Teck Recommends that Shareholders Reject “Mini-Tender Offer” by TRC Capital

Core Viewpoint - Teck Resources Limited has received an unsolicited mini-tender offer from TRC Capital Corporation to purchase up to 2.0 million Class B subordinate voting shares at a price of $47.80, which is a 4.46% discount to the closing price on May 20, 2025 [1][2]. Group 1: Mini-Tender Offer Details - The mini-tender offer represents approximately 0.41% of Teck's outstanding Class B subordinate voting shares as of May 23, 2025 [1]. - Teck advises shareholders not to tender their shares due to the below-market price of the offer and various conditions attached to TRC's offer [3][4]. - TRC's offer includes subjective conditions and is designed to avoid many investor protections applicable to larger tender offers [4]. Group 2: Shareholder Guidance - Teck does not endorse TRC's unsolicited offer and emphasizes that shareholders should exercise caution and consult financial advisors before making decisions [4]. - The Canadian Securities Administrators have raised concerns about mini-tender offers, warning that investors might misunderstand the terms and pricing relative to market conditions [5]. - Shareholders who have tendered their shares can withdraw them before June 18, 2025, by following the procedures outlined in TRC's offer documents [7]. Group 3: Company Overview - Teck is a leading Canadian resource company focused on providing essential metals for economic development and energy transition, with operations in North and South America [11]. - The company is committed to responsible growth and stakeholder trust, with a strong portfolio in copper and zinc operations [11].