Lima rare earth elements-thorium project

The Lima project consists of two contiguous claims covering 20 km² and located 24km to the SE of Stavanger. The project contains the Øksnanuten mineral occurrence², where uranium mineralization is present as both uraninite and secondary Uranophane (Uranotile) within a network of quartz hosted by serpentinite. Thorium minerals have also been reported in these quartz vein networks. The secondary Uranophane is enriched in lenses close to the surface with grades of up to U308 of 750g/t¹. The rocks in the area are locally very highly radioactive, corresponding to 0.31% uranium oxide in the rock (Marker and Bjerkgård, 2006)¹.

Several drill holes were completed by the NGU in 1958 proving uraninite mineralization at depth but only grades of up to 120g/t¹. Uraninite occurs in octahedra up to 3-4 mm. Two soil sampling lines were also completed in the area by the NGU (PR.1 & PR.2. PR.2). East of the known Øksnanuten occurrence showed elevated uranium compared to the rest of the area¹.

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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

Mogens Marker, Terje Bjerkgård (2006) Sluttrapport for Rogalandsprogrammet 2000-05, NGU 2006.011 Harald Bjørlykke, Uran og Thorium I Norge, NGUnr_250A_4_31

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