Category: 3. Business

For further information, please contact:

Notes:
Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore and crop nutrients – future-enabling products that are essential for decarbonising the global economy, improving living standards, and food security. Our portfolio of world-class operations and outstanding resource endowments offers value-accretive growth potential across all three businesses, positioning us to deliver into structurally attractive major demand growth trends.

Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how we discover new resources to how we mine, process, move and market our products to our customers – safely, efficiently and responsibly. Our Sustainable Mining Plan commits us to a series of stretching goals over different time horizons to ensure we contribute to a healthy environment, create thriving communities and build trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders, for the benefit of the communities and countries in which we operate, and for society as a whole. Anglo American is re-imagining mining to improve people’s lives.

Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence, Portfolio simplification, and Growth. The sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond business (De Beers) continue to progress and once completed, will focus Anglo American on its world-class resource asset base in copper, premium iron ore and crop nutrients.

www.angloamerican.com

Group terminology
In this document, references to “Anglo American”, the “Anglo American Group”, the “Group”, “we”, “us”, and “our” are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.

Disclaimer
This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.

Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American’s financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American’s products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American’s present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American’s assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.

©Anglo American Services (UK) Ltd 2025.  ^™ and ^™ are trademarks of Anglo American Services (UK) Ltd.

Legal Entity Identifier: 549300S9XF92D1X8ME43

Client Alert  |  December 15, 2025

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While having no immediate impact on ISS and Glass Lewis, the Executive Order heightens the regulatory scrutiny of and pressure on proxy advisory firms’ practices and on the actions of their clients.

On December 11, 2025, President Trump signed an Executive Order[1] directing the Securities and Exchange Commission (SEC), Federal Trade Commission (FTC) and Department of Labor (DoL) to take various actions “to end the outsized influence of proxy advisors that prioritize radical political agendas over investor returns.”[2] The Executive Order specifically calls out Institutional Shareholder Services (ISS) and Glass, Lewis & Co. (Glass Lewis) and alleges that that they “control more than 90 percent of the proxy advisor market.”

Rationale for the Executive Order

The Executive Order’s stated aims are to “increase oversight of and take action to restore public confidence in the proxy advisor industry, including by promoting accountability, transparency, and competition.” The cited reasons for increasing oversight include that ISS and Glass Lewis are both “foreign-owned,” have “enormous influence over corporate governance matters” and “regularly use their substantial power to advance and prioritize radical politically-motivated agendas.” The Executive Order also notes that the practices of ISS and Glass Lewis “raise significant concerns about conflicts of interest and the quality of their recommendations.”

Actions Directed by the Executive Order

The Executive Order directs the SEC to take the following actions with respect to proxy advisors:  (a) review all rules, regulations, guidance, bulletins, and memoranda relating to proxy advisors and consider revising or rescinding any that are inconsistent with the purpose of the Executive Order, especially to the extent that they implicate diversity, equity and inclusion (DEI) or environmental, social and governance (ESG) policies; (b) enforce the Federal securities laws’ anti‑fraud provisions with respect to material misstatements or omissions contained in proxy advisors’ proxy voting recommendations; (c) assess whether to require proxy advisors whose activities fall within the scope of the Investment Advisers Act of 1940 (IAA) to register as Registered Investment Advisers;[3] (d) consider requiring proxy advisors to provide increased transparency on their recommendations, methodology, and conflicts of interest, especially regarding DEI and ESG factors; and (e) analyze whether and when a proxy advisor serves as a vehicle for investment advisers to coordinate and augment their voting decisions with respect to a company’s securities such that they form a group for purposes of Sections 13(d)(3) and 13(g)(3) of the Securities Exchange Act of 1934 (the “Exchange Act”).

The Executive Order also directs the SEC to:  (a) consider revising or rescinding all rules, regulations, guidance, bulletins, and memoranda relating to shareholder proposals, including SEC Rule 14a-8, that are inconsistent with the purpose of the Executive Order; and (b) examine whether the practice of Registered Investment Advisers engaging proxy advisors to advise on (and following the recommendations of such proxy advisors with respect to) non-pecuniary factors in investing, including DEI and ESG factors, is inconsistent with their fiduciary duties.

