Teako Minerals Corp. announced that it has entered into a non-binding letter of intent (the "LOI") on June 18, 2024, with The Coring Company AS ("TCC"), through the Company's wholly-owned subsidiary, Teako Minerals Norway AS, to negotiate a joint venture agreement for exploration and development of seven mineral projects located in Helgeland, Norway (the "Projects"). The Projects are 100% owned by the Company and were acquired in its extensive 2024 staking program based on past work conducted by BP Minerals, formerly known as the Helgeland project.

The LOI: The terms of the LOI are as follows: TCC would commit to paying CAD 3,000,000 in aggregate cash payments (the "TCC Contribution") over 2.5 years for an immediate 50% ownership in the Projects. Teako would be the operator of the Projects (the " Operator") and would be entitled to receive $225,000 as an operating fee from the gross CAD 3,000,000 on or before closing and a further $225,000 on or before July 31, 2025. Teako and TCC would establish a joint venture company (the "Newco"), whereas in consideration for the Teako Contribution and the TCC Contribution, each party would be issued 50% of the shares in the capital of Newco.

Further details regarding the proposed transaction with TCC, as well as project information, will be provided in a comprehensive news release if and when the parties enter into a definitive agreement. There can be no guarantees that the proposed transaction will be completed as contemplated or at all. The Projects represent 12.2% of the Company's project portfolio in Norway and have incurred staking costs of CAD 12,875.