD Offering, increasing its beneficial ownership in Bunker Hill to approximately **32.6%** on a non-diluted basis and **45.6%** on a partially diluted basis.  **[886986_ed644bb0421b494cb5b44b3ba942f6e9_0]** 
- The net proceeds from the Offering are intended to fund the construction, start-up, and ramp-up of the **Bunker Hill Zinc-Silver-Lead Mine**.  **[886986_ed644bb0421b494cb5b44b3ba942f6e9_0]**

Bunker Hill Mining Corp. Closes C$52 Million Private Placement

- Teck Resources Limited and Anglo American plc entered into a definitive arrangement agreement on **September 9, 2025**, for an **at market merger of equals**.  **[886986_0000950142-25-002497_eh250681261_ex9901.htm:0]** 
- Anglo American will acquire all Teck shares, with Teck shareholders receiving **1.3301 ordinary shares of Anglo American** per Teck share.  **[886986_0000950142-25-002497_eh250681261_ex9901.htm:0]** 
- The combined company will operate under the name **"Anglo Teck"** and will be **headquartered in Canada**.  **[886986_0000950142-25-002497_eh250681261_ex9901.htm:0]** 
- Following the merger, pre-merger Anglo American shareholders will own approximately **62.4%** and pre-merger Teck shareholders will own approximately **37.6%** of Anglo Teck plc.  **[886986_0000950142-25-002497_eh250681261_ex9901.htm:1]** 
- Anglo American has agreed to declare a special dividend of up to **US$4.5 billion**, expected to be approximately **US$4.19 per share**, ahead of the merger closing.  **[886986_0000950142-25-002497_eh250681261_ex9901.htm:1]** **[886986_0000950142-25-002497_eh250681261_ex9901.htm:5]**

Teck Resources and Anglo American Announce Merger of Equals

- Solaris Resources Inc. signed a landmark agreement with the Pueblo Shuar Arutam organization (PSHA) on **September 11, 2025**, completing formal partnerships with all Indigenous organizations surrounding the Warintza Project in Ecuador.  **[886986_1963f128e5ea43bf92400ee48bcbc110_0]** **[886986_1963f128e5ea43bf92400ee48bcbc110_1]**  This reinforces the project's momentum and commitment to inclusive, community-led development.  **[886986_1963f128e5ea43bf92400ee48bcbc110_1]** 
- The company has submitted the final Technical Environmental Impact Assessment (EIA) for government review and anticipates the Free, Prior and Informed Consultation (FPIC) process to formally commence in the **coming months**.  **[886986_1963f128e5ea43bf92400ee48bcbc110_0]** **[886986_1963f128e5ea43bf92400ee48bcbc110_2]** 
- The Pre-Feasibility Study (PFS) for the Warintza Project is advancing, incorporating an updated Mineral Resource Estimate (MRE) including Warintza West, and is expected to be completed in the **second half of 2025**.  **[886986_1963f128e5ea43bf92400ee48bcbc110_0]** **[886986_1963f128e5ea43bf92400ee48bcbc110_2]**

TECK RESOURCES (TECK)