The Executive Order directs the FTC, in consultation with the Attorney General, to: (a) review ongoing state antitrust investigations into proxy advisors and determine if there is a probable link between conduct underlying those investigations and violations of Federal antitrust law; and (b) investigate whether proxy advisors engage in unfair methods of competition or unfair or deceptive acts or practices that harm U.S. consumers.[4]

The Executive Order directs the DoL to take appropriate actions to: (a) revise its regulations and guidance regarding the fiduciary status of individuals who manage, or (like proxy advisors) advise those who manage, the rights appurtenant to shares held by plans covered under the Employee Retirement Income Security Act of 1974 (ERISA), including proxy votes and corporate engagement, consistent with the policy of the Executive Order; (b) act to strengthen the fiduciary standards of pension and retirement plans covered under ERISA, including by assessing whether proxy advisors act solely in the financial interests of plan participants and the extent to which any of their practices undermine the pecuniary value of the assets of ERISA plans; and (c) enhance transparency concerning the use of proxy advisors, particularly regarding DEI and ESG investment practices.

The Executive Order is the Latest Salvo Aimed at Proxy Advisors

The Executive Order is the latest in a series of regulatory, legislative and legal initiatives directed at the policies and practices of proxy advisory firms. Other recent examples include:

• Texas legislation seeking to impose certain requirements on proxy advisory firms, which legislation is subject to ongoing litigation;[5]

• Florida’s attorney general filing a lawsuit against ISS and Glass Lewis alleging that both firms misled Florida consumers, abused their dominance over the shareholder-voting market, and “weaponized” their influence to impose an ideological agenda on American companies and Florida retirees in violation of Florida’s consumer protection and antitrust laws.[6]

• Congressional action, including proposed legislation seeking to regulate proxy advisors[7] and institutional investors’ use of the proxy advisors’ services,[8] as well as hearings in the U.S. House of Representatives titled “Exposing the Proxy Advisory Cartel: How ISS and Glass Lewis Influence Markets”[9] and “The Proxy Advisor Duopoly’s Anticompetitive Conduct”;[10]

• several state attorneys general sending letters to ISS and Glass Lewis requesting information regarding the firms’ priorities relating to climate and DEI, and accusing the firms of prioritizing nonpecuniary goals over companies’ financial performance;[11]

• several state attorneys general subsequently announcing investigations into whether ISS and Glass Lewis violated various states’ consumer protection statutes by making misleading representations regarding their consideration of ESG and DEI factors;[12] and

• the FTC investigating whether ISS and Glass Lewis violated antitrust laws through their business of guiding shareholder votes on contentious topics.[13]

Proxy Advisor Responses

Responses by proxy advisors to the rising tide of federal and state-level scrutiny and actions provide insight into how they will likely address the impacts of the Executive Order.  For example, proxy advisors challenged a new Texas state law that subjects the firms to extensive public and directed disclosure obligations when their recommendations or services are deemed to be based on alleged non-financial factors.[14] The proxy advisors may adopt a similar posture in response to regulatory actions that emerge from the Executive Order.

Additionally, in response to the enhanced scrutiny they are facing, proxy advisors recently announced changes to their benchmark policies and proxy voting recommendations.  For example, Glass Lewis is moving away from its standard voting guidelines to instead offer more customized voting frameworks for its institutional clients.  Similarly, ISS updated its proxy voting guidelines for meetings after February 1, 2026, to (among other changes) move away from generally recommending votes “for” environmental and social shareholder proposals to a case-by-case assessment and recommendation. It is likely that proxy advisors will continue to strategically and preemptively evolve their business models in response to the rulemaking actions that emerge from the Executive Order.

What’s Next?

While having no immediate impact on ISS and Glass Lewis, the Executive Order heightens the regulatory scrutiny of and pressure on their practices and on the actions of their clients. Although rule amendments and enforcement investigations will take time before having any impact and face other hurdles,[15] the Executive Order’s call for agencies to revise or rescind guidance, bulletins, and other interpretations that are inconsistent with the rationale and objectives of the Executive Order opens the possibility for additional near-term pronouncements that could further scramble what already will be a unique proxy season. Among other things, we expect the SEC staff to revisit the guidance in Staff Legal Bulletin No. 20,[16] which provides Staff guidance about investment advisers’ responsibilities in voting client proxies and retaining proxy advisory firms and the availability and requirements of two exemptions to the federal proxy rules for proxy advisory firms.  Similarly, much of the practice around shareholder proposals under Rule 14a-8 is founded on Commission and Staff interpretive guidance and, as Commissioner Uyeda recently observed, internal Staff memorandum.[17]

