Annual Information Form February 26, 2020 2019 Annual Information Form Table of Contents Nomenclature ................................................................................................................................................ 1 Cautionary Statement on Forward-Looking Information ............................................................................... 1 Glossary of Technical Terms ........................................................................................................................ 7 Corporate Structure ....................................................................................................................................... 9 Name, Address and Incorporation ........................................................................................................... 9 Intercorporate Relationships .................................................................................................................. 10 General Development of the Business ....................................................................................................... 12 Three-Year History ................................................................................................................................. 12 2017 .................................................................................................................................................. 12 2018 .................................................................................................................................................. 13 2019 .................................................................................................................................................. 14 Description of the Business......................................................................................................................... 15 General .................................................................................................................................................. 15 Product Summary .................................................................................................................................. 16 Steelmaking Coal .............................................................................................................................. 1 6 Copper .............................................................................................................................................. 17 Zinc ................................................................................................................................................... 18 Energy............................................................................................................................................... 19 Individual Operations ............................................................................................................................. 20 Steelmaking Coal .............................................................................................................................. 2 0 Copper .............................................................................................................................................. 29 Zinc ................................................................................................................................................... 42 Energy............................................................................................................................................... 46 Exploration ............................................................................................................................................. 48 Corporate ............................................................................................................................................... 48 Mineral Reserves and Resources .......................................................................................................... 49 Definitions for Mineral Reserves and Mineral Resources ................................................................ 57 Methodologies and Assumptions ...................................................................................................... 58 Comments on Individual Operations ................................................................................................ 59 Risks and Uncertainties .................................................................................................................... 62 Qualified Persons ............................................................................................................................. 62 Oil and Gas Reserves ............................................................................................................................ 63 Reserve Categories .......................................................................................................................... 63 Fort Hills Mine ................................................................................................................................... 63 Other Oil and Gas Information .......................................................................................................... 70 Health, Safety, Community and Environmental Protection .................................................................... 71 Health and Safety ............................................................................................................................. 71 Reclamation and Closure ................................................................................................................. 71 Climate Change and Carbon Pricing ................................................................................................ 72 Water Regulation .............................................................................................................................. 73 Social and Environmental Policies ................................................................................................... 74 Human Resources ................................................................................................................................. 75 Technology and Innovation .................................................................................................................... 76 Foreign Operations ................................................................................................................................ 76 1 2019 Annual Information Form Competitive Conditions .......................................................................................................................... 77 Risk Factors ................................................................................................................................................ 78 Dividends..................................................................................................................................................... 98 Description of Capital Structure .................................................................................................................. 98 General Description of Capital Structure ............................................................................................... 98 Share Capital .................................................................................................................................... 98 Credit Facilities ................................................................................................................................. 99 Public Indebtedness ....................................................................................................................... 102 Ratings ................................................................................................................................................. 103 Market for Securities ................................................................................................................................. 104 Trading Price and Volume ................................................................................................................... 104 Directors and Officers ............................................................................................................................... 105 Directors ............................................................................................................................................... 105 Officers ................................................................................................................................................. 106 Audit Committee Information ............................................................................................................... 109 Mandate of Audit Committee .......................................................................................................... 109 Composition of the Audit Committee .............................................................................................. 109 Pre-Approval Policies and Procedures ........................................................................................... 110 Auditor’s Fees ................................................................................................................................. 110 Ownership by Directors and Officers and Interests in Material Transactions ...................................... 111 Legal Proceedings and Regulatory Actions