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This is exactly the strategic direction that we repeatedly asked Glencore’s Board of Directors to pursue (and Glencore’s Board of Directors have repeatedly failed to implement), since our first letter to you on November 8th, 2021.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:24.827+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28f00a63-157c-4aff-89e2-716b2218003a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.16, "y": 0.1 }, "kind": "paragraph", "text": "Following the business combination proposed by Glencore to Teck on March 26th, 2023, whose terms have been revised on April 11th, we would like to share with you our observations on the proposed transaction (the “Transaction”).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:24.827+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f1d3956-3164-401f-88d0-7977ed522e28", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.68, "x": 0.16, "y": 0.41 }, "kind": "paragraph", "text": "We are equally delighted to see that Glencore’s Board of Directors have finally dropped its specious argument used against the spinoff of thermal-coal - \"the new management of that coal business may want to continue to expand and continue to produce coal long beyond the time frames and horizons that we put out in our commitments\" (Glencore CEO Gary Nagle, Bloomberg, December 3rd, 2021) - as Glencore seems now amenable to spin-off thermal-coal.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:24.827+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cf1f065-a276-44d7-8aa6-b954e4913d56", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.68, "x": 0.16, "y": 0.6 }, "kind": "paragraph", "text": "It is unfortunate that you have wasted one and a half years failing to reposition the Company to take advantage of the long-term growth opportunities in transition metals: Glencore shareholders, us included, would be reasonable in their criticism of this short-sightedness, complacency, and lack of strategic thinking for not spinning off thermal coal in a timely manner, thus leading to the rejection of current proposal to Teck that would have otherwise resulted in a much better chance of success.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:24.827+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe4650ff-ec14-40e9-a382-619db1a7eab5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.16, "y": 0.85 }, "kind": "source-note", "text": "1 disclosed to the market on April 3rd, 2023\n2 https://www.glencore.com/media-and-insights/news/glencore-submits-reply-to-teck-and-proposes-modifications-to-offer-cash-in-respect-of-value-of-coal-business", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"extraction": { "at": "2026-07-16 19:29:24.099+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e69c6841-77b2-4411-b69e-7eede52ed739", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.68, "x": 0.16, "y": 0.25 }, "kind": "paragraph", "text": "Whilst the strategic objective to create a world-class standalone transition metals focused business (“MetalsCo”) is in the best interest of both Glencore and Teck (an outcome we fully endorse), the business combination of steelmaking coal business (Teck) and thermal-coal business (Glencore) destroys value, not only for the reasons stated by Teck, but also because Teck’s coal business is not in run-off mode, whilst Glencore announced that “rundown strategy is the responsible strategy for both our business and for the world” (CEO Gary Nagle, Investor Update, 2nd December, 2021).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", 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