There may also be near-term effects on proxy advisors’ clients, which could impact public companies’ shareholder engagement strategies during the 2026 proxy season. While most large institutional investors do not rely on the proxy advisors’ voting recommendations (whether or not they subscribe to the firms’ analyses), and instead operate under their own voting policy guidelines, these firms increasingly are passing voting decisions through to the beneficial owners, and remain cautious while engaging with portfolio companies in order to protect their Schedule 13G passive investor status. Other institutional investors that follow or rely heavily on the proxy advisors’ voting recommendations may alter their voting practices out of concern of being viewed as part of a Section 13(d) group.[18] Those institutional investors might change their voting practices, at least to the extent that in the past they automatically or by default voted in line with a proxy advisor’s recommendation promptly after the recommendation was issued, and some may be less inclined to follow a proxy advisor’s voting recommendation, particularly in the context of “vote no” campaigns or proxy contests that target incumbent directors. As a result, public companies may be less able to forecast voting outcomes, placing a greater premium on companies clearly and concisely communicating their perspective on matters being put to a vote, both through their proxy statements and through on-going shareholder engagement.

[1] The White House, Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors (Dec. 11, 2025).

[2] The White House, Fact Sheet: President Donald J. Trump Protects American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors.

[3] ISS is currently registered as an investment adviser, and Glass Lewis recently announced its intention to also register.  See Glass Lewis, A Personal Commitment to Change Proxy Voting Practices (Nov. 25, 2025).

[4] Such acts or practices include “(i) conspiring or colluding, explicitly or implicitly, to diminish the value of consumer investments (including pensions and retirement accounts); (ii) failing to adequately disclose conflicts of interest; (iii) providing misleading or inaccurate information; (iv) undermining the ability of consumers to make informed choices; or (v) otherwise engaging in conduct that violates the antitrust laws.”

[5] See Gibson Dunn, Texas Court Blocks Enforcement of New Texas Proxy Advisor Law Against ISS and Glass Lewis (Aug. 30, 2025) (August 2025 Alert).

[6] See Office of the Attorney General, State of Florida, Attorney General James Uthmeier Sues Proxy Advisory Giants for Deceiving Investors and Manipulating Corporate Governance (Nov. 20, 2025).

[7] See H.R. 4098, the Stopping Proxy Advisor Racketeering Act, which would prohibit proxy advisors from providing proxy voting advice while facing a “conflict of interest.”

[8] See H.R. 3402, which would require “institutional investment managers” that use proxy advisors to disclose the percentage of their votes on shareholder proposals that are consistent with proxy advisors’ recommendations and explain how they consider such recommendations in making voting decisions. For institutional investment managers with at least $100 billion in assets under management, the bill would also require an economic analysis of each shareholder proposal on which they cast votes inconsistent with the recommendations of boards composed of a majority of independent directors.

[9] Hearing held by the U.S. House Committee on Financial Services, Subcommittee on Capital Markets on April 29, 2025. See, e.g., Testimony of Elizabeth Ising Before the U.S. House Committee on Financial Services, Subcommittee on Capital Markets.

[10] Hearing held by the U.S. House Committee on the Judiciary, Subcommittee on the Administrative State, Regulatory Reform, and Antitrust on June 25, 2025.

[11] Sean D. Reyes, Utah Att’y Gen., et al., Letter to Gary Retelny, President & Chief Exec. Officer, ISS, and Kevin Cameron, Exec. Chairman, Glass, Lewis & Co. (Jan. 17, 2023).

[12] See, e.g., Office of the Attorney General, State of Texas, Attorney General Ken Paxton Investigates Proxy Advisors Glass Lewis and ISS for Misleading Public Companies to Push Radical Agenda (Sept. 16, 2025).

[13] See Wall Street Journal, Proxy Advisers ISS and Glass Lewis Are Facing Antitrust Probes (Nov. 12, 2025).

[14] See August 2025 Alert.

