Teako Minerals Commences Drilling at Løkken Project

Teako Minerals Corp. has embarked on an exciting new chapter in its exploration journey with the commencement of its maiden diamond drill program at the Åmot target within the Løkken copper-cobalt-zinc project in central Norway. This initiative marks a significant milestone for the company, as it delves into one of the most promising areas within its district-scale project. The Åmot target, located 5km east of the former Løkken mining operations, is a 2km-long geophysical and geochemical anomaly that has never been drill-tested before. The Company received all approvals for this current round of drilling the Åmot target in December, 2024, with the main limitation being that it be completed by March 31, 2025 (the expected end of winter conditions). Additionally, the Company has been granted an eleven (11) day extension (until April 11, 2025) to its drill permit at the Høydal target. Drilling at this target will be subject to available time and weather.

The Åmot target is a high-priority area for Teako Minerals due to several key geological indicators. These indicators include geophysical anomalies, such as coincident electromagnetic (EM) and ground magnetic anomalies, which are considered key indicators for "buried" VMS targets. The target also exhibits geochemical anomalies, which, when combined with the geophysical anomalies, represent a highly favorable combination for a buried VMS deposit. Additionally, the Åmot target is hosted within stratigraphy considered favorable for the discovery of further Løkken-type VMS deposits, and the top of the target has been interpreted to lie approximately 44.1m to 140.3m below the surface, making it a more accessible and cost-effective target for drilling.

The recent acquisition of a 90% ownership interest in the Løkken project from Capella Minerals Ltd. significantly enhances Teako's strategic position in the Norwegian mining sector. This acquisition provides Teako with a substantial stake in a district-scale project that covers an area of 114 sq. km and includes the former Løkken underground copper mine, which is considered one of the largest ophiolite-hosted Cyprus-type VMS deposits by tonnage. The Løkken mine produced an estimated 24Mt @ 2.3% Cu and 1.9% Zn, along with silver and gold credits, highlighting its historical significance and potential for future discoveries.

The financial implications of the maiden diamond drill program at the Åmot target are significant, but Teako's recent private placement activities and loan agreements provide a solid foundation for funding this initiative. On March 17, 2025, Teako announced the closing of an oversubscribed private placement, welcoming a Norwegian family office as a significant (>10%) shareholder alongside strong participation from existing investors and prominent Norwegian investors. This private placement is part of a broader strategy to secure the necessary funding for the drill program. Additionally, on September 11, 2024, Teako secured C$400,000 through a loan agreement from its largest shareholder. This loan agreement provides additional financial flexibility for the company to execute its drilling plans. Furthermore, on August 29, 2024, Teako closed the first tranche of its previously announced non-brokered private placement and closed a definitive agreement to acquire a majority interest in the Løkken project. This acquisition further strengthens Teako's financial position and its ability to fund the drill program.

The success of this acquisition will depend on the Company's ability to successfully complete the drill program and secure the necessary financing. The Company applied for the Løkken drill permits on November 20, 2024, and these were subsequently granted on December 3, 2024, covering a total of 19 diamond drill holes for a winter drill program. The drill program will consist of a minimum of 580 meters of drilling, which is expected to test the Åmot target, a copper-cobalt-zinc target located 5km East of the former Løkken mining operations. The Åmot target is a 2km-long geophysical and geochemical anomaly, which has been defined by modern exploration techniques and has never been drill-tested before. The Company received all approvals for this current round of drilling the Åmot target in December, 2024, with the main limitation being that it be completed by March 31, 2025 (the expected end of winter conditions). Additionally, the Company has been granted an eleven (11) day extension (until April 11, 2025) to its drill permit at the Høydal target. Drilling at this target will be subject to available time and weather.

The Løkken project is located approximately 50km SW and 30km SE, respectively, of the regional administrative center 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 credits). 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. 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. 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 measuring less than 1m in width. 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.

In conclusion, Teako Minerals' maiden diamond drill program at the Åmot target within the Løkken project represents a significant step forward in the company's exploration efforts. With a strong financial foundation and a strategic acquisition, Teako is well-positioned to unlock the potential of this high-priority target and potentially discover additional VMS deposits within the district. The success of this initiative will not only validate the company's exploration strategy but also pave the way for future growth and development in the Norwegian mining sector.