TECK Teck Resources Ltd - Ordinary Shares - Class B

Teck Resources reported a sharp increase in Q3 2026 profitability, driven by record copper prices, higher zinc prices and increased production. Net profit attributable to shareholders surged to C$1.592B from C$281M a year earlier, partly reflecting a C$667M after-tax impairment reversal at its Trail operations. Adjusted EBITDA nearly doubled, rising 97% year over year to C$2.305B from C$1.171B. Revenue increased 33.4% to C$4.517B, while adjusted attributable profit climbed to C$923M, or C$1.88 per share, versus C$372M, or C$0.76 per share, a year earlier. Copper production rose 11% to 115,700 tonnes, while the average copper price jumped 44% year over year to $6.40 per pound. Copper segment gross profit more than tripled to C$1.223B, and net cash costs fell to $1.77 per pound from $2.09. Teck lowered its 2026 net cash cost guidance for copper to $1.80–$2.00 per pound from $1.85–$2.20, and for zinc to $0.30–$0.40 per pound from $0.65–$0.75. $TECK

$TECK reports earnings tomorrow before the open. I’m bullish heading into the report: TECK has beaten EPS estimates in 8 of its last 8 reports, according to Stock Meadow.

A strike at Teck Resources' Highland Valley copper mine is a single-outlet, company-specific supply event that hits $TECK s own copper output directly, while the read-through to US copper peers like Freeport-McMoRan and Southern Copper is second-order at best. $TECK already trades up 2.1% pre-market on the story, so the easy part of the move is gone and the trade is now about duration of the outage, not the headline.

$TECK China's antitrust regulator is charging a toll on the Anglo-Teck merger measured in copper, not cash. Reuters reported Friday that SAMR asked Anglo American to commit to a steady flow of copper concentrate to China as a condition for approving its 54 billion dollar combination with Teck. The backdrop: China refines up to 60 percent of the world's copper cathodes but is living through its worst concentrate shortage in decades. Refined output is set to grow at its slowest pace since at least 2000. One detail with teeth: the assurances cover volumes sold through traders. That closes the intermediary workaround for hiding where the metal goes. The ask is behavioral, not structural: no asset sale, just a guaranteed feedstock flow. If SAMR gets it, this becomes the template for every future critical-minerals megadeal. Anglo says it is making good progress. Teck declined to comment. Canada and the EU have already cleared the deal. Beijing is the last gate.