Capella Minerals and its partner Verde Metals have renegotiated the earn-in agreement for the Solana copper-gold project in southern Spain, reducing upfront and annual exploration commitments while retaining plans to begin drilling in 2027.
The revised terms lower the initial payment from €115,000 to €25,000 and replace a fixed annual exploration expenditure of €290,000 with spending of approximately €65,000, in line with the work programme approved by Andalusian mining authorities. The changes reduce the capital required to advance the project before exploration permits are secured and fieldwork provides a clearer understanding of the mineralisation and potential drilling targets.
Revised Earn-In Terms Lower Development Requirements
The agreement also replaces the previous obligation to complete a pre-feasibility study with a requirement to deliver a preliminary economic assessment within six years of permit approval.
This revision gives Capella more time to evaluate Solana’s geological potential and establish the project’s scale before undertaking more costly engineering work. The amended terms also reduce the financial commitments required to progress through the early exploration stages. Solana remains an early-stage exploration project without a compliant mineral resource estimate. Its immediate development depends on securing the necessary permits and using initial exploration results to define targets for the planned drilling campaign.
Exploration Programme Covers 200 Square Kilometres
The project covers approximately 200 square kilometres across three exploration-permit applications in the Filabres area, within a historic copper-gold district located around 80 kilometres northwest of Almeria. Capella expects approval of the Filabres 1 permit and its associated work programme in the fourth quarter of 2026.
The initial exploration campaign will integrate gravity and magnetic surveys with geochemical work and approximately 1,300 existing rock analyses. The combined dataset will be used to refine exploration targets before drilling begins. The company plans to launch its first drilling campaign in the first half of 2027, subject to the progress of permitting and exploration preparations.
Drilling to Test Vein Systems and Deeper Geophysical Targets
The planned programme will investigate two principal target types: known high-grade copper-gold vein systems and deeper areas where gravity and magnetic anomalies coincide. The deeper geophysical targets have been interpreted as possible iron-oxide-copper-gold (IOCG) systems concealed beneath the historic workings. Drilling will test whether these anomalies correspond to significant copper-gold mineralisation.
The potential for a larger mineralised system at depth remains unconfirmed. The results of the planned drilling programme will help determine the significance of the geophysical anomalies and their implications for the project’s future development. Under the revised agreement, Capella has reduced its near-term financial obligations while retaining the opportunity to advance Solana through permitting, target definition and initial drilling. Permit approval and execution of the first drill programme are the next key project milestones.
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