EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103

VANCOUVER, BC, May 15, 2023 /CNW/ - SMM Resources Incorporated ("SMMR") announced certain share exchanges in connection with the announcement by Teck Resources Limited ("Teck") of the implementation, effective May 12, 2023, of the arrangement (the "Dual Class Amendment") pursuant to which a six-year sunset was introduced for the multiple voting rights attached to Teck's pre-Dual Class Amendment Class A common shares (the "Old Class A Common Shares"). 

Prior to completion of the Dual Class Amendment, SMMR owned (i) 1,469,000 Old Class A Common Shares, representing approximately 18.9% of the outstanding Old Class A Common Shares, and (ii) 397,474 Class B Subordinate Voting Shares, representing approximately 0.1%% of the outstanding Class B Subordinate Voting Shares. 

Immediately following completion of the Dual Class Amendment, SMMR's ownership of Teck shares is comprised of (i) 1,469,000 Class A Common Shares (featuring the six-year sunset, hereinafter the "New Class A Common Shares"), representing approximately 18.9% of the outstanding New Class A Common Shares, and (ii) 1,381,704 Class B Subordinate Voting Shares, representing approximately 0.3% of the outstanding Class B Subordinate Voting Shares. 

If SMMR were to convert its New Class A Common Shares into Class B Subordinate Voting Shares in accordance with their terms, SMMR would own 2,850,704 Class B Subordinate Voting Shares, representing approximately 0.6% of the then outstanding Class B Subordinate Voting Shares.

The Teck shares held by SMMR are being held for investment purposes and it may, depending on market and other conditions, increase or decrease its beneficial ownership or control of Teck shares whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the Early Warning Report to be filed by SMMR in connection with the transactions described above will be available on Teck's SEDAR profile at www.sedar.com.

The head office of Teck is located at Suite 3300, 550 Burrard Street, Vancouver, British Columbia V6C 0B3. The head office of SMMR is located at 818 – 700 West Georgia Street, PO Box 10014, Vancouver, British Columbia V7Y 1A1.

SOURCE SMM Resources Incorporated

Shinichiro Nagai, [email protected]