Teako will acquire a stake of 50% in the projects by issuing one million of its shares to Capella. Credit: Albert Hyseni on Unsplash.

Teako Minerals has signed an agreement to acquire the Vaddas and Birtavarre projects in northern Norway from Capella Minerals (CMIL), which is an arm’s-length party to Teako.

The Vaddas and Birtavarre copper-cobalt projects form part of the past-producing Vaddas-Birtavarre copper-cobalt and zinc volcanic massive sulphide district of northern Norway.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

Under the deal, Teako will acquire a 50% stake in the projects by issuing one million shares to CMIL.

Teako will have the option to acquire a 100% interest by investing C$100,000 ($75,806) in exploration expenditures within the first year into the two projects.

The company will also issue an additional 250,000 shares in both the first and second years to CMIL.

Teako said in a statement: “The projects being acquired embark on Teako’s mission to expand their operations into Scandinavia in search of and to secure access to critical metals like copper and cobalt; metals that are imperative for the green and digital transition.”

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Furthermore, Teako has announced a strategic partnership with CMIL to explore new opportunities and trial new exploration technologies.

Teako Minerals CEO Gollan said: “This acquisition marks a new chapter in our exploration activities in Scandinavia. Our business plan aims to expand to Scandinavia. We look forward to leveraging our combined expertise and resources to explore and develop these exciting projects.”

CMIL CEO Roth said: “Our partnership with Teako presents a unique opportunity to combine our resources and expertise to unlock the potential of these promising projects.”

The Birtavaare project comprises three claims with an area of 30km² while the Vaddas project comprises 13 claims that cover 90.69km².

The Vaddas-Birtavarre district is located in the Finnmark og Troms Province, approximately 60km east of the regional centre of Tromsø.

Mining Technology Excellence Awards - Nominations Closed

Nominations are now closed for the Mining Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact

Excellence in Action
Dual-award winner in the 2025 Mining Technology Excellence Awards, Propeller is redefining geospatial intelligence and safety in mining. Explore how its AeroPoints and DirtMate solutions deliver survey-grade mapping, live haul metrics, and safer, more efficient operations across mines and quarries worldwide.

Discover the Impact