Teako Minerals Announces Strategic Pivot to Focus on Norway; Pausing Operations in British Columbia
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Teako Minerals Announces Strategic Pivot to Focus on Norway; Pausing Operations in British
Columbia
VANCOUVER, B.C. – January 18, 2024, TEAKO MINERALS CORP. (CSE: TMIN) (the
"Company" or "Teako") announces that following a recent Norwegian parliament meeting and
the various developments in mineral exploration in Fennoscandia in recent years, the Company
has decided to pause exploration efforts in British Columbia, to primarily concentrate on Norway,
while also maintaining a minor focus on Finland. The majority of the Company’s projects in
British Columbia are in good standing for 2-3 years, allowing the Company the strategic flexibility
to explore various alternatives, including the potential of partnering with other parties or selling
the projects, as part of its ongoing commitment to maximizing shareholder value. Investors will
be regularly informed of developments, ensuring transparency and continuous engagement with
our valued stakeholders.
The primary targeted metals in Norway will be copper, cobalt, and base metals, as well as gold
and rare earth minerals (or “REE”), while in Finland, the focus will be on gold.
The Rationale Behind the Pivot
Access to critical and battery metals is crucial to establishing a robust value chain in Europe and
carrying out the green shift. Today, most of the battery metals, such as nickel, cobalt, and lithium,
are produced outside Europe, often in countries with low ESG standards. The EU has introduced
a goal that 10% of all critical minerals consumed in the EU in 2030 will need to be produced in
the EU by 2030. This means that the production of battery metals within the EU must be
dramatically increased to attain this goal.
Oil and gas have been the primary contributors to Norway’s recent sovereign wealth. However, in
alignment with the green shift and rising commodity prices, the mineral exploration industry and
Government are keen on reviving the mining and exploration sector, which became dormant in the
1970s due to low commodity prices and the discovery of oil and gas. The bedrock in Norway is
promising for discoveries of new occurrences of battery and critical metals with its rich history of
mining copper, nickel, and cobalt. Only a handful of exploration companies have carried out
systematic exploration since the late 1980s; however, multiple major mines are about to
open/reopen very shortly, namely the REE mines of Engebø and Fensfelt, as well as the copper
mine in Finnmark by Nussir.
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Norway is currently also a world leader in renewable energy production, with an estimated 92%
of the country’s energy supply being derived from hydroelectric plants and a further 6% from wind
energy and other renewable sources.
More recently, the Company was invited to attend and contribute to an event at the Norwegian
Parliament held on January 16, 2024. The event focussed on sustainable exploration and extraction
of critical metals, bringing together a diverse group of experts and industry leaders to discuss
establishing Norway's pivotal role in the European battery and critical minerals supply chain.
The event surrounded a cross-political specialist seminar with representatives and advisors in the
energy and environment committee, the finance committee, the industry committee, mining
companies, politicians, and various organizations. The event was followed by a networking
gathering where Teako and another Service Alliance partner, Kuniko Limited (KNI.ASX), and
Norsk Bergindustri, met.
The Company would like to express its profound gratitude to the Norwegian Parliament for the
opportunity to contribute to the discussions on the development of Norway's critical mineral
infrastructure. We also sincerely thank Norsk Bergindustri and our Ser vice Alliance partner,
Kuniko Limited (KNI: ASX), for hosting the networking gathering.
Our main rationale for focusing on Norway as the primary jurisdiction is that the Company
considered the following factors:
● First-mover advantage in a jurisdiction with extensive mining history, poised for a
resurgence in the industry.
● Positive government support with various initiatives to strengthen the industry. The
Norwegian mining law was reviewed and modernized last year to align with modern
worldwide industry standards.
● Benefit from zero work commitments when staking, offering greater operational flexibility.
● Low staking costs and no landholding costs in the initial year enhance the financial
feasibility of projects.
● Vast amounts of historical geological data are stored publicly in an open-source database
at the Geological Survey of Norway (or “NGU”) and the Directorate of Mineral
Management (or “DMF”) where Companies in Norway are entitled to make their data
publicly available.
