Teck & Agnico Eagle Ink Pact for San Nicolás Copper-Zinc Project

Agnico Eagle Mines and Teck Resources announced that Agnico Eagle has agreed to subscribe for a 50% interest in Minas de San Nicolás, a wholly-owned Teck subsidiary which owns the San Nicolás copper-zinc development project located in Zacatecas in Mexico. As a result of the Transaction, Teck and Agnico Eagle will become 50:50 joint venture partners at San Nicolás.San Nicolás is the largest undeveloped volcanic-hosted massive sulfide deposit deposit in Mexico and is one of the largest 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 basisPrefeasibility study completed by Teck in March 2021 describes attractive economics and project parameters:First production expected in 2026, with an estimated mine life of 15 years and meaningful potential for mine life extension and regional exploration upsideExpected to produce 63 thousand tonnes per annum of copper and 147 ktpa of zinc in concentrate over its first five years of productionAverage life of mine head grades of 1.13% copper and 1.49% zincAverage C1 operating costs of US$(0.16)/lb copper and US$0.44/lb copper over the first five years of production and life of mine, respectively, net of by-productsUSD842 million development capital cost estimate

Teck & Agnico Eagle Ink Pact for San Nicolás Copper-Zinc Project

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