Announcement PDF ASX ANNOUNCEM ENT 31 OCTOBER 2024 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Culpeo Minerals Limited (Culpeo or the Company) (ASX:CPO, OTCQB:CPORF) is pleased to report on its activities for the quarter ended 30 September 2024 (the Quarter). HIGHLIGHTS LANA CORINA PROJECT (50% CULPEO, EARNING 80%1) • Assay results from diamond hole CMLCD014 further increased the mineralised interval to 454m @ 0.93% CuEq from 90m and included several wide zones of high-grade molybdenum, with the following notable copper equivalent results:2,3 • 78m @ 1.24% CuEq from 200m; • 68m @ 1.14% CuEq from 320m; and • 40m @ 1.20% CuEq from 394m. • Three zones of associated high-grade, molybdenum mineralisation delineated within drill hole CMLCD014. • CMLCD014 expanded the mineralised zone to 600m x 400m, to a depth of 870m and remains open in all directions. • Drilling of CMLCD014 was completed during the Quarter to a final depth of 977m, with the remainder of the assays expected to be reported in Q4 of the 2024 calendar year. • Site clearance and drill contractor selection for upcoming drilling at the Vista Montana Prospect underway. FORTUNA PROJECT (80% CULPEO12) • High-grade copper assays of up to 1.83% Cu returned from rock chips at the newly discovered El Quillay West Prospect.17 • Outcropping copper mineralisation at El Quillay West confirmed over 1,000m by 500m trend, with strong correlation to earlier geophysical anomalies. • Ongoing trenching at El Quillay South continues to advance, defining targets and extending mineralisation which remains open to the south.18 • Notable results have returned thick surface mineralisation from outcropping gold-copper system. CULPEOMINERALS.COM.AU info@culpeominerals.com.au Level 39, 152-158 St Georges Terrace, Perth WA 6000 61 (8) 6383 7894 ASX ANNOUNCEMENT 31 OCTOBER 2024 • Notable results from the Phase 1 Trenching Program at El Quillay South, include: 18 • 46m at 0.90% CuEq in trench EQS002 (hangingwall); • 6m at 3.21% CuEq in trench EQS002 (footwall); • 20m at 0.51% CuEq in trench EQS001 (hangingwall); and • 6m at 1.43% CuEq in trench EQS003 (footwall). CORPORATE • Successful capital raise, with approximately $2.0 million receipted to date through a two-tranche equity placement (Placement), strongly validating the high prospectivity of the Company's Chilean copper portfolio 23. • Post Quarter end, $420k received from part-completion of the second tranche of the Placement. • The Company’s cash balance, post Tranche 2 Placement funds received to-date, stood at $1.22 million. • Post Quarter end, the Company announced the appointment of Mr Geoff McNamara as Interim Executive Chairman following the resignation of Mr Max Tuesley as Managing Director24. Operating Activities During the September Quarter, further results were received from drilling activities conducted at Lana Corina over the previous Quarter. Promising surface sampling results were also returned from the Fortuna Project, where high-grade copper mineralisation was confirmed at El Quillay West. Figure 1: Plan view of the Fortuna and Lana Corina Project areas. PAGE | 2 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 LANA CORINA PROJECT (50% CULPEO EARNING 80%1) The Lana Corina Project is located in the coastal belt of Chile, approximately 350km north of Santiago. The Project benefits from substantial existing local infrastructure, including sealed road access and a 75MW power station approximately 3km to the east. The Project is associated within a structural zone oriented in a northeast-southwest direction with >3km of strike and up to 400m wide. High-grade copper mineralisation is associated with four known breccia pipes occurring in the upper levels of a large copper-bearing porphyry hosted mineralised system. The top of the Lana Corina and Vista Montana mineralised system (Figure 2) presents a series of outcropping copper bearing magmatic / hydrothermal breccias. At depth, the system transitions into a mineralised micro-tonalite which hosts consistent copper mineralisation, present mainly as chalcopyrite. A high-grade zone of molybdenite mineralisation is located below the Lana Corina intrusive/breccia complex representing a magmatic cupola zone. The deeper molybdenum mineralisation is interpreted as a continuous mineralised system varying in style as a result of temperature and pressure gradients. The footprint of the Lana Corina system is 600m by 400m, with drilling extending mineralisation to a current depth of 870m3. Figure 2: Lana Corina/Vista Montana long section: defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model).3,4,5,6 PAGE | 3 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 During the Quarter, Culpeo received additional results from drill hole CMLCD014, where previous assay results produced an extremely wide, copper-molybdenum intersection of 298m @ 0.98% CuEq2. The objective of this drill hole was to test Culpeo’s current understanding of the revised geological model at Lana Corina and extend the known high-grade breccia hosted mineralisation to the west and to the surface. These additional results increased the intersection of near-surface, high-grade copper mineralisation to 454m @ 0.93% CuEq from 90m3. This significant intersection includes several wide zones of high-grade molybdenum mineralisation. Figure 3: Cross-section through the Lana Corina Project showing position of diamond drill hole CMLCD014 (looking north-east with a 40m wide clipping plane)3. PAGE | 4 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 