Economic Interests

On January 5, 2026 Teako announced that it had entered into a Definitive Acquisition Agreement with Nordic Minerals AS (“Nordic”), a wholly owned Norwegian subsidiary of United Minerals Australia Pty Ltd (“United”), whereby Teako agreed to sell to Nordic a 90% interest in five Norwegian copper, zinc, gold and silver projects. The five Projects formed part of Teako’s extensive and strategically positioned Project Hub, which provides Teako with significant leverage to growth through both the advancement of its core exploration assets in addition to select partner-funded development while retaining potential future upside for shareholders.

The agreement grants Teako a 10% free carried interest in the Projects. It includes work commitments by Nordic Minerals of at least C$700,000 in the first 24 months and a target of C$5 million over five years using commercially reasonable efforts, as well as contingent milestone payments upon achieving a combined JORC-compliant resource of 10 million tonnes with no grade requirements across the five Projects.

Terms of the Agreement:

Under the terms of the Agreement, Teako will receive a NOK 1,450,000 (approximately C$200,000) within 5 business days of the date of the Agreement. An additional payment of NOK 2,700,000 (approximately C$370,000) shall be payable upon the Projects collectively achieving an aggregate mineral resource of at least 10 million tonnes of ore reported in accordance with JORC standards, with no minimum grade requirement. Teako will retain a non-dilutive 10% free carried ownership interest (the “Free Carry”) in the Projects until final investment decision. If at any time Nordic determines to make a FID on the Projects or a Project to commence commercial production, the parties shall form a joint venture (the ”JV”) pursuant to a definitive joint venture agreement (the “Joint Venture Agreement”). Upon FID, Nordic will secure funding for bringing the Projects or the Project into production, and Teako shall not be responsible for any costs of establishing the JV or financing the Projects until commercial production has commenced.

The Agreement also provides Teako with certain anti-dilution protections so that any financing of the JV will not impact Teako’s Free Carry to the point of commercial production. After the commencement of commercial production, all Joint Venture interest holders will participate in the costs and distributions of the Joint Venture pro rata. Dividends or distributions will start to be distributed to the parties after any financing loans made to the JV are paid off from the revenues from the production. Teako shall have no parent obligations for repayment in the event the mine is closed prior to final repayment of any such loan(s).

Additionally Nordic agreed to incur a minimum of C$700,000 in exploration expenditures in aggregate across the Projects within the first 24 months of the Agreement (the “Initial Exploration Expenditures”). If there is any shortfall of the Initial Exploration Expenditures at the end of the 24-month period, Nordic will pay the difference to Teako as a credit to be used for future geological services at standard market rates. Nordic shall also use its commercially reasonable efforts to achieve total aggregate exploration expenditures of C$5,000,000 across the Projects within a 60-month period of the Agreement. Any potential future transfer or sale of Nordic’s interest in the Projects is subject to the transferee assuming the balance of the expenditures. Teako also retains certain timely disclosure rights with respect to the Projects.

Project Information:

Information about the Projects will be available soon. Until then, you can explore the Projects through our press release by clicking here, which contains the latest updates and key details.

On July 3, 2025, Teako Minerals entered into a strategic collaboration with Treschow-Fritzøe AS — through its wholly owned subsidiary, Fritzøe Skoger AS — involving the sale of four exploration projects comprising nine licenses (see press release). These projects are prospective for rare earth elements (REE), phosphate, iron, and titanium, and are located near Fensfeltet in southern Norway — home to Europe’s largest proven REE deposit.

As part of the agreement, Teako retains a 10% economic interest in the proceeds from any future sale (direct or indirect) of the projects. In relation to the exploration licenses, Teako was also appointed as Fritzøe’s preferred provider of exploration services for a period of 36 months. This arrangement is expected to create a potential revenue stream for Teako, strategically supporting the advancement of the Company’s core exploration assets.

Treschow-Fritzøe is among the oldest and most traditional companies in Norway. Its wholly owned subsidiary, Fritzøe Skoger AS, stands as one of Norway’s largest landowners and controls the land where the Properties are situated. Treschow-Fritzøe’s diverse portfolio includes operations across forestry and natural resources, property management and development, stone industry, building materials distribution, renewable energy, and capital management. For more information about Fritzøe, please visit: https://www.fritzoe.no/