Teako Announces Sale of Copper, Zinc, Gold and Silver Project Package; Retains 10% Non-Dilutive Carried Interest and Secures Work Commitment

Core Viewpoint - Teako Minerals Corp. has entered into a Definitive Acquisition Agreement with Nordic Minerals AS to sell a 90% interest in five Norwegian mineral projects, enhancing its strategic position while retaining a 10% free carried interest in the projects [1][4][5]. Agreement Terms - Teako will receive an initial payment of NOK 1,450,000 (approximately C$200,000) shortly after the agreement, with an additional NOK 2,700,000 (approximately C$370,000) contingent upon the projects achieving a collective mineral resource of at least 10 million tonnes [4][11]. - Teako retains a non-dilutive 10% free carried ownership interest in the projects until a final investment decision is made, ensuring no financial responsibility for costs until commercial production begins [5][6]. - Nordic is obligated to incur a minimum of C$700,000 in exploration expenditures within the first 24 months and aims for total expenditures of C$5,000,000 over 60 months [7][8]. Project Overview - The five projects include Mykkelvika, Heimdalhaugen, Sivilvangen, Klasberget, and Hellemyr, all located in Norway and known for their mineral potential, including copper, zinc, gold, and silver [1][11]. - The Mykkelvika Project spans 126 km² and is situated in a geologically favorable area with multiple mineral occurrences, including significant copper and zinc grades [12][13]. - The Heimdalhaugen Project covers 60 km² and has potential for both Cu-Zn VMS systems and Cu-Mo porphyry mineralization, supported by a history of mining in the region [18][19]. - The Sivilvangen Project, also 60 km², hosts a VMS deposit with a reported mineral inventory of approximately 267 kt at 0.72% Cu and 5.27% Zn, benefiting from well-developed infrastructure [23][24]. - The Klasberget Project, measuring 10 km², is adjacent to historic ore fields with significant past production, indicating strong exploration potential [26][29]. - The Hellemyr Project, located near the Kongsberg silver mining district, covers 33 km² and has a history of base metal production, with promising potential from historic tailings [32][33]. Strategic Partnership - The partnership with United Minerals Australia is expected to leverage their extensive experience in financing and developing mineral projects, aiming for responsible and efficient project advancement while focusing on environmental stewardship and community engagement [3][35].