Overview of the projects within the partnership

On January 5, 2026 Teako announced that it had entered into a Definitive Acquisition Agreement with Nordic Minerals AS (“Nordic”), a wholly owned Norwegian subsidiary of United Minerals Australia Pty Ltd (“United”), whereby Teako agreed to sell to Nordic a 90% interest in five Norwegian copper, zinc, gold and silver (“Cu, Zn, Au, Ag) projects. The five Projects formed part of Teako’s extensive and strategically positioned Project Hub, which provides Teako with significant leverage to growth through both the advancement of its core exploration assets in addition to select partner-funded development while retaining potential future upside for shareholders.

The agreement grants Teako a 10% free carried interest in the Projects. It includes work commitments by Nordic Minerals of at least C$700,000 in the first 24 months and a target of C$5 million over five years using commercially reasonable efforts, as well as contingent milestone payments upon achieving a combined JORC-compliant resource of 10 million tonnes with no grade requirements across the five Projects.

Terms of the Agreement:

Under the terms of the Agreement, Teako will receive a NOK 1,450,000 (approximately C$200,000) within 5 business days of the date of the Agreement. An additional payment of NOK 2,700,000 (approximately C$370,000) shall be payable upon the Projects collectively achieving an aggregate mineral resource of at least 10 million tonnes of ore reported in accordance with JORC standards, with no minimum grade requirement. Teako will retain a non-dilutive 10% free carried ownership interest (the “Free Carry”) in the Projects until final investment decision. If at any time Nordic determines to make a FID on the Projects or a Project to commence commercial production, the parties shall form a joint venture (the ”JV”) pursuant to a definitive joint venture agreement (the “Joint Venture Agreement”). Upon FID, Nordic will secure funding for bringing the Projects or the Project into production, and Teako shall not be responsible for any costs of establishing the JV or financing the Projects until commercial production has commenced.

The Agreement also provides Teako with certain anti-dilution protections so that any financing of the JV will not impact Teako’s Free Carry to the point of commercial production. After the commencement of commercial production, all Joint Venture interest holders will participate in the costs and distributions of the Joint Venture pro rata. Dividends or distributions will start to be distributed to the parties after any financing loans made to the JV are paid off from the revenues from the production. Teako shall have no parent obligations for repayment in the event the mine is closed prior to final repayment of any such loan(s).

Additionally Nordic agreed to incur a minimum of C$700,000 in exploration expenditures in aggregate across the Projects within the first 24 months of the Agreement (the “Initial Exploration Expenditures”). If there is any shortfall of the Initial Exploration Expenditures at the end of the 24-month period, Nordic will pay the difference to Teako as a credit to be used for future geological services at standard market rates. Nordic shall also use its commercially reasonable efforts to achieve total aggregate exploration expenditures of C$5,000,000 across the Projects within a 60-month period of the Agreement. Any potential future transfer or sale of Nordic’s interest in the Projects is subject to the transferee assuming the balance of the expenditures. Teako also retains certain timely disclosure rights with respect to the Projects.

Project Information:

Mykkelvika Project

The Mykkelvika Project (see Figure 1) measures 126 km² in size and is located in the Namsskogan and Røyrvik municipalities in northern Trøndelag. The main highway (E6) runs parallel to the western side of the Project, and the Project is located 83 km northeast of the nearest airport in the city of Namsos.

The Project is situated within the highly prospective greenstone geology of the Norwegian Caledonides and hosts multiple mineral occurrences. These include theVisletten occurence, which hosts a historical mineral estimate of (0.78 Mt @ 0.92% Cu and 3.86% Zn) (NGU, 2019)¹ and the Lille Tromselv outcrop, where Norwegian Geological Survey (“NGU”) grab samples returned laboratory results of up to 0.8% Cu, 23% Zn, 4.6% Pb, and 260 ppm Ag². These occurrences are located on the northern limb of an antiform, a structure encapsulated by the Project. Grab sampling undertaken by the NGU at Visletten returned laboratory results of up to 3.8% Cu and 17.0% Zn (Erris Resources, 2020).

The broader area also hosts several volcanogenic massive sulfide (“VMS”) occurrences, including the Joma deposit (historic production: 11.5 Mt @ 1.49% Cu and 1.45% Zn) (Bluelake Mineral, 2022) located approximately 22 km east of the Project³. The project area comprises a large, structurally complex and geologically prospective region with multiple known occurrences both within and surrounding the Project. In addition, the recently granted zoning plan for the Joma deposit further indicates the region is highly favourable for continued exploration and potential future mining activity. This is also supported by an overwhelming approval of the local population for mining activities, with the municipality of Røyrvik being an active member of the ”Mineral Nettverk” in Trøndelag, a collaboration of exploration companies, municipalities and other local stakeholders to revitalize the historic mining region.

