Strong Financial Performance: Teck Resources reported a more than doubled adjusted EBITDA of $927 million in Q1 2025, up 127% year-over-year, primarily driven by higher copper and zinc prices, improved sales volumes, and a favorable foreign exchange impact as the Canadian dollar weakened against the US dollar.

Copper Production Growth Forecast: The company expects a growth in copper production to between 490,000 to 565,000 tons for FY 2025, compared to 446,000 tons in 2024. This expected growth is underpinned by ramping up QB operations and improved mill throughput at established mines.

Short-term Production Challenges: Production at QB was negatively impacted in Q1 due to a combination of an 18-day extended maintenance shutdown and power outages, resulting in guidance being lowered to the lower end of the production range for 2025. Additional maintenance shutdowns are anticipated in Q2 and Q3 as tailings management facility work progresses, which could further affect near-term output.