Agnico Eagle Mines Limited and Teck Resources announced that Agnico Eagle has agreed to subscribe for a 50% interest in Minas de San Nicolás, S.A.P.I. de C.V., a wholly-owned Teck subsidiary which owns the San Nicolás copper-zinc development project located in Zacatecas, Mexico (the "Transaction"). As a result of the Transaction, Teck and Agnico Eagle will become 50/50 joint venture partners at San Nicolás. San Nicolás Project Highlights · Located in Zacatecas, a major mining state in Mexico, with significant geological potential and numerous poly-metallic and precious metals opportunities. In addition, Zacatecas has excellent access to infrastructure and a skilled workforce · San Nicolás is the larger undeveloped volcanic-hosted massive sulfide deposit deposit in Mexico and is one of the larger undeveloped VHMS deposits globally.

As at December 31, 2021, Teck estimated San Nicolás to contain 105.2 million tonnes of proven and probable mineral reserves at average grades of 1.12% copper, 1.48% zinc, 0.4 g/t gold and 22 g/t silver, or more than 2.0% on a copper equivalent basis · Prefeasibility study completed by Teck in March 2021 describes attractive economics and project parameters: o The project contemplates a modern truck-and-shovel open pit, processing, and flotation operation o First production expected in 2026, with an estimated mine life of 15 years and meaningful potential for mine life extension and regional exploration upsidexpected to produce 63 thousand tonnes per annum (ktpa) of copper and 147 ktpa of zinc in concentrate over its first five years of production o Average life of mine head grades of 1.13% copper and 1.49% zinc Average C1 operating costs of USD (0.16)/lb copper and USD 0.44/lb copper over the first five years of production and life of mine, respectively, net of by-products o USD 842 million development capital cost estimate o 2.6 year payback and 33% after-tax Internal Rate of Return (IRR) based on USD 3.50/lb copper and USD 1.15/lb zinc · Teck and Agnico Eagle anticipate that development capital costs could be in the range of USD 1,000 million to USD 1,100 million, based on current cost environment and estimate accuracy. With development capital costs in this range, and assuming spot prices of approximately USD 3.57/lb copper and USD 1.46/lb zinc, the estimated payback period would be 2.5 to 2.8 years with an estimated after- tax IRR of 33% to 30%.