Teako Minerals, a Vancouver-based mineral exploration company, has signed a non-binding letter of intent (LOI) with the Coring Company (TCC) to form a joint venture (JV) for exploring and developing mineral projects in Helgeland, Norway.
These projects are fully owned by Teako Minerals and were acquired during its extensive 2024 staking programme. This was based on previous work carried out by BP Minerals under the Helgeland project.
The LOI, executed through Teako’s subsidiary in Norway, outlines that TCC will make aggregate cash payments of C$3m ($2.19m) over two and a half years to acquire a 50% stake in the projects.
As the designated operator of the projects, Teako Minerals is set to receive an operating fee of $225,000 from the total C$3m prior to the closing of the deal.
An additional $225,000 is expected to be paid by 31 July 2025.
The JV will see the establishment of a new company (Newco), with Teako and TCC each holding a 50% stake.
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By GlobalData
The projects involved account for 12.2% of Teako Minerals’ project portfolio in Norway, with staking costs recorded at C$12,875.
This JV signifies a collaborative effort to advance mineral exploration and development in the region.
The projects involve a variety of resources including gold, copper and molybdenum.
Teako noted that information about the project and the planned transaction with TCC will be released in a thorough news release.
It added that no assurances can be given that the planned transaction will be carried out as planned or at all.