● Access to 800,000 meters of historic cores at the NGU.
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● Various innovation programs and critical metals initiatives in Norway and the European
Union allow the opportunity for non-repayable financial support or grants.
● Streamlined and efficient permitting processes. Extensive exploration, additional rights,
and permissions are required from the DMF.
● Geological features comparable to those found in Eastern Canada.
● Availability of diverse mineralization types.
● Comparable mineral wealth to that of Canada.
● Untapped economic potential in mineral resources.
● A nominal 0.5% (0.75% in Finnmark) royalty allocation to the landowner of staked
properties.
The Company will maintain a minor focus on Finland, based on the following:-
● Ranked as one of the best mining jurisdictions.
● Access to good infrastructure.
● Access to renewable energy.
● The power grid covers the whole country.
● Similar geology to Canada and Australia with strong mineral potential.
● The Geological Survey of Finalnd (or “GTK”) has an open-source database publicly
available.
● Finland hosts leading education, research, and development facilities.
● The Finnish Government strongly supports research organizations and private companies
in developing green and sustainable mining technologies.
● Finland is politically and socially stable and ranked one of lowest-risk countries in the
world.
● Finland is consistently rated among the top countries for mining policy and its legislation.
On June 21, 2023, Norway’s Minister of Trade and Industry, Jan Christian Vestre, presented the
Norwegian Government’s mineral strategy. The strategy has five focus areas that aim to ensure
that the Norwegian mining industry will become more circular, that new mineral projects are
implemented faster, that there is a more precise emphasis on climate, affected communities, and
the environment, and that international partnerships are strengthened. Jan Vestre commented
“Metals and minerals are crucial if we are to implement the green and digital transitions, and this
strategy is a springboard for developing the world’s most sustainable mineral industry. In addition
to abundant natural resources, Norway has world-class skills and technology which give us a huge
potential to extract, refine, and recycle critical minerals. The Norwegian Government will work
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closely with the industry, parties in the labour market, environmental organisations and local
communities to accelerate the pace of the mineral industry.”
Furthermore, the European Commission has proposed a comprehensive set of actions to ensure the
EU's access to a secure, diversified, affordable, and sustainable supply of critical raw materials in
which Norway could play a pivotal role. The strategy concerning critical raw materials aims to
bolster Europe’s supply chains’ self-reliance. Aligning with this directive, Norway is focused on
fortifying collaborations with the EU and European nations to secure raw material accessibility
and construct resilient value chains.
The major support from the Norwegian Government and the European Union (EU) as well as the
promising geological nature of the jurisdiction are major reasons behind the Company’s choice to
primarily focus on Norway whilst Finland aligns seemingly with the Company's Scandinavian
profile being a favorable mining jurisdiction and potential for world class discoveries in multiple
commodities.
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to acquiring,
exploring, and developing mineral properties in Norway & Finland exploring for copper, cobalt,
base metals, and gold. The adoption of technologies such as the SCS Exploration Product aligns
with its strategy to remain at the forefront of the rapidly evolving mining industry.
ON BEHALF OF TEAKO MINERALS CORP.
"Sven Gollan"
CEO
T: +43 5522 500429
Email: [email protected]
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the
business of Teako. Forward-looking information is based on certain key expectations and assumptions made by the management
of Teako. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," “would,” “expect,”
“intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of
these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press
release include Although Teako believes that the expectations and assumptions on which such forward-looking information is based
are reasonable, undue reliance should not be placed on the forward-looking information because Teako can give no assurance that
they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, risks associated with the mineral exploration industry in general (e.g.,
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operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of
estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the
availability of services, commodity price and exchange rate fluctuations, changes in legislation impacting the mining industry,
adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or
development projects or capital expenditures. These and other risks are set out in more detail in Teako’s interim Management’s
Discussion and Analysis dated October 31, 2023. The Canadian Securities Exchange (CSE) has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of this release.