Capella Initiates Base of Till Sampling Programs on the Seisunselka and Jolhikko Gold Targets, Northern Finland

• 2026-03-30: Capella initiates Base-of-Till (BoT) sampling on Seisunselka and Jolhikko gold targets in northern Finland. BoT/ToB work is fully funded under Tumad Madencilik’s earn-in and is expected to finish by mid-April 2026, with assay results due late May. The results are intended to guide follow-up diamond drilling later in 2026 on these targets and nearby projects (KilleröW, SaattoporaW). Qualified Person Eric Roth approved all technical information. This is characterized as a non-material but positive operational update signaling ongoing exploration momentum.
• 2026-03-24: Capella reports a maiden diamond drill program at Killero E in northern Finland (1,946 m in 9 holes) aimed at evaluating the BoT geochemical anomaly; assays expected in April. Reconnaissance BoT drilling on Seisunselka and Jolhikko has begun, with planning ongoing for an 8,000 m summer program at Hessjogruva in central Norway. CEO Eric Roth reiterates positive progress and future drilling plans.
• 2026-02-12 (two items): Capella appoints Nursel Atar to the Board of Directors (director appointment effective 2026-02-12); the company closes an Earn-In with Tumad Madencilik with staged investment terms covering Finland and Norway projects, expanding the Scandinavian portfolio. The board appointment is framed as strategic governance enhancement; the earn-in closes and formalizes Tumad’s participation in Capella’s Nordic exploration plans.
• 2026-01-15: Capella announces a binding LOI with Verde Minerals and CyOA for the Solana IOCG project in Andalucia, Spain, to earn up to 75% through staged exploration (Phase I 30%, Phase II 51%, Phase III 75% with a Prefeasibility). Initial terms include Euro-denominated payments and environmental bonds, subject to TSX-V acceptance. The project is described as a district-scale copper-gold target with limited prior exploration, expanding Capella’s portfolio beyond Scandinavia.
• 2026-01-29: SEDAR interim financial statements released; detailed balance sheet, income statement, and cash flow data through Nov 30, 2025. The report shows cash of ~C$1.50 million, equity deficiency, and a capital structure with warrants and options outstanding. Notable items include significant exploration & evaluation assets, NSR royalties, and a convertible promissory note, highlighting ongoing liquidity and dilution considerations.
• 2026-02-12: Capella appoints Nursel Atar to the Board (duplication of the 02/12 item as part of a consolidated press release) and confirms the closed Earn-In with Tumad, reinforcing the Nordic exploration program and the matrix of projects under Tumad’s funding commitment.
• 2025-10-08: Capella announces a non-brokered private placement of 24 million units for up to ~C$1.2 million and potential debt settlement via new equity, with proceeds earmarked for general admin and to acquire/secure new exploration opportunities. The financing includes warrants and a prior financing that did not proceed beyond the first tranche, signaling ongoing capital-raising activity to support exploration.
• 2025-04-29 and 2025-10-08: Interim MD&A and financing updates reflect ongoing liquidity management and corporate updates ahead of the Tumad earn-in and Solana LOI initiatives.

Overall, latest news shows routine, positive exploration updates with a clear strategic emphasis on funded exploration (Tumad earn-in) and portfolio expansion (Solana IOCG project in Spain). The trajectory demonstrates a push to de-risk through partner funding while expanding the asset base, with a notable governance addition (Atar) and a disciplined approach to reporting assay timelines and drilling plans.

• The March 30 BoT sampling initiation is a routine, forward-looking operational update rather than a direct financial catalyst. It confirms continued exploration activity in a funded framework, reducing near-term cash burn risk but still implying ongoing dilution risk through warrants and potential future fundraisings. The fact that the program is fully funded under Tumad’s earn-in reduces immediate capital needs and aligns with Capella’s strategy to advance multiple targets in Northern Europe without heavy debt, which is positive for valuation without being game-changing.
• The March 24 Killero E drilling update, reporting a maiden drill program and the anticipation of assay results in April, reinforces the company’s active exploration pace and progress against BoT anomalies. It supports a narrative of discovery potential but remains routine in terms of financial impact.
• The January 15 Solana IOCG LOI represents a material portfolio expansion and a potential pecking order shift in Capella’s project mix. If Capella achieves the earn-in milestones to 75%, the Solana project could materially alter the company’s asset base and leverage; however, the arrangement is contingent on regulatory approvals and future capex, making this a longer-horizon, potential-positive catalyst rather than an immediate financial uplift.
• The February 12 board appointment (Nursel Atar) signals governance strengthening and strategic advisory capacity, which is positive but not a near-term financial inflection point.
• The February 12 earnings/earn-in closure and the October 2025 financing activity indicate ongoing capital strategy to fund exploration. While dilutive pressure remains a risk (outstanding warrants, options, and a convertible note), Tumad’s involvement lowers immediate liquidity risk and frames Capella as a partner-led growth story rather than a debt-funded expansion.

Bottom line: The most recent news is a positive, routine update consistent with the company’s established strategy and capital structure. It does not indicate a material, immediate financial uplift but supports ongoing exploration progress and portfolio expansion with reduced near-term capital risk due to Tumad’s earn-in. The Solana LOI adds a potential material portfolio expansion if milestones are met, but that remains contingent and longer-dated.

• Capella Minerals Ltd. is a junior mining and exploration company with a Nordic-focused portfolio (Finland and Norway) plus a notably expanding Iberian portfolio via a Solana IOCG project in southern Spain. Flagship projects and targets include:
• Northern Finland: Killero E (copper-zinc-cobalt BoT anomaly), Seisunselka, Jolhikko (gold targets) within the Central Lapland greenstone belt.
• Norway: Hessjogruva (copper-cobalt-zinc VMS target) under exploration.
• Spain: Solana IOCG project (copper-gold), subject to a staged earn-in with Verde Minerals and CyOA.
• The company is actively pursuing diamond drilling to test BoT anomalies and is leveraging Tumad Madencilik’s earn-in to fund Nordic exploration while seeking additional project opportunities.