[15] Of note is the need to consider the ability of the SEC to regulate proxy advisors under the Exchange Act in light of the July 1, 2025, ruling by the U.S. Court of Appeals for the D.C. Circuit that proxy voting advice issued by proxy advisory firms does not constitute a “solicitation” under the Exchange Act. ISS v. SEC, 142 F.4th 757 (D.C. Cir. 2025), available at https://media.cadc.uscourts.gov/opinions/docs/2025/07/24-5105-2123183.pdf.

[16] Staff Legal Bulletin No. 20, Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms (June 30, 2014).

[17] Comm’r. Mark T. Uyeda, Remarks at the 2025 Institute for Corporate Counsel (Dec. 3, 2025)

[18] Id. (stating that “funds and asset managers using [proxy voting advisory businesses] for voting decisions may have formed a group for purposes of Section 13(d)(3) or Section 13(g)(3) of the Securities Exchange Act”).

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The following Gibson Dunn lawyers prepared this update: Elizabeth Ising, Mellissa Duru, Julia Lapitskaya, Ronald Mueller, Aaron Briggs, and Nathan Marak.

Gibson Dunn’s lawyers are available to assist with any questions you may have regarding the SEC’s announcement, or federal securities laws and regulations more generally. Please contact the Gibson Dunn lawyer with whom you usually work, the authors, or any of the following leaders and members of the firm’s Securities Regulation & Corporate Governance, Administrative Law & Regulatory, or Antitrust & Competition practice groups:

Securities Regulation & Corporate Governance:
Aaron Briggs – San Francisco (+1 415.393.8297, abriggs@gibsondunn.com)
Mellissa Campbell Duru – Washington, D.C. (+1 202.955.8204, mduru@gibsondunn.com)
Elizabeth Ising – Washington, D.C. (+1 202.955.8287, eising@gibsondunn.com)
Thomas J. Kim – Washington, D.C. (+1 202.887.3550, tkim@gibsondunn.com)
Brian J. Lane – Washington, D.C. (+1 202.887.3646, blane@gibsondunn.com)
Julia Lapitskaya – New York (+1 212.351.2354, jlapitskaya@gibsondunn.com)
Ronald O. Mueller – Washington, D.C. (+1 202.955.8671, rmueller@gibsondunn.com)
Michael A. Titera – Orange County (+1 949.451.4365, mtitera@gibsondunn.com)
Geoffrey E. Walter – Washington, D.C. (+1 202-887-3749, gwalter@gibsondunn.com)
Lori Zyskowski – New York (+1 212.351.2309, lzyskowski@gibsondunn.com)

Administrative Law & Regulatory:
Eugene Scalia – Washington, D.C. (+1 202.955.8673, escalia@gibsondunn.com)

Antitrust & Competition:
Kristen C. Limarzi – Washington, D.C. (+1 202.887.3518, klimarzi@gibsondunn.com)
Michael J. Perry – Washinton, D.C. (+1 202.887.3558, mjperry@gibsondunn.com)

© 2025 Gibson, Dunn & Crutcher LLP.  All rights reserved.  For contact and other information, please visit us at www.gibsondunn.com.

Attorney Advertising: These materials were prepared for general informational purposes only based on information available at the time of publication and are not intended as, do not constitute, and should not be relied upon as, legal advice or a legal opinion on any specific facts or circumstances. Gibson Dunn (and its affiliates, attorneys, and employees) shall not have any liability in connection with any use of these materials.  The sharing of these materials does not establish an attorney-client relationship with the recipient and should not be relied upon as an alternative for advice from qualified counsel.  Please note that facts and circumstances may vary, and prior results do not guarantee a similar outcome.

• Applications for the $25 million Regional
  Housing Support Fund have been extended until 5pm Friday, 6 February 2026
• Funding is available for housing and land
  projects in regional Western Australia
• Part of the Cook Government’s commitment to
  ensure every Western Australian has a home

The Cook Government has
extended the application deadline for the $25 million Regional Housing Support
Fund, giving regional stakeholders more time to develop their applications for
support to deliver new housing projects.

The fund is part of the
Government’s $5.8 billion investment in housing measures and commitment to
ensuring regional Western Australians have a place to call home.

By removing barriers to
housing, the fund aims to create jobs and drive economic and community growth
throughout the regions.

Local governments,
community housing providers, and developers or landowners can apply for funding
to help address demonstrated and quantified feasibility gaps for a wide range
of project costs, provided the project proposes a minimum of three residential
dwellings or lots.

