New Risk • May 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.4m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.4m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$6.84m market cap, or US$5.02m). Announcement • Mar 31
Capella Minerals Ltd Initiates Base of Till Sampling Programs on the Seisunselka and Jolhikko Gold Targets in Northern Finland Capella Minerals Ltd. commenced Base of Till ("BoT") geochemical sampling programs on its Seisunselka and Jolhikko gold targets in the Central Lapland Greenstone Belt of northern Finland. The Seisunselka and Jolhikko targets are located 14 km NW and 8km WSW, respectively, of the recently completed diamond drill program at Killerö E and have been identified as highly prospective for orogenic gold deposits from interpretation of high-resolution drone magnetic data. The Seisunselka and Jolhikko BoT sampling programs are fully funded and form part of the earn-in commitment by Tümad Madencilik Sanayi Ve Ticaret A.S. ("Tümad") on the Company's Finnish and Norwegian portfolio of projects. Reconnaissance Base of Till ("BoT") geochemical sampling programs have been initiated over the Seisunselka and Jolhikko gold targets in northern Finland. These first-pass BoT (and Top of Bedrock or "ToB") sampling programs are currently expected to be completed in mid-April, with assays subsequently expected to be received in late-May. At Seisunselka, the primary target is orogenic-style gold mineralization hosted in NE-trending fault/shear zones which cross-cut broadly N-S-trending magnetic stratigraphic units (and interpreted by the Company to be deformed, iron-rich tholeiitic volcanic rocks). At Jolhikko, the primary target is orogenic-style gold mineralization associated with a complex structural zone consisting of both intense folding and fault/shear zones. Host rocks are interpreted by the Company to be deformed, iron-rich tholeiitic volcanic rocks. Base of Till sampling programs are a key element of any exploration program in the Central Lapland Greenstone Belt, with assay results being used to prioritize new targets for follow-up diamond drilling. Our interpretation of the high-resolution drone magnetic data for Seisunselka and Jolhikko indicates that these areas display many characteristics of Precambrian orogenic gold systems. And as both Seisunselka and Jolhikko are fully permitted exploration licenses, the Company will be able to follow up with diamond drilling on any anomalous areas identified through the BoT sampling. Announcement • Mar 26
Capella Provides Update on Killero E Drilling, Northern Finland Capella Minerals Ltd. had successfully completed a maiden diamond drill program at the Killero E gold-copper project in the Central Lapland Greenstone Belt of northern Finland. The Killero E drill program represents the first phase of a 12,000m drill commitment for 2026 by Tümad Madencilik Sanayi Ve Ticaret A.S. on the Company's Finnish and Norwegian portfolio of projects. The current drill program has provided the Company with a first-pass evaluation of the potential source(s) for the historic gold-copper Base of Till geochemical anomaly and which is associated with a prominent NE-trending structural corridor and E-W-trending magnetic units. Drill core logging and sampling are currently underway at a dedicated facility located in Sodankylä, northern Finland, with samples being dispatched to ALS Sodankylä for preparation and subsequent analysis. The Company currently expects to be able to report all assays for the drill program in April. A total of 1,946m of diamond drilling has now been completed on the Northern Finland Gold-Copper Project as part of the Tümad strategic partnership /JV. The remaining 2,000m drill commitment for Northern Finland is currently expected to be distributed between two drill-ready gold targets at Killero W, interpreted extensions to the former Saattopora Gold-Copper Mine at Saattopora W, potential new targets generated by BoT sampling at Jolhikko and Seisunselka, and follow-up drilling at Killero E. Reconnaissance BoT drilling in Northern Finland has also just commenced on the Seisunselka and Jolhikko conceptual gold targets. Both targets were developed on the Company's interpretation of favourable underlying geology for buried gold deposits. Planning for an 8,000m summer (July to October) diamond drill program at the Hessjogruva copper-cobalt-zinc project in central Norway also continues. Drilling remains subject to final approval of the updated drill permit for Hessjogruva. Capella announced on September 2, 2025, the signing of a Definitive Agreement with Turkish mining company, Tümad Madencilik Sanayi Ve Ticaret A.S., for a staged earn-in on the Company's portfolio of precious and base metal projects in Scandinavia. Tümad's minimum Year 1 investment commitment includes 12,000m of diamond drilling on the Company's gold-copper projects in the Central Lapland Greenstone Belt of northern Finland (4,000m) and copper-cobalt-zinc VMS projects in central Norway (8,000m). 
