Teck Resources Limited Q3 2026 Earnings Recap

Teck fell 3.9% after earnings, with weather-related disruption at Quebrada Blanca (QB) the clearest concern: outages and flooding reduced access to high-grade ore and weighed on mine productivity into September. Annual production guidance was unchanged, but the operational setbacks may have overshadowed higher cash flow and lower unit-cost guidance.

Key Takeaways

• Cash flow from operations was CAD 1.6 billion and adjusted EBITDA was CAD 2.3 billion; both were higher than the same period last year, with EBITDA doubled.
• Net cash increased by CAD 655 million in the quarter and CAD 1.7 billion in the first nine months; liquidity was almost CAD 11 billion, including CAD 6.7 billion of cash.
• At QB, heavy snowfall and high winds caused intermittent power outages and shutdowns in August; flooding then restricted access to high-grade ore and affected productivity into September.
• Teck lowered the midpoint of 2026 net cash unit-cost guidance by $0.13 per pound for copper and $0.035 per pound for zinc, citing strong by-product pricing and operating discipline. Production and capital expenditure guidance were unchanged.
• Highland Valley Copper’s mine-life extension was more than 25% complete and is expected to support operations through 2046, with average annual copper production of approximately 132,000 tons.