Moelva is part of the Project Hub. The Project Hub secures the Company prospective projects on a national scale, that meet its ambitions of contributing to the development of the European supply of critical metals and maximizing the first-mover advantage in Norway. It also serves as a potential catalyst to pursue non-dilutive financing options, as we aim to bolster our exploration efforts without compromising the integrity of our core projects or the shareholder structure through either project deals, sales, or soft funding. Furthermore, the Project Hub functions as a de-risking mechanism by providing flexibility in project development within the Company. On May 21, the Company announced that it has commenced its regional summer exploration program, starting at the Hulderdalen project and Moelva being one of the four projects within the program.

Moelva is situated approximately 25km to the north-west of Hulderdalen. Moelva consists of two contiguous licenses and measures 27 square kilometers in size. Moelva is situated on the border of the Telemark provinces of Norway and contains known ferrous and base metal occurrences. The project sits only 1.5km to the north-west of the Siljan Fe-Ti-P-REE deposit, identified by the NGU. Moelva is situated in an identical geological setting as Hulderdalen and exhibits a geophysical signature similar to Hulderdalen, the Kodal deposit and the adjacent Siljan deposit. Due to these similarities, Moelva is being treated as a potential satellite deposit to Hulderdalen, and Teako is confident that we can effectively locate any P-REE-Fe-Ti mineralization on this property.