TECHNICAL REPORT Løkken Property, Trøndelag County, Norway (63.12° N Latitude, 9.67° E Longitude) ~Technical Report for the Løkken Property prepared for~ Capella Minerals Limited 8681 Clay Street Mission, British Columbia, Canada V4S 1E7 ~prepared by~ Amanda Scott, BSc, FAusIMM Scott Geological AB Smultronstigen 9 93931 Malå, Sweden Effective Date: January 25, 2021 Signing Date: March 26, 2021 Frontispiece: Underground at Løkken ca. 1940. (Source: NGU) SIGNATURE PAGE Prepared For: Capella Minerals Limited 8681 Clay Street Mission, British Columbia, Canada V4S 1E7 Effective Date: January 25, 2021 Signing Date: March 26, 2021 ____________________________ Signed at Malå on March 26, 2021 Amanda Scott, FAusIMM Malå, Sweden 2 | Page Table of Contents SIGNATURE PAGE ............................................................................................................................................................ 2 List of Figures .................................................................................................................................................................... 4 List of Tables ..................................................................................................................................................................... 5 1. EXECUTIVE SUMMARY ............................................................................................................................................ 6 1.1. Overview & Ownership ................................................................................................................................... 6 1.2. Location & Permit Overview ........................................................................................................................... 6 1.3. Regional Geology ............................................................................................................................................ 7 1.4. Property Geology ............................................................................................................................................ 7 1.5. Deposit Type .................................................................................................................................................... 8 1.6. Property Mineralization ................................................................................................................................... 8 1.7. History ............................................................................................................................................................... 8 1.8. Exploration ....................................................................................................................................................... 9 1.9. Interpretations & Conclusions ..................................................................................................................... 10 1.10. Recommendations........................................................................................................................................ 10 2. INTRODUCTION & TERMS OF REFERENCE ...................................................................................................... 11 2.1. Introduction & Terms of Reference ............................................................................................................. 11 2.2. Units & List of Abbreviations........................................................................................................................ 11 2.3. Sources of Information ................................................................................................................................. 12 3. RELIANCE ON OTHER EXPERTS ......................................................................................................................... 12 4. PROPERTY DESCRIPTION AND LOCATION ...................................................................................................... 12 4.1. Property Description & Location ................................................................................................................. 12 4.2. Property Tenure ............................................................................................................................................ 13 4.3. Norwegian Mining Laws and Regulations .................................................................................................. 15 4.3.1. Mining Inspectorate & Minerals Act ........................................................................................................... 15 4.3.2. Exploration Permits ...................................................................................................................................... 16 4.3.3. Taxes, Duties & Royalties ............................................................................................................................. 17 4.4. Material Agreements .................................................................................................................................... 17 4.5. Other Significant Factors or Risks ............................................................................................................... 17 5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY .............................. 19 5.1. Accessibility ................................................................................................................................................... 19 5.2. Local Resources & Infrastructure ................................................................................................................. 19 5.3. Physiography & Climate ............................................................................................................................... 20 6. HISTORY ................................................................................................................................................................. 21 6.1. Geophysics .................................................................................................................................................... 23 6.2. Geochemistry ................................................................................................................................................ 24 6.3. Drilling ........................................................................................................................................................... 25 6.4. Significant Prospects .................................................................................................................................... 27 6.4.1. Høydal ............................................................................................................................................................ 27 6.4.2. Dragset .......................................................................................................................................................... 27 6.4.3. Eastern Area .................................................................................................................................................. 28 6.4.4. Southern Area ............................................................................................................................................... 28 7. GEOLOGICAL SETTING & MINERALIZATION ................................................................................................... 28 3 | Page 7.1. Regional Geology & Mineralization ............................................................................................................ 28 7.2. Property Geology & Mineralization ............................................................................................................ 33 7.3. Significant Prospects .................................................................................................................................... 36 7.3.1. Løkken ............................................................................................................................................................ 36 7.3.2. Højdal ............................................................................................................................................................. 36 7.3.3. Dragset .......................................................................................................................................................... 37 7.3.4. Western Area ................................................................................................................................................ 40 7.3.5. Eastern Area .................................................................................................................................................. 40 7.3.6. Southern Area ............................................................................................................................................... 41 8. DEPOSIT TYPES ..................................................................................................................................................... 42 9. EXPLORATION ...................................................................................................................................................... 44 9.1. Ground Magnetics ........................................................................................................................................ 45 9.2. Rock Grab Sampling ....................................................................................................................................