The Hulderdalen Phosphate-REE-Iron-Titanium consists of eight contiguous licenses in the Vestland province of southern Norway. The project covers an area of 71 square kilometers. The property has excellent access through all-weather paved primary/secondary roads and gravel roads. The Vestland province is known to contain two known ferrous metal occurrences, one of which is the well-studied main zone of the Kodal P-REE-Fe-Ti project (not owned by the Company). The main mineralized zone at the Kodal deposit is located directly adjacent to the northern margin of the Hulderdalen project and is reported to host a JORC-compliant Indicated Resource of 14.6 million tonnes (Mt) @ 2.26% P (5.18% P2O5) + 24.12% Fe (plus accessory REE in apatite), and an additional Inferred Resource of 34.3 Mt @ 2.0% P (4.59% P2O5) + 20.38% Fe (Source: Group Annual Report – Kodal Minerals plc., March 31, 2017) i,ii

The Hulderdalen project area forms part of a more extensive Norwegian Geological Survey study looking at the potential for the use of machine learning for Critical Prospecting in the Oslo Rift; Teako’s Hulderdalen project is highlighted within the report (referred to as ’Kodal Area’ or Fig10a)(Reference 1), which represents the most extensive known occurrence of P-REE-Fe-Ti in the Larvik Plutonic Complex. The main Kodal deposit appears to have an adjacent prospective area to the south that the Company refers to as the Hulderdalen project. The report shows a detailed extract of a prospectivity map (Figure 3) over the Kodal Area (on the left), the geology map (on the right), and a larger scale map (Figure 4).

The Hulderdalen P-REE-Fe-Ti property and the associated hub projects (Moelva, kiste, kvelde) lie within the Oslo Igneous Province which comprise a number of intrusions with enhanced phosphorus contents including monzodiorites, troctolites and monzonites. There is also a general enrichment of phosphorus in rocks associated with the monzonites, which contain small rafts and larger bodies of monzodiorite. Within the OIP lies the Larvik Plutonic Complex (LPC), which is comprised of a series of crescent-shaped monzonite intrusions formed in response to plutonic centers moving successively from the east towards the west. Layered intrusions and alkaline intrusive complexes of the Southern Oslo Rift are known for hosting magmatic occurrences rich in P-REE-Fe-Ti. The Carboniferous to Triassic-age OIP comprises saturated to undersaturated alkaline to subalkaline basaltic, latitic, trachytic and ignimbritic volcanites formed in conjunction with fissure eruptions and subsequent formation of central volcanoes with associated calderas. The volcanites are truncated by gabbroic, monzonitic, syenitic and granitic plutons. The early Permianmonzonite plutons and associated monzodiorites contain, especially in the southern part of the palaeorift, abundant accumulations of apatite–Fe–Ti ores, which include the Kodal deposit and the Hulderdalen area of interest (References 2 and 3).

The Hulderdalen project is situated in the Permian Oslo rift, and the local geology consists of a Larvikite-Ladalite complex of monzonites and syenites along with Permian-age porphyries, latites and microdiorites. P-REE-Fe-Ti mineralization has been identified both immediately adjacent to the Company’s Hulderdalen claims at Kodal Minerals’ (“Kodal”) Western / Main Mineralization Zone, as well as within the Hulderdalen claims at the former Kodal Southern Mineralization Zone. In both occurrences the primary apatite-bearing mineralization occurs at the basal contact of the larvikite deposit, with surface expressions consisting of an “oxide zone” immediately underlain by a “transitional zone”. Kodals’ Western / Main Mineralization Zone is interpreted to extend for some 1900m east-west with a maximum mineralization thickness of 60m. Some small-scale drilling is reported to have intersected mineralization to 300m depth. The P-REE-Fe-Ti occurrence at Kodals’ former Southern Mineralization Zone is reported by Kodal (Annual Report dated March 31, 2017) to contain similar tenors of P2O5, Fe, and Ti mineralization (up to 5.8% P2O5, 1.4% Ti, and 14.3% Fe) from XRF analyses as for the Western/Main Mineralized Zone. These results will be followed up with additional analyses to be undertaken by Teako’s field crews.

A significant amount of exploration work has occurred on the property, starting in the 1980s for Rare Earth Elements. Kodal Minerals Plc also completed extensive work in the area, identifying the mineralization previously discussed through a series of work programs, including outcrop mapping and sampling (2013-2014), magnetic geophysical surveys (2014), and backpack drilling (2014).

i, References made to adjacent mines/projects provide context for Teako’s projects but are not necessarily indicative
that the projects host similar tonnages or grades of REE, phosphate, iron, or titanium.

ii, Historic mineral resource estimates for Kodal are derived from Kodal Minerals plc’s Group Annual Report; March 31, 2017).
Whilst Teako has not performed sufficient work to verify the published data reported, the Company believes this information to be
considered reliable and relevant.

1: 2024 Leveraging Domain Expertise in Machine Learning for Critical Metal Prospecting in the
Oslo Rift: A Case Study for Fe-Ti-P-Rare Earth Element Mineralization [Ying Wang ,Nolwenn
Coint, Eduardo Teixeira Mansur, Pedro Acosta-Gongora, Ana Carolina Rodrigues Miranda, Aziz Nasuti
and Vikas Chand Baranwal]

2: https://www.mdpi.com/2075-163X/14/4/377

3: 2014 Characterization of apatite resources in Norway and their REE potential [Peter M. Ihlen ,
Henrik Schiellerup, Håvard Gautneb, Øyvind Skår]