Capella holds an initial 70% interest (earn-in to 80%) in the Northern Finland Gold-Copper Project, which is located in the highly-prospective Central Lapland Greenstone Belt (“CLGB”). The Northern Finland Gold-Copper Project was originally acquired from ASX-listed Cullen Resources Limited (ASX: CUL)(“Cullen”) through an earn-in agreement which was announced on August 24, 2021. The project currently consists of five exploration licences - Killero E, Killero W, Saattopora W, Jolhikko, and Selsunselka - which lie immediately adjacent to the Sirkka Thrust Zone, a regional structural corridor within the CLGB which is associated with numerous occurrences of both gold and base metals.
The Northern Finland Gold-Copper Project includes the high-priority historic gold-copper Base of Till (“BoT”) geochemical anomalies generated by Anglo American PLC in the Killero E area, plus potential extensions to Outokumpu Oy’s former Saattopora gold-copper mining operation (Figure 1).
Currently, the Northern Finland Gold-Copper Project forms part of the Tümad earn-in agreement which was announced on September 2, 2025, and includes funding for a minimum of 4,000m of diamond drilling to be completed on or before September, 2026.
Capella currently expects to complete a maiden drill program on the Killero E target during H1, 2026.
Figure 1. Locations of the five granted exploration licences (“EL’s”) – Killero E, Killero W, Saattopora W, Jolhikko, and Kelsunselka.
Project Snapshot
| Location | 20 km NW of Kittila, Finland |
| Ownership | Capella Minerals Initial 70% Interest |
| Status | Early-stage exploration |
| Deposit types | Orogenic gold & copper deposits |
| Project Area | 5 granted exploration licences |
| Host Rocks | Meta-volcanic/sedimentary sequences |
| Age | Precambrian |
| Main Economic Elements | Gold, Copper |
| Access | All weather paved highways and gravel roads |
Central Lapland Greenstone Belt
Capella’s Northern Finland Gold-Copper Project consists of 5 granted EL’s and lies immediately adjacent to the Sirkka Thrust Zone, a well-mineralized regional structural corridor within the Central Lapland Greenstone Belt (“CLGB”). Significant recent discoveries within the CLGB include Ikkari (Rupert Resources) with a current Indicated Mineral Resource of 48.3MT @ 2.5 grams per tonne (“g/t) gold (“Au”) for 3.86Moz Au and Inferred Mineral Resource of 20.4MT @ 1.9 g/t Au for 1.26Moz Au; NI 43-101 Technical Report dated January 10, 2023 and filed on www.sedar.com1.
1 References made to nearby mines and analogous deposits provide context for the Northern Finland Gold-Copper project but are not necessarily indicative that these projects host similar tonnages or grades of mineralization.
Priority Targets Defined within the Northern Finland Gold-Copper Project
The Company’s five exploration licences were defined from interpretation of Capella’s high-resolution drone magnetic dataset (completed in 2022) and historical geological and geochemical datasets. The EL’s cover the following targets:
- Killero E – former Anglo American plc project with significant gold-copper Base of Till (“BoT”) geochemical anomalies but never drill tested2. The Killero BoT anomalies are also associated with a prominent NE-trending structural corridor (Figure 2).
- Killero W – second BoT anomalous area located some 4km W of Killero E, also never drilled.
- Saattopora W – interpreted WNW trending extensions to Outokumpu Oy’s former Saattopora copper-gold mine, in addition to some previously unknown NW-trending splays.
- Keisunselka – high-grade gold target in interpreted deformed mafic volcanic host rock.
- Jolhikko – gold and base metal targets in complex deformation zone.
Figure 2. Enlargement of the Killero gold-copper BoT anomaly area. Background: Total Magnetic Field Intensity (TMI) data.
2 Historic geochemical results quoted for Killero are derived from GTK (Geological Survey of Finland) datasets. Whilst Capella has not performed sufficient work to verify the published data reported, the Company believes this information to be considered reliable and relevant.
Terms of Capella’s Earn-In
Capella’s earn-in agreement for the Northern Finland Gold-Copper Project was announced on August 24, 2021, and received TSX.V Exchange approval on September 7, 2021.
Key terms of the earn-in agreement are:
- Capella acquired an initial 70% interest in Cullen Oy (Cullen’s 100%-owned Finnish subsidiary, and registered owner of the original Katajavaara EL and Aakenus reservation) in return for having paid Cullen AUD 50,000 upon receipt of Exchange approval (the “Closing Date”).
- Capella was required to invest a total of USD 250,000 in exploration expenditures on the two projects over a 24-month period from the Closing Date (completed).
- Capella may then acquire a further 10% interest in Cullen Oy (for a total 80% interest) in return for a further USD 750,000 investment in the two projects over a 4.5-year period from the Closing Date (in progress).
- Cullen will then be free carried until the completion of a Pre-Feasibility Study (“PFS”) on either of the two projects. Thereafter, a standard dilution formula will apply and should either party’s direct interest fall to below 10% then they will revert to a 2% Net Smelter Royalty (with 1% being purchasable for USD 1 million).
In addition, the following cash payments are required to be made to Cullen:
- USD 50,000 on the first anniversary (September 7, 2022) of the Closing Date (completed)
- USD 75,000 on the second anniversary (September 7, 2023) of the Closing Date (completed)
- USD 100,000 on the third anniversary (September 7, 2024) of the Closing Date (completed)