Schaft Creek Project

Introduction

The Schaft Creek project is managed through the Schaft Creek Joint Venture (SCJV). Copper Fox holds a 25% interest while Teck Resources Limited is the Operator and holds a 75% interest. Pursuant to the joint venture agreement, Teck is responsible for providing all funding for the project up to production.

Schaft Creek comprises 60,268 hectares and is one of the largest undeveloped porphyry copper-gold-molybdenum-silver deposits in North America, located in an area of northwestern BC referred to as the “Golden Triangle”.

Mineral Resource & PEA

The mineralization contains significant quantities of copper, gold, molybdenum and silver. The tonnes and average metal grades are included in the 2021 Mineral Resource Estimate (MRE) update. Click here for MRE

The 2021 Preliminary Economic Assessment (PEA) yielded an after-tax NPV 8% of US$842M, an IRR of 12.9%, producing 5.0Blb of Cu, 3.7Moz of Au, 226.0Mlb of Mo and 16.4Moz of Ag over a 21 year mine life utilizing approximately 60% of the resource base. Metal prices used in the 2021 PEA were US$3.25/lb Cu, US$1,500/oz Au, US$10/lb Mo and US$20/oz Ag. Click here for PEA

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

2025 Program

The objective of the 2025 program is to transition the project from the scoping study stage to the prefeasibility study (PFS) stage. The SCJV anticipates commencing the PFS in 2026 pending the recommendations of internal reviews.

Transitioning to the PFS stage is expected to commence in early 2026, subject to meeting stringent criteria to deliver attractive risk-adjusted returns in alignment with Teck’s capital allocation framework.

The 2025 program includes geotechnical drilling, geophysical surveys, environmental baseline, wildlife, aquatic, hydrogeology and archeological studies, covering two critical areas of the project infrastructure, completion of the geometallurgical program and updating pit slope stability, geological, hydrogeological and mineral resource models as required.