¹ The Company has not undertaken sufficient work to independently verify either the historic estimates or production figures being reported but believes that the figures being reported are reliable and relevant to the overall project descriptions.

² Grab samples are select samples and may not be representative of mineralization located on the property.

³ Mineralization hosted on adjacent and nearby properties is not necessarily indicative of mineralization that may be hosted on the Company’s projects.

Figure 1: Geological map of the Mykkelvika Project with notable mineral occurrences highlighted

Heimdalhaugen Project

The Heimdalhaugen Project (see Figure 2) measures 60 km² in size and presents combined potential for Cu–Zn VMS systems and Cu–Mo porphyry mineralization and comprises seven claims located in the Grong district of northern Trøndelag. The area is supported by well-developed infrastructure, with main road and rail networks running through the district.

Geologically, the area is dominated by intrusive rocks hosting the porphyry targets, which are bordered by greenstones of the Norwegian Caledonides that host the VMS potential. In addition to the historic mines, VMS-style mineralization adjacent to the Project includes the Skiftesmyr NI 43-101 compliant indicated resource of 3.51 Mt @ 1% Cu, 1.5% Zn, 2.5 g/t Ag and 0,1 g/t Au³ (Lindholm, 2013), highlighting the prospectivity of the area. Fremstfjell represents an underexplored Cu–Mo porphyry target, where the NGU has completed work identifying areas of interest for drill testing.

Publicly available magnetic and electromagnetic datasets support the Project’s potential, showing a continuous geophysical trend across the western blocks that may reflect extensions of VMS-prospective stratigraphy. These data also indicate a broader geophysical footprint around the Skardfjellet occurrence than surface work alone would suggest. The availability of extensive historical data, combined with the proximity of surrounding deposits and established infrastructure, makes the Project highly prospective for further exploration and development.

Figure 2: Map highlighting the VMS horizons and porphyry potential over the Heimdalhaugen Project area

Sivilvangen Project

The Sivilvangen Project (see Figure 3) comprises six claims covering a total area of 60 km² in eastern Trøndelag. The Project is located approximately 15 km from the town of Tynset and benefits from well-developed infrastructure. The railway line to the deep-sea ports in the Trondheim area runs along the southeastern Project boundary. In addition, Sivilvangen covers prospective greenstones of the Fundsjø Formation, which extend southwest toward the Folldal Mining District, historically a major driver of industry in the region.

The Project hosts the Sivilvangen VMS deposit (historical mineral estimate of ~267 kt @ 0.72% Cu and 5.27% Zn) (Killi, Juhava and Bjerkgård, 1991)¹. Like many deposits within the Caledonides, it displays a ruler-shaped morphology, with clearly zoned mineralization characterized by copper enrichment relative to zinc closer to surface.

Aeromagnetic data delineate the Fundsjø Formation both within and beyond the Project area, defining tens of kilometres of prospective strike length. The unit is approximately 1-2 km wide, forming a relatively compact belt suitable for systematic exploration. These factors, combined with the district’s rich mining heritage, make the Sivilvangen Project highly favourable for further exploration and potential expansion.

Figure 3: Sivilvangen Project overview map with NGU magnetics and NGU rock chip samples with grade data overlain and historic resources estimates for the Sivilvangen deposit (Killi, Juhava and Bjerkgård, 1991)

Klasberget Project

The Klasberget Project (see Figure 4) 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)¹ (NGU, 2025), 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).

Electromagnetic (EM) data (NGU regional data set), highlighted in Figure 4, 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.

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

Hellemyr Project

The Hellemyr Project (see Figure 5) comprises four contiguous claims, measures 33 km² in size and is located adjacent to the Kongsberg silver mining district in southeastern Norway. The area is well developed, with established railway and road connections to smelters and refineries in Southern Norway, and is located approximately 25 km west of the deep-sea port of Drammen.

Geologically, the Hellemyr Project lies within the Kongsberg Complex, a suite of strongly deformed Proterozoic rocks that were extensively reworked during the Sveconorwegian Orogeny. Mineralization is predominantly low-sulfidation epithermal in character, with base metal mineralization occurring within veins and brecciated zones. The Project hosts several base-metal occurrences, including the historic Bergsgruva mine, which operated intermittently between 1818 and 1889 and produced more than 18,200 tonnes at 4.0% Cu¹ (NGU, 2019). Tailings from these historic workings as seen in Figure 5 is also estimated to contain notable grades, offering promising potential to add value to the Project.

Figure 5: Hellemyr Project overview map with NGU magnetics and occurrences overlain, with Teako 2024 soil sampling locations and internal pXRF results and historical resource estimates (Marmine A.S. 1993)