NewRange Copper Nickel poised to supply critical minerals for clean energy transition

February 15, 2023

Hoyt Lakes, Minn., February 15, 2023 – The previously announced joint venture between
PolyMet Mining Corp. (“PolyMet”) and Teck Resources Limited (“Teck”) closed today,
establishing NewRange Copper Nickel LLC (“NewRange Copper Nickel”) and giving Minnesota a
leading opportunity to deliver critical minerals for North America’s clean energy transition.
NewRange Copper Nickel holds both the NorthMet and Mesaba copper, nickel, cobalt, and
platinum group metal (PGM) deposits, two globally significant clean energy critical mineral
resources located in northeastern Minnesota. NewRange Copper Nickel has the opportunity to
become only the second nickel mine in the US.

Mesaba Project veteran Tannice McCoy named general manager

Tannice McCoy, appointed general manager of NewRange Copper Nickel, has been intimately
involved in various aspects of critical minerals project development in Minnesota, including
Teck’s Mesaba project, for most of her 21-year career with Teck. Her experience includes
advancing baseline studies, obtaining permits for specific work projects in Minnesota and
completing detailed assessments of mineral processing options for the copper and nickel
concentrates that will be produced in Minnesota. She has experience in a wide range of mining,
mineral processing and development projects across the Americas, and played an instrumental
role in the development of Teck’s proprietary hydrometallurgical metal recovery process for
copper, nickel, cobalt, and precious metals. She has held the position of Mesaba project
manager since 2018.

“NewRange Copper Nickel has potential to be a modern, multi-generational operation that will
support North America’s acceleration to a carbon-neutral future, build a better quality of life
for people, and diversify and create significant economic benefits for northern Minnesota and
beyond,” McCoy said.

NewRange Copper Nickel, based in Hoyt Lakes, Minnesota, is a 50:50 joint venture between
PolyMet and Teck American Inc., a subsidiary of Teck. With completion of the proposed
business combination, the NorthMet project, and the Mesaba project are each under the
control and management of NewRange Copper Nickel. The company’s two deposits account for
approximately one-half of the known copper-nickel mineral resources in the Duluth Complex in
northern Minnesota.

As previously announced, NewRange Copper Nickel will develop the NorthMet mine when the
remaining permit proceedings are complete and also advance studies on the mine development
options for Mesaba. The effort is led by team members from the Mesaba and NorthMet
projects, all 27 of whom were retained in the transaction. That number is expected to grow in
the next year to support the permitted pre-construction activities planned for NorthMet, and
baseline studies and other pre-development work for Mesaba.

Tyler Mitchelson, senior vice president copper growth, Teck, and Jon Cherry, chairman,
president and CEO, PolyMet, jointly issued the following statement: “Our respective senior
management teams are excited about the potential to make a difference in the supply of
critical minerals to the North American market from northeastern Minnesota and we are
committing our technical, environmental, social and commercial support to the NewRange
Copper Nickel team for the timely and prudent advance of the substantial NorthMet and
Mesaba mineral resources.”

“This is a talented and experienced team that is committed to advancing development of
NorthMet and to further exploring the development potential for Mesaba. There is tremendous
enthusiasm and positive energy around these prospects and a commitment to do it right,”
McCoy said. “That means being respectful to and engaged with our local communities and
tribal governments, being a conscientious steward of our water, air and natural resources, and
supplying in a responsible manner the minerals that make North America’s transition to clean
energy and clean mobility possible. We recognize our role, responsibility, and commitments,
and we’re eager to continue to move ahead.”

More information about the leadership team, the company and the projects can be found at

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About NewRange Copper Nickel

NewRange Copper Nickel is a 50:50 joint venture of Teck Resources Limited and PolyMet
Mining Corp., holding the NorthMet and Mesaba deposits – two large, well defined resources in
the established Iron Range mining region of Minnesota. The stand-alone company is creating a
path to develop one of the world’s largest and lowest cost copper-nickel-PGM producing
districts, unlocking a new domestic supply of critical minerals for the low-carbon transition
through responsible mining, and delivering significant, multi-generational economic and other
benefits to the region and beyond. The company is based in Hoyt Lakes, Minnesota.

For media inquiries, please contact:

Bruce Richardson
Tel: +1 (651) 389-4111
M: +1 (651) 964-9729

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