The Coring Company says it has signed a sales agreement with a revenue framework of NOK 50 million ($4.06 million) with Teako Minerals, a Canada-based exploration company searching for copper, gold and silver.

As a continuation of its previously announced strategic and commercial partnership, the companies have signed an agreement for the delivery of TCC’s patented hardware and software solution for the mining industry, it said. The agreement will be implemented through the commercialisation of the product.

TCC’s Sample Control System (SCS) is a software that optimises drilling, sampling and analysis services. The software and associated hardware solution provides a deeper insight into a mine’s yield potential, explosive requirements and production method while lowering the cost associated with the operations, according to TCC.

The collaboration between TCC and Teako aims to create long-term value for the shareholders of both companies by applying TCC’s advanced platform and hardware solutions to Teako’s portfolio of projects and other relevant resources, TCC said.

The previous agreement, signed in April this year, forms the basis for the sale and further development of TCC’s products and services for the mining sector, targeting Teako Minerals and the alliance network of which TCC is a part. Today’s agreement is the first sale of TCC’s solution for the mining industry, which is expected to be released in the commercial market in 2024.

Frida Vonstad, CEO of The Coring Company, said: “This agreement with Teako Minerals is an exciting opportunity to expand 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 products. It is a clear demonstration of our shared belief in the power of technology to revolutionise fieldwork procedures in the mining industry. This collaboration not only expands the use of our technology but also validates our vision of driving efficiency in mining applications.”

Sven Gollan, CEO of Teako Minerals, said: “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 optimise 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.”