Dr. Eric Roth reports

CAPELLA PROVIDES UPDATE ON CENTRAL FINLAND LITHIUM PROJECT

Capella Minerals Ltd.'s joint venture partner European Energy Metals Corp. has confirmed that it has completed $1-million in exploration expenditures on the Central Finland lithium project, being a key requirement for earning in to an initial 51-per-cent interest in the project as per the original earn-in agreement (see company news release dated March 20, 2023). European Energy's field teams completed extensive summer/fall 2023 sampling and mapping programs which included the collection of approximately 1,100 rock chip grab samples and have resulted in the discovery of several high-grade lithium prospects which are now being permitted for drilling. European Energy may formally complete its 51-per-cent earn-in to the project through the payment of $100,000 in cash and 400,000 European Energy common shares to Capella.

Dr. Eric Roth, Capella's president and chief executive officer, commented: "I am pleased to be reporting today on the progress that European Energy has made on advancing the Central Finland lithium project. Highlights of the exploration activities to date include the discovery of high-grade spodumene-bearing boulder trains within the northernmost Nabba reservation (see European Energy news release dated Dec. 7, 2023), with two exploration licences (ELs) covering 4,550 hectares having now been applied for in order to allow initial scout drilling. A further update on the timing and details of the next phase of exploration is expected to be provided upon receipt of the exploration licences".

Qualified persons and disclosure statement

The technical information in this news release relating to the Central Finland lithium project has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101, and approved by Dr. Roth, the company's president and CEO, a director, and a qualified person under NI 43-101. Dr. Roth holds a PhD in economic geology from the University of Western Australia, is a fellow of the Australian Institute of Mining and Metallurgy (AusIMM), and is a fellow of the Society of Economic Geologists (SEG). Dr. Roth has 35 years of experience in international minerals exploration and mining project evaluation.

About Capella Minerals Ltd.

Capella is engaged in the acquisition, exploration and development of quality mineral resource properties in favourable jurisdictions with a focus on European base and battery metals projects.

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