Eikland copper-molybdenum project

Teako’s 100% owned Eikland project in Telemark, covers 52 km² and includes nine known targets prospective for Cu, Zn, Pb, Mo, Mn, Ag, or Au. The project has a long mining history, led by the Åmdals Copper Mine, which produced around 8,000 t Cu at ~1 % alongside other workings^1,2. Geologically the district is dominated by the ~1.16 Ga Bandak Group, comprising metasediments, quartzites, and mafic to felsic volcanic rocks and porphyries. The area was strongly reworked during the Sveconorwegian Orogeny (ca. 1140–960 Ma) causing folding, faulting, and late granitic intrusions. Åmdals, discovered in 1690 and mined intermittently until 1945, is the district’s key occurrence. Mineralization occurs as discontinuous high-grade lenses within veins typically 0.1–1 m thick, locally up to 1.5 m, and remains open to extension along strike. At Bandaksli, molybdenum mineralization occurs in pegmatites and disseminations at ~0.75 % Mo¹. The Cu workings comprise quartz-sulphide veins 2–60 cm thick. An IP survey completed in 1976 suggested possible deeper Mo mineralization and increasing potential westward. Summer 2024 prospecting confirmed high-grade mineralization beyond the main Åmdals mine, with pXRF Cu readings from 0.18 % to 33.7 %, mainly from in-situ veins and outcrop¹. Recommended follow-up includes detailed mapping, soil geochemistry, and high-resolution EM or IP surveys to define drill targets.

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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.

References

‌Laajoki, K., Corfu, F. & Andersen (2002), T.: Lithostratigraphy and U-Pb geochronology of the Telemark supracrustals in the Bandak-Sauland area, Tele mark, South Norway. Norsk Geologisk Tidsskrift, Vol. 82, pp. 119-138. Trondheim 2002, ISSN 029-196X.

Eidsvik (1976) IP-målinger Bandaksh, Tokke, Telemark 1975. Elken A/S, BV5174.

Carl O. Mathiesen 1977, Angående kopperforekomstene ved Åmdals Verk, Tokke i Telemark. USB, BV1173.

BV1415: Buset (1972) Notat Åmdals Verk AS.

BV7130: Færden (1957) Rapporter vedr. Åmdals Verk AS.

References to the ‘NGU’ regard the ‘Norwegian Geological Survey’, in particular, their Resource Database and are consolidated under this citation for simplicity. For all data sourced from this resource, please refer to: https://geo.ngu.no/kart/mineralressurser_mobil/?lang=eng