With strong interest
already received for the fund, applications for the competitive grant will be
extended to 5pm Friday, 6 February 2026. This extension provides applicants
additional time to prepare their submissions, including business cases.

With high demand
expected, applicants are advised to ensure their applications clearly identify
the feasibility gap their project is facing.

Applications close 5pm
Friday, 6 February 2026. For more information and to apply, visit the Regional
Housing Support Fund website.

Comments attributed to
Planning and Lands and Housing and Works Minister John Carey:

“We’re listening to
feedback from regional stakeholders and making sure that they have time to
access support for vital housing projects.

“The Cook Government is
committed to breaking down barriers to housing supply and supporting growth in
our regional communities.

“This fund is about
unlocking new housing opportunities, creating jobs, and strengthening the
regions.

“We want to see strong,
well-prepared applications that will deliver real benefits for local
communities.”

(Courtesy Office of the Lieutenant Governor)

HONOLULU — The Hawai‘i Department of Transportation (HDOT) and its food and beverage concessionaire partner HMSHost celebrated the grand opening Waialua Bar & Cafe in Terminal 1 of the Daniel K. Inouye International Airport (HNL).

Inspired by the moku (district) of Waialua on O‘ahu’s North Shore and located at the most northern area of the airport, Waialua Bar & Cafe offers travelers a menu bursting with local flavors, from freshly made cafe sandwiches and pastries, to a full bar featuring expertly crafted cocktails and mocktails, alongside local craft beer.

For breakfast, travelers can enjoy one of several breakfast sandwiches, like the Cranberry, Egg and Gouda on a butter croissant, while for lunch, the Harissa Grilled Cheese with sun-dried tomato is a perfect choice. Waialua Bar & Cafe’s bake shop serves guava Danishes, coconut pineapple tea bread, and a leek parmesan bistro pastry, among other freshly baked treats. Cocktails highlight the many flavors of the islands, like pineapple, coconut and macadamia nut, blending with local spirits.

“One of the main requests we receive from travelers is to offer more local food options at the airport that reflect our island tastes and culture,” said Hawai‘i Department of Transportation Director Ed Sniffen. “Waialua Bar & Cafe’s innovative menu will offer residents familiar local food and drink choices and provide visitors with authentic flavors of Hawai‘i. We appreciate HMSHost’s collaboration in our ongoing efforts to elevate the airport experience for our travelers, while showcasing what makes Hawai‘i so special.”

HDOT and HMSHost are also collaborating with popular local chefs and restauranteurs to bring additional new dining experiences to HNL, as well as to the Kahului and Līhu‘e airports. Details for the new restaurants will be provided as plans are finalized.

“Daniel K. Inouye International Airport is a place where visitors from around the world expect to experience Hawai‘i the moment they arrive. Waialua Bar & Cafe is the first of several new dining options to come that will transform the passenger experience. We’re very proud of our continued partnership with the Hawai‘i Department of Transportation as we bring more local flavor to the airport,” said HMSHost Vice President of Business Development Anthony Alessi.

###

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) and Anglo American plc (“Anglo American”) have received regulatory approval from the Government of Canada under the Investment Canada Act (“ICA”) for the merger of equals between Anglo American and Teck which was announced on September 9, 2025. Anglo American and Teck believe that the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada, founded upon establishing a global critical minerals champion headquartered in Canada.

Anglo American and Teck set out a number of proposed commitments in their September transaction announcements which have been further defined into a set of binding commitments under the ICA. The commitments include that Anglo Teck will spend at least C$4.5 billion in Canada within 5 years, including in connection with the Highland Valley Copper mine life extension, enhancing critical minerals processing capacity at Trail, and advancing the development of the Galore Creek and Schaft Creek copper projects in northwestern British Columbia. Such expenditures will enable Anglo Teck to spend a total of at least C$10 billion in Canada over 15 years. A summary of the agreed commitments is set out in Appendix 1.

Jonathan Price, President and CEO of Teck, said: “The Government of Canada’s approval is an important step forward in the formation of Anglo Teck—a new global critical minerals champion headquartered in Canada. This merger will combine two world-class companies to form a business of significant scale and capability that will deliver billions in investment and drive new economic activity and job creation here in Canada and beyond.

