Capella holds an 80% interest 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 - Killerö E, Killerö 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 Killerö E and W areas, plus potential extensions to Outokumpu Oy’s former Saattopora gold-copper mining operation (Figure 1).

The Northern Finland Gold-Copper Project was subject to the Tümad earn-in agreement as announced on September 2, 2025, and which required Tümad to invest a minimum of USD 1.25M in exploration (including up to 4,000m of diamond drilling) before September, 2026. On September 29, 2026, Capella announced that Tümad had met its minimum exploration commitment through the completion of:

1. 2,008m / 9 holes of diamond drilling at the Killerö E target (see Company News Release dated June 24, 2026) 
2. 669m / 2 holes of diamond drilling at the Killerö W target (see Company News Release dated September 29, 2026)
3. Maiden BoT geochemical drilling across the Jolhikko and Selsunselka target areas
4. Reconnaissance water quality and other baseline studies at Killerö E

Assay results from the diamond drilling at both Killerö E and Killerö W indicated the presence of localized high-grade copper (associated with chalcopyrite-pyrrhotite veins) but uniformly near detection limit gold values. Accordingly, Tümad elected to not continue on to Phase II of the earn-in agreement and reverts to a 1% Net Smelter Royalty interest on any future production from the projects. Accordingly, the direct ownership of the Northern Finland Gold-Copper projects currently remains at Capella 80%:Cullen 20%.

Figure 1. Locations of the five granted exploration licences (“EL’s”) – Killerö E, Killerö W, Saattopora W, Jolhikko, and Kelsunselka, together with the projects acquired by Agnico Eagle Mines Ltd in June, 2026.

Project Snapshot

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 Killerö E and Killerö W 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.

Maiden Diamond Drill Programs at Killerö E and Killerö W

Maiden diamond drilling programs were completed at both the Killerö E and Killerö W target areas during H1, 2026, as part of the Tümad earn-in agreement. Drill holes were mostly targeted on coincident copper-gold BoT geochemical anomalies and favourable NE-trending structural corridors as defined by from the Company’s high-resolution drone magnetic survey. This drilling successfully intersected multiple zones of quartz-carbonate veining (locally with chalcopyrite-pyrrhotite) hosted within fine-grained gabbro and basalts. However, elevated copper values were limited to narrow chalcopyrite-bearing vein zones and gold values were uniformly low throughout both target areas (Figures 3 and 4).

Figure 3. A) Quartz-carbonate veining marking the top of the Killerö E Fault/Shear Zone (KE-001 155m, HQ core), B) Chalcopyrite-pyrrhotite mineralization hosted in quartz-carbonate vein (KE-001B 37.9m, HQ core), and C) Massive pyrrhotite and chalcopyrite in KE-001A 182.83-183.59m (0.76m @ 3.7% Cu + 19 g/t Ag) HQ core.

Figure 4. Diamond drill core from Killerö W drilling. A) chalcopyrite-pyrrhotite-bearing quartz-carbonate vein (KW-001, 144.0m); B) Chalcopyrite-rich quartz-carbonate vein (KW-002, 211.8m) (211.4-212.4m 1m @ 0.98% Cu); C) Pyrrhotite-bearing quartz-carbonate vein (KW-002, 238.0m); D) Foliation parallel sulfides (KW-002, 363m).

Terms of Capella’s Earn-In with Cullen

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 (completed).
• 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)