The Løkken and Venna projects together cover 647 sq. km. The Løkken concessions span 405 sq. km, with 291 sq. km of this area being 100% owned by Teako. These surround the historic Løkken copper-zinc mine to the south and west. The remaining 114 sq. km of the Løkken concessions, which include the Løkken mine itself and 5 drill targets, are 90% owned by Teako, with Capella Minerals holding a 10% interest. The Venna concessions, covering 292 sq. km, extend a significant strike of similarly prospective stratigraphy to the northeast of Løkken. The primary target types at Løkken and Venna are high-grade copper-cobalt-zinc massive sulfide (“VMS”) deposits, with copper and cobalt being critical components to provide secure supply chains. In winter 2025 Teako completed an inaugural diamond drill program at Høydal and Åmot for which assays are pending.

The Løkken and Venna projects are located approximately 50km SW and 30km SE, respectively, of the regional administrative centre of Trondheim, Trøndelag Province, central Norway.  Løkken also covers the former Løkken mining district (reported historical production of 24MT @ 2.3% Cu + 1.9% Zn plus silver and gold credits¹), whilst the Venna project covers similar prospective stratigraphy to the NE of Løkken (Figure 1). The former Løkken mine is considered to be one of the largest ophiolite-hosted Cyprus-type VMS deposits (by tonnage) to have been developed in the world. The Løkken claim block covers a significant portion of the old Løkken mine infrastructure (shafts, historical mineral processing facilities, railway loading area for concentrate, etc.), in addition to multiple satellite occurrences of copper-rich VMS mineralization with varying degrees of development.

 

Figure 1: Løkken & Venna Exploration Claims

The Løkken VMS district lies within the so-called Caledonian orogeny of Norway, which is interpreted to have extended from the productive VMS districts in NE Canada (Bathurst Mining Camp, New Brunswick; Buchans District, Newfoundland) and the Appalachian US to northern Norway.  Mineralization at Løkken is hosted by a sequence of Ordovician-age metabasalts (mixed pillow and massive basalts) within an overturned ophiolite (ancient sea floor crust) sequence (Figure 2).

 

Figure 2: Location of the Løkken deposit in the Caledonian orogeny (bottom) and mine-scale geology (top).

The former Løkken mine is a stratiform massive sulfide deposit characterized by its impressive dimensions – approximately 4 km in length, a maximum depth of 1 km, and an average thickness of 60 meters (picture 1). Its rich mineral composition predominantly consisted of chalcopyrite, sphalerite, pyrite, and pyrrhotite. Given the geological propensity for these deposits to occur in clusters, there is a high likelihood of additional undiscovered deposits within the broader district.  The Løkken deposit was discovered from a subtle massive sulfide outcrop which measured less than 1m in width (picture 2).

^{1 Historic production values quoted for Løkken are from Grenne T, Ihlen PM, Vokes FM (1999) Scandinavian Caledonide metallogeny in a plate-tectonic perspective.  Mineral Deposita 34:422–471, TMIN has not performed sufficient work to verify the published data reported above, but the Company believes this information to be considered reliable and relevant.}

The proximity of the Løkken claims to the former Løkken mine places the Company in an advantageous position to explore potential extensions of this prolific deposit. Similarly, the Venna project is located within the same mineral belt northeast of Løkken and presents a promising opportunity for discovering new deposits.

 

Picture 1: 3D model of Løkken (looking from East – the shallowest part – to the West – the deepest part

 

Picture 2: The Løkken Discovery Outcrop <1m of Massive Sulfide

 

The geology of these two regions (Figure 3) is dominated by a package of basalts, gabbros, and metasedimentary units of varying types. The similarities in the geology confirm the potential for further mineralization similar to that identified at Løkken.

 

Figure 3: Geology map of Løkken and Venna

 

The geological similarities are also confirmed when comparing the newly released regional magnetics data provided by the NGU for the Venna area. The datasets appear to correlate well with the geology and highlight the resemblances of the two areas (Figure 4).

