Dr. Eric Roth reports

CAPELLA PROVIDES EXPLORATION AND EARN-IN UPDATE ON THE SOLANA IOCG PROJECT, SPAIN

Capella Minerals Ltd. has provided an update on the planned exploration activities, permitting and revised earn-in agreement terms for the district-scale Solana iron-oxide copper-gold (IOCG) project in southern Spain.

The Solana project covers approximately 200 square kilometres and is located 80 km northwest of the port city of Almeria and 20 km east of the Alquife iron mine. The Solana project covers the historical Cerro de Gallo mining district, where production from the Cerro de Gallo and Solana high-grade copper-gold veins along with the copper-rich Conde Xiquena hematite mine ceased in the mid-1920s.

Capella's exploration strategy at Solana is designed to evaluate both the resource potential of the high-grade copper-gold vein systems and, importantly, the potential for large, buried IOCG-type deposits which the company interprets to represent the source of the outcropping copper-gold veins. The Solana project forms part of an earn-in agreement signed with Verde Metals Ltd. and announced on Jan. 15, 2026, and remains subject to TSX Venture Exchange approval.

Solana project highlights

• District-scale copper-gold opportunity: Three exploration permit applications (Filabres 1-3) covering approximately 200 square km across a former high-grade copper-gold mining district.
• Near-term exploration: Capella currently anticipates approval of the Filabres 1 exploration permit and associated work program during Q4 2026, allowing for ground gravity and magnetic geophysical surveys and additional surface sampling to commence.
• Drill targeting: New gravity/magnetic and geochemical data will be integrated with the existing high-resolution airborne magnetic/radiometric survey and approximately 1,300 rock sample analyses to refine priority copper-gold drill targets.
• Drilling: First drill testing of priority targets is currently anticipated in H1 2027, testing both high-grade vein targets and coincident gravity-magnetic anomalies associated with the company's broader IOCG exploration model.
• Revised earn-in terms: Capella and Verde have agreed revised terms which significantly reduce near-term cash and exploration commitments and provide greater flexibility for the staged advancement of Solana.

Revised Solana earn-in terms

Capella and Verde have refined the permitting strategy for Solana around the three Filabres 1-3 exploration permit applications and have also agreed to modify certain terms of the original earn-in agreement (see company news release dated Jan. 15, 2026). The revised terms provide Capella with greater capital flexibility as it advances exploration at Solana and include:

• A reduction in the upfront cash payment to Verde from 115,000 euros to 25,000 euros;
• Minimum annual exploration expenditures aligned with the work programs approved by the Andalucian Mining Authority (of the order of 65,000 euros), replacing the previous fixed 290,000-euro commitment. Nevertheless -- and subject to funding -- the company anticipates completing comprehensive exploration programs at Solana with a view to initiating the drill testing of priority copper-gold targets during 2027;
• Completion of a preliminary economic assessment (PEA), rather than a prefeasibility study, within six years of permit granting;
• Extension to Dec. 31, 2026, for execution of the definitive agreement.

The remaining terms of the original earn-in agreement with Verde (and as announced on Jan. 15, 2026) remain unchanged.

Eric Roth, Capella's president and chief executive officer, commented:

"Solana represents a highly attractive copper-gold exploration opportunity for Capella in southern Spain. The combination of a district-scale land position, extensive high-grade copper-gold vein systems, historical mining and a compelling geological model provides us with multiple avenues for discovery.

"The revised earn-in terms provide Capella with significantly greater flexibility in allocating capital as the project advances. Upon receipt of the required permits, our immediate objective is to complete the geophysical and surface sampling programs, integrate these results with the existing geophysical and geochemical database, and advance the highest-priority targets to drilling in 2027.

"With copper designated as a strategic raw material by the European Union and strong infrastructure already present in the region, we believe Solana has the potential to become an important growth platform for Capella in Europe."

About the Solana project

The Solana IOCG project lies within a former copper-gold mining district and is located within the province of Almeria, about 80 kilometres northwest of the regional port of Almeria and 20 km east of the Alquife mine (historically Europe's second-largest open pit iron-ore mine). The Solana project consists of three exploration licence applications -- Filabres 1, 2 and 3 -- which together cover a district-scale (200 square km) project which includes the former-producing Cerro de Gallo and Solana high-grade vein-hosted copper-gold deposits and the Conde Xiquena copper-haematite mine. The Solana project is characterized by a series of laterally-extensive, north-northwest-trending haematite-rich copper-gold veins hosted dominantly within Proterozoic-age meta-sedimentary rocks and underlain by felsic intrusions. Whilst future exploration programs at Solana are also expected to evaluate the resource potential of the extensive high-grade vein systems, the company's primary focus will be on the evaluation of buried IOCG-type deposits which the company interprets may represent the source of the outcropping copper-gold veins.

Qualified persons and disclosure statement

The technical information presented in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and approved by Dr. Eric Roth, the company's president and chief executive officer, 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). Mr. Roth has over 35 years of experience in international minerals exploration and mining project evaluation.

About Capella Minerals Ltd.

Capella is a Canadian exploration and development company with a focus on generating gold-copper projects globally.

On Jan. 15, 2026, Capella announced the signing of a binding letter of intent with Verde Metals with respect to an earn-in agreement on the Solana iron-oxide-copper-gold (IOCG) project in southern Spain. Work plans for the Solana project are currently in the process of being approved by the Andalucian Mining Authority, with field activities expected to begin in Q4 2026 and first drilling in H1 2027.

Capella announced on Sept. 2, 2025, the signing of a definitive agreement with Turkish mining company, Tumad Madencilik Sanayi Ve Ticaret A.S., for a staged earn-in on the company's portfolio of precious and base metal projects in Scandinavia. Tumad's minimum year 1 investment commitment includes up to 12,000 m of diamond drilling on the company's gold-copper projects in the Central Lapland greenstone belt of northern Finland and the Hessjogruva copper-cobalt-zinc VMS project in central Norway.

Capella also retains a carried 10-per-cent interest through to production on the Lokken copper-cobalt-zinc VMS project of central Norway through a partnership with Teako Minerals Corp. In addition, Capella holds net smelter royalties on the Savant gold project in Ontario, Canada (BeMetals Corp.), and the Central Finland lithium projects (Grit Metals Corp.), as a result of the divestiture of non-core assets.

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