“Canada and British Columbia are recognised worldwide as strong mining jurisdictions with critical minerals strategies focused on creating a positive environment to attract new investment and growth in responsible mining. Establishing Anglo Teck here in Vancouver is wholly aligned with government’s economic focus and will help to further elevate Canada’s role and impact on the global critical minerals stage, creating benefits for communities, Indigenous Peoples, employees and all stakeholders.”

Duncan Wanblad, CEO of Anglo American, said: “We are delighted to receive regulatory approval from the Government of Canada for our merger of equals with Teck. Today’s confirmation by Minister of Industry, the Honourable Mélanie Joly, marks yet another step towards forming a major global critical minerals powerhouse, following the overwhelming endorsement of both our and Teck’s shareholders last week. Anglo Teck represents a significant investment in Canada, its people and its natural resources, underpinned by a comprehensive package of commitments designed to drive enduring economic and wider benefits associated with a thriving mining ecosystem in British Columbia and Canada as a whole.

“We are all committed to preserving and building on the proud heritage of both companies, in Canada, as home to Anglo Teck’s global headquarters, in South Africa where our commitment to investment and national priorities endures, and across our entire global operational and commercial footprint. We look forward to continuing our commitment to engage meaningfully with all stakeholders including Indigenous Peoples and communities as Anglo Teck. Together, Anglo Teck will be at the forefront of our industry in terms of value accretive growth in responsibly produced critical minerals.”

The merger of Anglo American and Teck was approved by each company’s shareholders at meetings held on December 9, 2025. Completion of the merger remains subject to conditions customary for a transaction of this nature, including the relevant regulatory approvals in various jurisdictions globally. The merger has already received competition approvals in Canada and Australia, and other reviews are progressing.

At completion, Anglo Teck will have its headquarters in Vancouver, and will have its primary listing on the LSE, retaining FTSE UK index inclusion, as well as listings on the JSE, TSX and NYSE.^[1]

Further details regarding the Merger are set out in Teck’s management information circular dated November 3, 2025 (the “Circular”), which is available under Teck’s profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).

^{[1] Listings are subject to the approval or clearance from each applicable exchange. NYSE listing to be implemented as a listing of American Depositary Receipts.}

Appendix 1: Investment Canada Act commitments

Anglo American and Teck have agreed to binding commitments with the Government of Canada under the ICA, as summarized below.

Commitments a. to f. will remain in place in perpetuity:

1. The name of the combined global business will be Anglo Teck.
2. Anglo Teck’s global headquarters will be in Canada.
3. A significant majority of Anglo Teck’s senior management will be based in Canada, including the CEO, Deputy CEO, and CFO as executive directors who will have their principal office and reside primarily in Canada.
4. A substantial proportion of Anglo Teck plc’s board of directors will be Canadian, comprising Anglo Teck executive directors residing primarily in Canada referred to above, and Canadians.
5. Anglo Teck will further the leading environmental and social practices of both Teck and Anglo American in Canada and promote within its organizational culture a recognition of the importance of respecting indigenous and community rights. Specifically, Anglo Teck will honour all existing agreements in Canada with communities, Indigenous governments and labour unions, in accordance with their terms.
6. Anglo Teck will have a listing on the TSX, subject to approval of the TSX, and will seek TSX index inclusion.

Investing in Canada

The following commitments (g. to q.) are time-limited in duration:

