10 km² of Røros Schist immediately beside the Storwartz–Olavsgruva ore fields, hosting the historic Klasberget mines (historic grades of 4–5% Cu).

Klasberget Project

The Klasberget Project (see Figure 1) comprises a single claim measuring 10 km² in size in eastern Trøndelag, located immediately adjacent to the Storwartz–Olavsgruva ore fields (reported historical estimated production figures for Nye Storwartz: 1.5 Mt @ 2.7% Cu; Olavsgruva: 1.1 Mt @ 1.4% Cu and 1.44% Zn) (NGU, 2025)², approximately 10 km northeast of the mining town of Røros. The area has a rich mining heritage and is well positioned for revitalization, supported by established infrastructure, including rail networks.

Geologically, the Project is situated within the meta-sedimentary “Røros Schist” of the Upper Allochthon in the Scandinavian Caledonides and hosts the historic Klasberget Mines. These comprise two separate occurrences that were worked historically, with historic grade estimates ranging from 4–5% Cu (NGU 2023)¹.

Electromagnetic (EM) data (NGU regional data set), highlighted in Figure 1, show the extension of a positive EM anomaly through the Project from the Storwartz–Olavsgruva ore fields to the Klasberget occurrences, highlighting further exploration potential over this project.

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 4: Klasberget Project map with regional electromagnetic (EM) data highlighting exploration potential across the Project, Klasberget project — Figure 4: Klasberget Project map with regional electromagnetic (EM) data highlighting exploration potential across the 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

Definitive Acquisition Agreement (5 January 2026): Nordic Minerals AS, a wholly owned Norwegian subsidiary of United Minerals Australia Pty Ltd, holds a 90% interest in the five-project package; Teako retains a non-dilutive 10% free carried interest until a final investment decision.
Initial payment to Teako of NOK 1,450,000 (approximately C$200,000) on signing.
Work commitments of at least C$700,000 in the first 24 months, targeting C$5,000,000 over five years on commercially reasonable efforts.
Contingent milestone payment of NOK 2,700,000 (approximately C$370,000) upon the projects collectively achieving an aggregate JORC-compliant resource of 10 million tonnes, with no minimum grade requirement.
On a final investment decision the parties form a joint venture; Nordic funds the projects to production, with anti-dilution protection on Teako’s free carry.

Work commitments and milestone payments are aggregated across the five-project package, not per individual project.

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