News release

Capella Announces Private Placement

Financing

/NOT AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURTIES IN

THE UNITED

STATES OF AMERICA

./

VANCOUVER, BC

,

June 13, 2023

/CNW/ -

Capella Minerals Ltd

(TSXV: CMIL) (OTCQB: CMILF)

(FRA: N7D2) ("Capella" or the "Company") announces that it has initiated a non-brokered private

placement of up to

33M

units at a price of

C$0.03

per unit for gross proceeds up to

C$1,000,000

("Private Placement"). The Company has secured an initial commitment of

C$400,000

from an

existing European-based shareholder with a focus on the metals required for the green energy

transition.

Each unit of the Private Placement shall consist of one common share in the capital of the Company

and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase

one additional common share at a price of

C$0.06

per share at any time within two years from the

date of issuance. The warrants shall also be subject to an accelerated exercise clause in the event

the Company's share price exceeds

C$0.15

for 10 consecutive trading days.

Proceeds from the Private Placement are anticipated to be used on advancing the Company's high-

grade copper assets in

Norway

(including drilling at the advanced exploration-stage Hessjøgruva

project) and copper-gold assets in northern

Finland

, as well as for general working capital.

The Company may pay finders fee's in either cash, shares, share purchase warrants or a

combination thereof, as permitted by regulators, on a portion of the Private Placement. Closing of

the Private Placement is expected to occur on or before

June 25, 2023

. All securities issued under

the Private Placement will be subject to a hold period of four months from the date of issuance.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall

there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale

would be unlawful, including any of the securities in

the United States of America

. The securities

have not been and will not be registered under the United States Securities Act of 1933, as

amended (the "1933 Act") or any state securities laws and may not be offered or sold within

the

United States

or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the

1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an

exemption from such registration requirements is available.

Expiry of Options

The Company also advises of the expiry of 1,815,000 employee options on

June 5, 2023

.

On Behalf of the Board of Capella Minerals Ltd.

"Eric Roth"

___________________________

Eric Roth

, Ph.D., FAusIMM

President & CEO

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.

In

Norway

, the Company's focus is on: i) the advanced exploration-stage Hessjøgruva copper-cobalt

project and the adjacent Kongensgruve and Kjøli projects in the northern Røros mining district,

Trøndelag province, ii) the discovery of satellite high-grade copper-cobalt deposits around the past-

producing Løkken copper mine, Trøndelag province, and iii) the discovery of new copper-cobalt

deposits in the former Vaddas-Birtavarre mining district of northern Norway.

The Company is also exploring the Northern Finland Gold-Copper project in the Central Lapland

Greenstone Belt, together with JV partner Cullen Resources Ltd (ASX: CUL). A total of five

exploration permit have now been approved, including the priority Killero Cu-Au target. In central

Finland

, the Company´s focus is on the discovery of lithium and rare-earth element deposits at both

its Perho reservation, in addition to an extensive package of properties in the broader Keliber district

through a JV with European Energy Metals Corp (formerly Hilo Mining)(TSXV: FIN).

Capella also retains exposure to exploration success in precious metals projects through its active

Canadian Joint Ventures with Prospector Metals Corp. (TSXV: PPP) at Savant (

Ontario

) and Agnico

Eagle Mines Ltd (formerly Yamana Gold Inc.)(TSX/NYSE: AEM) at Domain (

Manitoba

). The

Company also holds a 49% interest in the Sierra Blanca low sulfidation gold-silver project in

Santa

Cruz

,

Argentina

, which is currently being explored by Austral Gold Ltd (TSXV: AGLD; ASX: AGD).

Cautionary Notes and Forward-looking Statements

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.

SOURCE

Capella Minerals Limited

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http://www.newswire.ca/en/releases/archive/June2023/13/c1199.html

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For further information:

Capella Contacts: Eric Roth, Email: [email protected], Karen

Davies, +1.604.314.2662

CO: Capella Minerals Limited

CNW 16:00e 13-JUN-23