7. Anglo Teck will spend at least C$4.5 billion in Canada within 5 years, including in connection with the initiatives described below. Such expenditures will enable Anglo Teck to spend a total of at least C$10 billion in Canada over 15 years.
8. Anglo Teck will proceed with the Highland Valley Copper Mine Life Extension (“HVC MLE”) Project, requiring expected capital investment of approximately C$2.1 to C$2.4 billion over the term of the HVC MLE.
9. Anglo Teck will make capital investments of up to C$850 million to sustain and enhance critical minerals processing capacity at Teck’s Trail Operations, including the potential expansion of production of germanium and other strategic metals, in part subject to proceeding with the Red Dog Mine life extension project. These investments will contribute to enhancing critical minerals supply.
10. Anglo Teck will advance the development of the Galore Creek and Schaft Creek copper projects in northwestern British Columbia, including capital expenditures of up to C$750 million.
11. Anglo Teck will cause expenditures to be made of at least C$300 million in Canadian critical mineral exploration and technology, including expanding support to Canadian junior mining companies through partnerships across Anglo Teck’s global operating footprint, particularly in South Africa and Southern Africa.
12. Anglo Teck will cause expenditures of at least C$100 million to be made in Canada, including to establish and fund a Global Institute for Critical Minerals Research and Innovation– hosted and involving leading institutions in Canada, South Africa and the UK – and invest in mining-related skills training by leveraging partnerships with Indigenous skills training programmes and Canadian post-secondary institutions.
13. Anglo Teck will maintain and enhance existing commitments to Indigenous governments, communities, conservation, and other similar initiatives, including by contributing at least C$200 million to such initiatives.
14. Anglo Teck will maintain 100% of the aggregate employment levels at Teck’s Canadian operations and increase the level of youth employment and training opportunities.
15. Anglo Teck will provide Canadian and Indigenous suppliers with fair and equal opportunity to compete for contracts to supply goods and services to Anglo Teck’s Canadian and global operations.
16. Anglo Teck will explore opportunities to add copper production capacity at Trail Operations and complete a study assessing the viability of constructing a new copper smelter in British Columbia.
17. Anglo Teck will continue and maintain Teck’s remediation and reclamation activities at Teck controlled sites.

Appendix 2: Commitments to South Africa

The merger to form Anglo Teck is designed to build a stronger, larger global critical minerals company that is positioned to invest and grow across the merged company’s global operational and project footprint, including in South Africa. Anglo American has a long and proud history of contributing to the economic growth of South Africa and supporting the country’s national priorities. Anglo American continues to reaffirm its enduring commitment to South Africa, including in relation to meaningful representation from South Africa on the board and executive team, and the investments it is making in its operations and the social fabric of local communities. Following the merger, Anglo Teck will continue to uphold and advance these commitments. Its subsidiaries with operations in South Africa will continue to comply with all relevant empowerment and mining licences requirements.

Furthermore, Anglo Teck will continue to support and partner with the Canadian junior mining sector, an important part of Canada’s mining ecosystem, including through a combination of equity participation, strategic partnerships and the provision of technical, commercial and operational guidance, to invest in mineral exploration projects in Canada and across Anglo Teck’s global operating footprint, with a specific commitment to supporting partnerships in South Africa and southern Africa. As part of the effort to support the junior mining sector, Anglo Teck also plans to make a financial contribution of ZAR600 million to South Africa’s Junior Mining Exploration Fund in partnership with the Industrial Development Corporation of South Africa and the South African Department of Mineral and Petroleum Resources, which seeks to assist qualifying junior miners to conduct prospecting work.

Anglo Teck has also undertaken to support the establishment of, and provide funding to, a Global Institute for Critical Minerals Research and Innovation, hosted and involving leading institutions in Canada, South Africa and the UK.

Forward Looking Statements
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “can”, “could”, “establish”, “plan”, “continue”, “commit”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “provide”, “predict”, “likely”, “potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release. These forward-looking statements include, but are not limited to, statements concerning the expected timing of completion of the Merger, and other statements that are not historical facts.

