Teako begins partner-financed core logging in Norway

• Most Recent Event: On May 5, 2026, Teako Minerals announced that partner United Minerals Australia Pty. Ltd. (via Nordic Minerals A.S.) has commenced preliminary work at the National Drill Core Archive in Lokken, Norway.
• Scope of Work: The activity involves historical drill core photography and logging to support planning for five copper-zinc-silver-gold projects: Sivilvangen, Mykkelvika, Hellemyr, Klasberget, and Heimdalhaugen.
• Ownership Structure: Teako retains a 10% free-carried ownership interest in these specific projects until a Final Investment Decision (FID) is reached.
• Service Arrangement: Teako's in-house geological team is performing the work on a fee-for-service basis, generating revenue without capital expenditure risk.
• Historical Context: This follows the January 5, 2026 announcement where Teako sold a 90% interest in these same five projects to Nordic Minerals for NOK 1,450,000 (~C$200k) plus an earn-out.
• Recent Corporate Actions: The company recently completed its secondary listing on the Frankfurt Stock Exchange (April 23, 2026) and closed a second tranche of private placement financing in April 2026 ($736k).

• Confirmation of Commitment: The news confirms that the partner (Nordic Minerals) is fulfilling its exploration commitment outlined in the January 2026 divestiture agreement. This reduces execution risk regarding the earn-out potential.
• Revenue Generation: Unlike previous financing rounds, this activity generates direct service revenue for Teako's geological team without diluting shareholders or requiring company capital expenditure.
• Valuation Impact: The market likely priced in the January 2026 sale of assets and the associated cash consideration ($200k + earn-out). This update is incremental confirmation rather than a fundamental change to valuation drivers.
• Liquidity Context: While positive, the news does not address liquidity concerns directly; however, it supports the narrative that Teako is monetizing its asset base through partnerships rather than solely relying on equity financings.
• Risk Mitigation: The 10% free carry protects Teako's upside if the partner discovers a mineable resource, aligning interests without exposing Teako to development costs until FID.

• Business Model: Teako operates a "Project Hub" model in Norway, focusing on critical metals (Copper, Zinc, Silver, Gold, Uranium) through exploration and partnership structures.
• Flagship Projects:
  • Tynset Project: 100%-owned Cu-Zn-Ag VMS project acquired April 2026; high-priority "Storbekken" target with significant soil anomalies.
  • Venna & Løkken Projects: Central Norway projects undergoing mapping and sampling (Løkken is 90% owned).
  • Uranium Portfolio: Four 100%-owned uranium projects in northern Norway (Svarthola, Tverrlandet, Lavangen, Kvæfjord) with confirmed high-grade anomalies.
• Development Stage: Primarily exploration stage; no production revenue reported yet. Revenue is currently derived from service work and asset divestitures.