Overview of the projects within the partnership

On July 3, 2025, Teako Minerals entered into a strategic collaboration with Treschow-Fritzøe AS – through its wholly owned subsidiary, Fritzøe Skoger AS – involving the sale of four exploration projects comprising nine licenses (see press release). These projects (Hulderdalen, Kvelde, Moelva and Skåråfjell) are prospective for rare earth elements (REE), phosphate, iron, and titanium, and are located near Fensfeltet in southern Norway — home to Europe’s largest proven REE deposit.

As part of the agreement, Teako retains a 10% economic interest in the proceeds from any future sale (direct or indirect) of the projects. In relation to the exploration licenses, Teako was also appointed as Fritzøe’s preferred provider of exploration services for a period of 36 months. This arrangement is expected to create a potential revenue stream for Teako, strategically supporting the advancement of the Company’s core exploration assets.

Treschow-Fritzøe is among the oldest and most traditional companies in Norway. Its wholly owned subsidiary, Fritzøe Skoger AS, stands as one of Norway’s largest landowners and controls the land where the Properties are situated. Treschow-Fritzøe’s diverse portfolio includes operations across forestry and natural resources, property management and development, stone industry, building materials distribution, renewable energy, and capital management. For more information about Fritzøe, please visit: https://www.fritzoe.no/

Project Information

The Hulderdalen Project

The Hulderdalen Phosphate-REE-Iron-Titanium (“P-REE-Fe-Ti”) Project situates in the Vestland province of southern Norway (see Figure 1). 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 third-party owned Kodal P-REE-Fe-Ti project. 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). ¹ ²

¹  References made to adjacent mines/projects provide context for the projects but are not necessarily indicative that the projects host similar tonnages or grades of REE, phosphate, iron, or titanium.
² 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.

The Hulderdalen project area forms part of a more extensive Norwegian Geological Survey (“NGU”) 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 (or “LPC”). 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 over the Kodal Area, the geology map, and a larger scale map.

Hulderdalen Geological Setting

The Hulderdalen P-REE-Fe-Ti property and the associated hub projects lie within the Oslo Igneous Province (or “OIP”), 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).

Hulderdalen Geology and Mineralization

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 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.

Hulderdalen Exploration History

A significant amount of exploration work has occurred on the property, starting in the 1980s for REEs. 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).

Figure 1: Hulderdalen project overview map

The Kvelde Project

Kvelde is situated approximately 4 km to the west of Hulderdalen (see Figure 2). Kvelde is situated on the border of the Telemark & Vestland provinces of Norway and contains known ferrous metal and apatite occurrences. The project has been explored for REEs previously in the 1970s and 1980s by the NGU respectively. Kvelde is situated in an identical geological setting to Hulderdalen and exhibits a similar geophysical signature to the Hulderdalen and the adjacent Kodal deposit. Due to these similarities, Kvelde is being treated as a potential satellite deposit to Hulderdalen.

Figure 2: Kvelde project overview map

The Moelva Project

The Moelva project is situated approximately 25km to the north-west of Hulderdalen (see Figure 3). 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.

Figure 3: Moelva project overview map

The Skåråfjell Project

The Skåråfjell project area (see Figure 4) exhibits promising signs of similar mineralization observed in the previously investigated areas. The geology here is comprised of the same syenites, larvikites and nepheline syenites prevalent across Hulderdalen, Kvelde and Moelva. The core of the project area sees a relatively complex triple junction contact between the three outlined lithologies. As Kodal-style mineralization is spatially associated with and potentially controlled by the contacts between larvikites and syenites in the area, Skåråfjell’s complexity may act as a useful conduit for mineralization.

References:

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]