These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, future outlook and anticipated events, such as the ability and timing of Anglo American and Teck to complete the Merger, the ability of Teck and Anglo American to obtain all required regulatory approvals, the ability of Teck and Anglo American to satisfy all other closing conditions to the Merger, the strategic vision of the merger between Teck and Anglo American following the closing of the Merger, integration of Anglo American and Teck following the closing of the Merger, the ability for Anglo Teck to provide exceptional and enduring benefits for Canada, the ability for Anglo Teck to meet all of its binding commitments under the ICA, the ability for Anglo Teck to spend C$4.5 billion in Canada within 5 years, the ability of Anglo Teck to enhance critical minerals processing at trail and to advance the development of the Galore Creek and Schaft Creek copper projects, the ability for Anglo Teck to spend at least C$10 billion in Canada over the next 5 years, expectations regarding Anglo Teck’s reputation and market perception, expectations regarding Anglo Teck’s objective alignment with the Canadian government, expectations regarding Anglo Teck’s head office located in Vancouver, British Columbia, Canada, expectations regarding Anglo Teck’s commitment to significantly invest in Canada and its natural resources, expectations with respect to Teck’s current stakeholders, Indigenous nations and local communities, and Anglo Teck’s commitment to continue its social and environmental practices and engagement, expectations regarding Anglo Teck’s environmental practices, expectations regarding board and senior management positions and residence, the continued construction of the HVC MLE and the future Red Dog mine life extension project, ability of Anglo Teck to maintain all existing agreements in Canada with communities, Indigenous nations and labour unions, ability for Anglo Teck to have its primary listing on the LSE, the ability for Anglo Teck’s shares to be listed on the JSE, TSX and NYSE (subject to approval of the applicable securities exchange), ability for Anglo Teck to retain Anglo American’s FTSE UK index inclusion, ability for Anglo Teck’s potential future shares listed on the TSX to gain index inclusion, expectations with respect to other capital investments in Canada for future operations, exploration, technology, projects and operations, ability to establish and fund a Global Institute for Critical Minerals Research and Innovation in Canada, South Africa and the UK, establishing and maintaining junior mining partnerships across Anglo Teck, expectations regarding the ability of Anglo Teck to maintain 100% of the employment levels at Teck’s Canadian operations and to increase the level of youth employment and training opportunities, the ability for Anglo Teck to assess and construct a potential new copper smelter in British Columbia, our expectations that Anglo Teck will continue and maintain Teck’s remediation and reclamation activities at Teck controlled sites, continued commitment to South Africa, ability to continue to comply with all relevant empowerment and mining license requirements in South Africa, and Anglo Teck’s ability to financially contribute to South Africa’s Junior Mining Exploration Fund. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

Forward-looking information is based on the information available at the time those statements are made and are of good faith belief of the officers and directors of Teck and Anglo American as of the time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, the possibility that the Merger will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory approvals and other conditions to the closing of the Merger or for other reasons, public perception of the Merger, market reaction to the Merger, the negative impact that the failure to complete the Merger for any reason could have on the business of Anglo American or Teck, the ability of Anglo American and Teck to successfully integrate and capture expected synergies, general economic and market conditions, including interest and foreign exchange rates, global financial markets, commodity pricing, available credit and cash, changes in government regulations, laws or in tax laws, industry competition, change in relationships with meaningful stakeholders, including Indigenous groups and local communities, employee commitment to Anglo Teck following the closing of the Merger, changes in environmental practices, seeking potential TSX listing and index inclusion, continuing support of the Canadian government, continued support of shareholders, meaningful stakeholders, Indigenous groups and local communities, Anglo Teck’s financial condition following the closing of the Merger, tariffs and international trade restrictions, litigation matters , land title disputes or other related matters, technological developments and other factors described or discussed in Anglo American’s or Teck’s disclosure materials filed with applicable securities regulatory authorities from time to time.

Teck assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements, the Merger and Teck’s business can be found in the Circular in respect of the Merger filed under Teck’s profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).

About Teck
Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:
Emma Chapman
Vice President, Investor Relations
+44.207.509.6576
emma.chapman@teck.com

Media Contact:
Dale Steeves
Director, External Communications
236.987.7405
dale.steeves@teck.com

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How strong is economic growth?

Economic growth is forecast to reach 2.4% in early 2026, a rate that’s slightly above the pace the economy can comfortably sustain, sometimes called its “speed limit.”

Households are a major driver of this strength, helped by earlier interest rate cuts, recent tax changes and steady job and income gains. Investment in data centres and renewable energy projects is also adding momentum as are improvement in housing investment and support from public demand.

What could this mean for borrowers?

The expected February rate rise would be a fine-tuning move, not the start of a large run-up in interest rates. The RBA is aiming to nudge inflation back toward target rather than cool the economy sharply.

However, if household spending or business investment turns out even stronger than expected, the RBA may need to raise rates more than once. In contrast, coolness in the labour market or a faster fall in inflation could deter the RBA.

The bottom line

Australia enters 2026 in solid shape, but its strength is keeping inflation higher than the RBA would like. A modest rate rise in February looks likely as the central bank works to keep price pressures in check while supporting a steady, sustainable pace of growth.

“We expect inflation to gradually return toward the midpoint of the target band by late 2027. A small rate rise next year would help set the foundation for a steady, sustainable period of growth,” said Allen.

Read Belinda Allen and the Australian Economic team’s full analysis: The Australian economy in 2026 – prepare for higher interest rates