Skarn-style Zn-Pb-Ag project of roughly 48.5 km² in Northern Norway.

Husvika Project

Located in the Nordland region of Northern Norway, the Husvika Project consists of seven (7) licence claims (covering a total area of 48,5 km2), and benefits from exceptional infrastructure, including the Husvika port. Historic mining and modern exploration data, including rock chip sampling¹ undertaken by the Norwegian Geological Survey (”NGU”), indicate the potential for high-grade polymetallic skarn-type mineralization with strong silver enrichment and district-scale exploration potential (see Figure 1).

At the centre of the project lies the historic Husvika zinc-lead-silver (”Zn-Pb-Ag”) deposit, where previous mining campaigns between 1897 and 1951 reported extraction of an estimated 8,000 tonnes of ore from several high-grade lenses distributed along a 1.5 km mineralized trend (Torgersen, 1928). Mineralization occurs within broadly N-S-trending skarn-hosted sulphide systems containing sphalerite, galena and silver and with a cumulative strike length exceeding 5 km (Birkeland & Bjørlykke, 1993). The broader Husvika district hosts numerous historic workings, including the Hilda Mine, Nordre Sivertsen, Søndre Sivertsen, Lille Hatten, and several satellite occurrences distributed along the mineralized corridor.

This widespread mineralization demonstrates possible continuity and scale of the system throughout the project area. Importantly, historical geophysical surveys identified conductive anomalies at depth beneath the southern part of the project area, suggesting the potential for mineralization extensions below historically mined levels (NGU Report BV4058, 1974). Historical exploration also identified multiple gold anomalies in stream sediment surveys proximal to the main Pb-Zn-Ag mineralization, highlighting the potential for additional precious metal enrichment within the district (BP Minerals, 1984).

¹Teako has not performed sufficient work to verify the published data reported above, but the Company believes this information to be considered reliable and relevant. Results reported are maximum values and may not be representative of all samples collected within the area being evaluated

²References made to nearby mines and analogous deposits provide context for the regional targets but are not necessarily indicative that these targets host similar tonnages or grades of mineralization.

Figure 2: Overview of the Husvika Project, Husvika project — Figure 2: Overview of the Husvika Project

Exploration-stage project. Any historical production, grades or estimates quoted in project descriptions are historical in nature, have not been verified by the Company as current mineral resources or reserves, and should not be relied upon. See the cautionary statements and the Qualified Person statement.

Agreement terms

Non-binding Letter of Intent with MERIDIANA Capital Group GmbH (8 July 2026): framework for a recapitalization creating a German-listed, silver-focussed exploration company.
Teako is to contribute a 90% interest in the seven silver projects to a newly formed Norwegian subsidiary, contributed to the proposed resulting issuer for EUR 3,600,000: EUR 100,000 in cash and a proposed EUR 3,500,000 equity consideration at closing in the proposed resulting issuer.
Teako would retain a 10% free carried interest in the projects and the proposed equity consideration in the proposed resulting issuer, and is expected to become its preferred provider of Norwegian exploration services.
Minimum exploration expenditure of €2,250,000 (approximately C$3,650,000) across the package post-closing: €500,000 by the first anniversary, €750,000 by the second and €1,000,000 by the third.

Work commitments are aggregated across the seven-project package, not per individual project. The letter of intent is non-binding and completion remains subject to definitive agreements.

The rocks are all still here.

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Husvika lead-silver project