Capella Advances Gold-Copper Targeting at the Katajavaara-Aakenus Project, Central Lapland Greenstone Belt, Finland

VANCOUVER, May 17, 2022 - Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) (FRA:N7D2) (the "Company" or "Capella") is pleased to report that it has completed a 4,000-line km high-resolution drone magnetic survey over the Katajavaara-Aakenus project in northern Finland. Interpretation of the data derived from this survey is well underway, with the Company's focus being the evaluation of potential extensions to Outokumpu Oy's former Saattopora gold-copper mining operation and the significant historical gold-copper Bottom of Till ("BoT") geochemical anomalies generated by AngloAmerican in the Killero area (Figure 1).

The Katajavaara-Aakenus project is located along the Sirkka Thrust, a well-mineralized regional structural corridor that hosts numerous recent discoveries such as Rupert Resources' Ikkari and Aurion Resources' Helmi projects¹. Capella currently holds a 70% interest in the Katajavaara-Aakenus Joint Venture ("JV"), in accordance with the agreement signed with ASX-listed Cullen Resources Ltd (ASX: CUL)("Cullen") and announced by the Company on August 24, 2021.

Eric Roth, Capella's President and CEO, commented: "The high-resolution drone magnetic data has greatly improved our understanding of the geological controls on known gold-copper occurrences and "bottom of till" anomalies at Katajavaara-Aakenus. We look forward to completing the interpretation of these data, with a view to then rapidly prioritizing areas for conversion to full exploration licences and then moving down the path to discovery drilling. I look forward to keeping markets informed on our progress."

Six priority target areas have been delineated from the high-resolution drone magnetic survey:

• Two potential extensions to Outokumpu Oy's former Saattopora gold-copper mine; a northwestern extension at Saattopora West (Aakenus), and a southeastern extension at Katajavaara. At Saattopora West, new exploration targets include a direct western extension of the Sirkka Thrust plus a previously unexplored NW-trending splay of the same Sirkka Thrust.
• The Killero copper-gold target area (Figure 2), where exceptional copper-gold values were returned from historical Bottom of Till ("BoT") sampling by AngloAmerican but never followed-up with core drilling. Anomalous Cu values (the so-called "95^th percentile") for BoT samples in the Central Lapland Greenstone Belt are considered by the Finnish Geological Survey ("GTK") to be approximately 110 parts per million ("ppm"); the Killero area contains significant intervals of >110ppm Cu (and a maximum value of 5,962 ppm)². The elevated Cu values, which are also often associated with elevated Au values, appear to be associated with a NE-trending dextral fault/shear system which cross-cuts interpreted mafic (tholeiitic) volcanic rocks units.
• The Western Banded Iron Formation ("BIF") + Au target: interpreted to be deformed BIF with potential for high-grade gold mineralization hosted in fold hinges. Conceptual model for this target is comparable to that developed by the Company's for its Savant Lake JV in Ontario, Canada.
• the Eastern Structural Corridor - a complex, broadly NW-trending structural corridor with potential for shear-zone hosted gold deposits.
• the Riikonkoski-Lonnakko-Kangas cluster of copper occurrences located along the eastern boundary of the Aakenus project. These 3 occurrences are reported by the GTK to be massive sulfide type deposits; however, field reviews of these areas have yet to be undertaken by the Company.

Capella's expected work program for Katajavaara-Aakenus includes:

• Finalization of the interpretation of the high-resolution drone magnetic data set.
• The infilling of two small remnant areas within the original planned survey area - these areas will be flown during August, 2022.
• Defining priority areas within the Aakenus reservation for conversion to exploration licenses. The Aakenus reservation area provides the JV partners with priority staking privileges until December, 2022.
• Design (and obtain permits for) follow-up winter 2022/2023 BoT geochemical surveys, with these to be followed-up by discovery core drilling at both Killero and other targets.

The technical information in this news release relating to the Katajavaara-Aakenus gold-copper project has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, the Company's President & CEO, a Director, and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. 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 30 years of experience in international minerals exploration and mining project evaluation.

On Behalf of the Board of Capella Minerals Ltd.

"Eric Roth"

Eric Roth, Ph.D., FAusIMM
President & CEO

Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade gold and copper(-zinc-cobalt) deposits. The Company's copper(-zinc-cobalt) focus is currently on i) the advancement of the recently-acquired, resource-stage Hessjøgruva copper-zinc-cobalt project in central Norway and ii) the discovery of high-grade VMS-type deposits within 100%-owned, district-scale land positions around the past-producing Løkken and Kjøli copper mines.

The Company's precious metals focus is on the discovery of high-grade gold deposits on the Katajavaara-Aakenus JV in Finland, its 100%-owned Southern Gold Line Project in Sweden, and its active Canadian Joint Ventures with Prospector Metals Corp. (TSXV: PPP) at Savant Lake (Ontario) and Yamana Gold Inc. at Domain (Manitoba). The Company also retains a residual interest (subject to an option to purchase agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver divestiture in Santa Cruz, Argentina.

This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of Capella, including the timing, completion of and results from the exploration and drill programs described in this release. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by Capella in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include those described under the heading "Risks and Uncertainties" in Capella's most recently filed MD&A. Capella does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Capella Minerals Ltd.