 

Figure 4: Magnetics data for Løkken and Venna hot colours indicating magnetic highs, cooler colours indicating lows

This could potentially indicate further deposits like that of Løkken could be within the geological packages of Teako’s broader Løkken-Venna district.

The Venna VMS Project

At Venna, the geology is similar to Løkken with the formation within the Caledonian Orogeny. Venna hosts the historical Mostadmarka Ironworks trend with a series of over 200 near surface workings, targeting hematite- and magnetite-rich Iron Formations, thought to have formed through the action of hydrothermal fluids at or below the sea floor). Limited exploration for VMS Cu-Zn mineralization has been recorded in this district, rendering it one of the most exciting greenfields opportunities in the Norwegian Caledonides (Figure 5).

Figure 5: Overview and geology map of the Venna project

Teako have completed an initial geochemical assessment of iron formations within the northern and southern magnetic trends (<20 km strike length)(see Figure 6) to screen for potential of buried massive sulfide deposits. The study targeted sampling of the iron formations present alongside the volcanic host rocks. Iron formations can form through the exhalation or replacive-action of hydrothermal fluids at or below the paleo-seafloor, marking them as potentially prospective marker horizons for VMS-style mineralization. The iron formations can therefore hold geochemical indications of Cu-Zn mineralization and indicate proximity to a hydrothermal vent sourceIron formations are a key feature of the Løkken district and other global VMS districts including the historical Tverfjellet mine to the south of Venna and the Bathurst Mining Camp in Canada.In a typical VMS model, iron formations can be deposited on the same horizon as massive Cu-Zn sulfide mineralization. The pathfinder elements/ratios identified within the iron formations can be used to vector towards the vent zones, higher the concentrations of these elements the closer to the vent system. Studies of iron formations led to the discovery of the Bathurst 12 and 6 deposit (see inset map and district concept in Figure 6). Further high resolution sampling in addition to other high resolution surveys is expected to lead to refined drill target definition.

 

Figure 6: Map of magnetic anomalies within the Mostadmarka Target area

Teako has recently identified three high-priority targets within the extensive Mostadmarka target area from the geochemical assesment (see Figure 7). Within the southern magnetic trend an electromagnetic conductor (2.2km strike) known as the Storslåtten target was found associated with outcropping pyrite mineralization and has a geochemical signature indicating a hydrothermal origin. Literature indicates that graphitic schist is limited in the area, so the conductor at the Storslåtten target is currently interpreted as being more likely sulphide-related and proposing a potential connection to the Sandsve area. Within the northern (~10km strike length) ironworks trend two high-priority targets have currently been identified with compelling geochemical indications of prospectivity; Nævra and Heingruva. The Nævra target indicates hydrothermal replacement which from literature is typically linked to higher metal grades. The Heingruva target features indicates a pure hydrothermal vent origin

Figure 7: High priority targets within the Mostadmarka Target Area

The Løkken VMS Project

Work has been focused on the 90% owned part of the broader Løkken project and Teako believes there is a high likelihood of additional undiscovered deposits within the district along a broadly E-W-oriented mineralization trend (see Figure 8). The Løkken deposit outcrops on its eastern margin, whereas the western margin (yellow polygon in Figure 5) is interpreted to be truncated by a post-mineralization fault zone, which the Orkla River now occupies. The Orkla River lies at the current known western margin of the Løkken deposit (Astrup Shaft) and is interpreted by Capella to represent a broadly N-S-trending post-mineralization fault which has dissected the original Løkken VMS deposit. Accordingly, the potential exists for the discovery of displaced blocks of the original Løkken deposit on the western side of the Orkla River valley. Given the depth of mineralization at the nearby Astrup Shaft (approximately 900m vertically below the surface), the Company anticipates that any displaced blocks of mineralization at Løkken West would lie at similar depths to Astrup and, therefore, be beyond detection for the standard geophysical and geochemical techniques currently being applied at Løkken.

