Teako Minerals Secures Exclusive License from The Coring Company
1100 – 1111 Melville Street, Vancouver, BC, V6E 3V6 TEL (778) 989-1501
www.teakominerals.com
Not for dissemination in the United States or through U.S. newswires
Teako Minerals Secures Exclusive License from The Coring Company
VANCOUVER, B.C. – June 22, 2023, TEAKO MINERALS CORP. (CSE: TMIN) (the "Company"
or "Teako") is pleased to announce the execution of a Licensing Agreement (the "Licensing
Agreement") dated June 22, 2023, for the Sample Control System Exploration Product (the "SCS
Exploration Product ") with The Coring Company AS ( "TCC"), a private Norway-based
technology company specializing in mining software.
Highlights and Aims
• An exclusive two-year license for the SCS Exploration Product with The Coring Company;
• The SCS product aims to-
o provide increased new levels of data analysis,
o reduce materials sampling to increase efficiency,
o streamline work processes.
• To significantly reduce the cost and time of basic investigations.
Earlier this year, TCC launched its new Sample Control System ( "SCS") for the optimization of
ground investigations. The SCS is expected to significantly reduce the cost of basic investigations
and create time savings relative to traditional sampling and lab analyses by quickly collecting
results in a single integrated app. This system is designed to optimize fieldwork procedures by
utilizing data from drill rigs, samples, and industrial experience to produce more detailed analyses
with reduced sample materials.
The relationships with TCC and exposure to the SCS Exploration Product represents Teako 's
commitment to implementing cutting -edge technological solutions that increase efficiency and
productivity within the mining industry.
The Licensing Agreement
Following the previously announced Letter of Intent ( refer April 19, 2023 news release), Teako
and TCC have agreed to the terms of the Licensing A greement, which grants Teako exclusive
rights to use, sublicense, and resell TCC's SCS Exploration Product.
The License Agreement is part of a larger framework that includes a research and development
agreement (the "R&D Agreement ") and a project agreement, wh ich aims to deliver the SCS
Exploration Product once it reaches commercialization. Teako and TCC will develop the SCS
Exploration Product together under the R&D Agreement, which is still being negotiated.
1100 – 1111 Melville Street, Vancouver, BC, V6E 3V6 TEL (778) 989-1501
www.teakominerals.com
Under the terms of the Licensing A greement, Teako obtains an exclusive two- year license (the
"Initial Term") for the SCS Exploration Product. The SCS Exploration Product comprises three
components: the SCS – Prospecting Software, the patented Cuttings Sampler Unit ( "CSU")
hardware, and the Sampler Emptying Unit ("SEU") hardware.
The License Agreement permits Teako to use the SCS Exploration Product internally and also to
resell or refer sales of the SCS Exploration Product within the Teako group of companies, through
its wholly owned subsidiary Valence Mining Services Ltd. and its alliance members, and to other
entities outside the Teako group of companies.
Teako and TCC have expectations of selling 500 units of the CSU during the Initial Term. The
commercial terms, such as pricing for each of the co mponents of the SCS Exploration Product ,
will be negotiated in good faith between the parties and before the Initial Term of the License
Agreement.
The SCS Exploration Product is intended for use in prospecting or exploration (including drilling)
worldwide. It is designed to provide substantially increased levels of data-driven analysis, reducing
the amount of required sample materials and making processes more efficient. Operational
planning, risk management, task management, and budget management can be streamlined via the
SCS – Prospecting Software platform, offering a comprehensive solution for ground investigation.
With data from drill rigs, samples, and industrial experience, the SCS Exploration Product is
expected to provide a much more detailed analysis requiring reduced sample materials and more
effective operations.
Sven Gollan, CEO of Teako Minerals Corp., comments, "This strategic partnership with The
Coring Company represents a significant milestone for our company. The exclusive licensing of
the SCS Exploration Product enables us to leverage cutting- edge technology to optimize our
fieldwork procedures, reducing sample materials while simultaneously enhancing the accuracy
and efficiency of our processes. At Teako, we are committed to pushing the boundaries of what's
possible in mineral exploration, and this agreement solidifies our position at the forefront of
technological advancement in the industry."
Frida Vonstad, CEO of The Coring Company, states, "This agreement with Teako Minerals Corp.
is an exciting opportunity to extend the reach of our innovative SCS Exploration Product. We are
thrilled to have Teako, a company known for its commitment to innovative practices, as the
exclusive licensee of one of our product s. It's a clear demonstration of our shared belief in the
power of technology to revolutionize fieldwork procedures in the mining industry. This
collaboration not only broadens the application of our technology but also validates our vision of
driving efficiency in mining applications."
1100 – 1111 Melville Street, Vancouver, BC, V6E 3V6 TEL (778) 989-1501
www.teakominerals.com
About The Coring Company:
The Coring Company is a Norwegian technology company that develops digital solutions for
conducting ground investigations within a range of fields. TCC was founded in 2019 based on the
research conducted by its founder and CEO, Frida Vonstad, during her doctoral studies at
University College of London and Oxford University. TCC's main product, the Sample Control
System (SCS), is a powerful tool that helps reduce costs, decrease carbon footprint, and reduce
risk when conducting ground investigations. Visit https://www.thecoring.com/ for more
information.
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver -based mineral exploration company committed to the
acquisition, expl oration, and development of mineral properties in Canada and globally. The
adoption of advanced 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"
Chief Executive Officer
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 that (a) Teako and TCC will develop the SCS Exploration Product together, (b) t he commercial terms, such
as pricing for each of the components of the SCS Exploration Product, will be negotiated in good faith between the parties and
before the Initial Term, (c) the SCS Exploration Product is expected to provide a much more detailed analysis with data from drill
rigs, samples, and industrial experience, (d) the SCS is expected to significantly reduce the cost of basic investigations and create
time savings relative to traditional sampling and lab analyses, (e) Teako and TCC have expectations of selling 500 units of the CSU
during the Initial Term, and (f) t he SCS Exploration Product is intended for use in prospecting or exploration (including drilling).
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.
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.