Red Dog — silver & zinc mine

Red Dog is one of the world's largest open-pit zinc mines, located in northwest Alaska. Mining is currently in the Aqqaluk and Qanaiyaq pits, with Qanaiyaq scheduled to be depleted in 2026. Higher-than-average precipitation triggered slippage along a known Aqqaluk fault, forcing mining into lower-grade material. Operations include lead, silver and germanium by-products. The bulk supply and concentrate shipping season runs early July to late October (~1.2 million wet metric tonnes shipped in 2025 on 22 vessels). Teck pays NANA Regional Corporation a royalty on net proceeds of production (currently 40% since Oct 2022; +5% every five years to 50% max, next step to 45% expected Oct 2027). Red Dog Mine Life Extension (MLE), formerly the Anarraaq and Aktigiruq Extension Program, is at pre-feasibility; 2026 growth capex C$200-250 million includes all-season road and continued drilling.