Figure 8: The Løkken Target Area

Work at the Løkken project has been focused on advancing drill hole targeting within the five highest priority target areas – the Åmot and Høydal target, together with the satellite targets, Grefstofjellet, Dragset-Helsetasen, and Fjellslett (see Figure 9) – but with a clear focus on the 5km long Løkken Mine – Høydal – Åmot corridor. Work completed included systematic ground magnetic surveys and soil (Ionic Leach, or “IL”) sampling, with almost 1,000 IL samples taken over the Åmot, Høydal, and Dragset target areas. Teako completed a drill program in Q1 2025 and is currently reviewing options for potential drilling.

 

Figure 9: Overview of Løkken Priority Drill Targets

The Åmot Target

The Åmot Cu-Co-Zn target is located 5km East of the former Løkken mining operations. It is hosted within stratigraphy considered favourable for the discovery of further Løkken-type massive sulfide (VMS) deposits. The primary target is a large (up to 2km in length) coincident electromagnetic (EM), ground magnetic, and geochemical anomaly, which together represent a highly favourable combination for a buried VMS deposit (see Figure 10).

 

Figure 10: Overview of Åmot Target Showing Ground Magnetics and Soil Geochemistry

The Høydal Target

The Høydal Cu-Co-Zn target lies immediately to the East of the former Løkken mining operations and within the highly prospective Løkken-Høydal-Åmot corridor. The primary target at Høydal is a 3 km-long corridor containing Cu-Zn-rich VMS-style mineralization (see Figure 11), with approximately 1km of this corridor having been tested by historical core drilling. A total of 20,846m of core drilling (see Figure 12) is reported to have been completed at Høydal by Orkla Grube AB between 1910 and 1976 (Grammelvedt, 1986); future exploration is expected to focus on extending higher grade (+2% Cu and +2% Zn) zones.

 

Figure 11: Overview of Høydal Target Showing Ground Magnetics and Soil Geochemistry

 

Figure 12: Høydal Historical Drilling and Model of Historical Mineralization Envelope

Caveat: The 3D model shown in Figure 5 was generated using LeapfrogTM software using a copper cut-off grade of 1% and with the explicit purpose of understanding the geological context of the historic Høydal mineralization with respect to the newly defined surface geophysical and geochemical anomalies. The historic mineralization envelope does not constitute a mineral resource estimate, and the Company does not treat the historic mineralization as a current resource.

The Dragset-Halsetasen Target

The Dragset-Halsetasen target hosts the former Dragset open pit and underground mining operation located approximately 5km West of the former Løkken mine. High-grade Cu-Co-Zn mineralization at Dragset is interpreted from both geological and geophysical data to be hosted within a fold nose, with the southern mineralized limb of the fold zone interpreted to extend eastwards towards the Halsetasen sector (see Figure 13). Further work is recommended in this Dragset-Halsetasen target to determine high-grade resource potential.

 

Figure 13: Overview of the Dragset-Halsetasen Target Showing Ground Magnetics and Soil Geochemistry

The Fjellslett Target

The Fjellslett Cu-Co-Zn target is permitted for drilling in summer 2025 and lies on the western margin of the Løkken property. It contains outcropping high-grade Cu-Co +/- Zn mineralization hosted within a broadly ENE-WSW-trending corridor as defined by both geology and ground magnetic survey data (see Figure 14).

 

Figure 14: Overview of Fjellslett Target Showing Ground Magnetics

The Grefstoffjellet Target

The southernmost Grefstoffjellet area consists of a series of copper-rich prospects/workings (e.g., Kong Karls Gruvan) hosted by meta-basalts, which appear to have strong structural controls on the emplacement of mineralization. Capella has completed little work at Grefstoffjellet to date, and further work is recommended to determine the full extent of copper mineralization in the area.