Figure 4: Plan View Lana Corina Project showing position of diamond drill hole CMLCD014 3,7,8,9,10,11 To date, this intersection includes the following notable high-grade zones2,3: • 78m @ 1.24% CuEq from 200m; • 68m @ 1.14% CuEq from 320m; and • 40m @ 1.20% CuEq from 394m. Assay results from hole CMLCD014 confirm a copper-molybdenum intersection of 454m @ 0.93% CuEq from 90m to 544m. This extends the longest continuously mineralised intersection at Lana Corina achieved to date. The consistency of the 454m intersection supports the current geological model and demonstrates the potential to expand the scale of the near-surface, high-grade breccia zone and the associated porphyry mineralisation. Below the outcropping high-grade breccia / porphyry hosted copper mineralisation, the current drill hole has intersected several wide zones of significant molybdenum, with assay results returning a zone of 1,638ppm Mo (0.68% CuEq) over 46 metres3. PAGE | 5 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 Figure 5: Example of high-grade copper mineralisation in hole CMLCD014, 1.74% CuEq (416m to 418m).3 Figure 6: Example of high-grade molybdenum mineralisation in hole CMLCD014, 4,350ppm Mo (1.70% CuEq) (498m to 500m). 3 PAGE | 6 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 FORTUNA PROJECT (80% CPO12) El Quillay West Geophysical data remodelling conducted within the El Quillay copper trend identified a large Induced Polarisation (IP) chargeability anomaly, indicative of copper sulphide mineralisation13. This anomaly has a large footprint of 500m x 300m, representing a possible new third zone of copper sulphide mineralisation. Figure 7: High-grade rock chips results returned from El Quillay West Prospect.13,14,15,16, 17 Results have been returned from 16 rock chip samples collected at El Quillay West, where Culpeo’s geologists identified copper mineralisation in outcrop, primarily in the form of copper carbonates. Notably, three of the 16 samples returned assays of over 1% copper, with the highest grade reaching 1.83% Cu.17 Earlier reprocessing of historical geophysical data13 identified three Pole-Dipole Induced Polarisation (PDIP) chargeability anomalies at El Quillay West, which were subsequently targeted for detailed mapping and sampling. The prospectivity of this area has now been confirmed, with a surface geochemical anomaly extending over 1,000m along strike and up to 500m wide. A clear spatial association exists between the chargeability anomalies and copper mineralised samples (refer to Figure 8). PAGE | 7 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 Figure 8: Rock chip results showing strong spatial relationship with El Quillay PDIP chargeability anomaly areas over a depth slice image from 100m below ground level. Pink = Higher Chargeability and Blue = Lower Chargeability13,14,15,16,17 Mineralisation is hosted primarily in andesitic volcanics and is associated with significant alteration including chlorite, epidote, albite and magnetite (refer to Figures 9 and 10). El Quillay West is a high-priority target where no historical drilling has been undertaken. Given its proximity to the main mineralised El Quillay host structure, El Quillay West is interpreted to represent another potential conduit for the focus of mineralising fluids. Culpeo continues to expand its geological, structural and mineralisation knowledge at the Fortuna Project, aiming to enhance its exploration models and refine future exploration targets, for pursuit in the next phase of work. PAGE | 8 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 Figure 9: Sample CPO0008964 - Andesite host rock, brecciated texture with chlorite-epidote-albite alteration, featuring mineralisation in vugs and patchy zones with limonite, copper oxide, and magnetite17. Figure 10: Sample CPO0008966 - Andesite host rock brecciated texture with chlorite-epidote-albite alteration, featuring mineralization in vugs and patchy zones with limonite, malachite and magnetite17. El Quillay South Recent mapping at El Quillay South has extended the known mineralisation by a further 1,000m bringing the total strike length to over 2,000m (refer to Figure 11). A systematic trenching program began in August 2024, with an additional 1,500m planned to follow up on historic sampling. The El Quillay structure has now been mapped over a strike length of >3km. Initial results from a systematic trenching program have returned copper mineralisation with widths of up to 43.1m at 1.00% Cu and 1.31g/t Au.16 PAGE | 9 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 An additional 1,500m of planned trenching is currently in progress to identify drill targets and extend the known mineralisation which remains open to the south. Four trenches have been completed at the El Quillay South Prospect with results for 166 samples already received. Mineralisation at El Quillay South is focused on both the footwall and hangingwall of the structure. Results indicate that wider copper dominant mineralisation is hosted within the hangingwall, and a higher-grade gold zone distributed in the footwall.18 Figure 11: Plan view of the southern Fortuna Project, including the planned trenching program at El Quillay South Prospect.12,13,14,15,16,17,18,19,20,21,22 PAGE | 10 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 Table 1: El Quillay South - Phase 1 Trench Results 18 Trench Location Easting Northing RL Au ppm Cu % Mo ppm Ag ppm CuEq % Trench 1 Footwall 298319 6569720 825 0.72 0.49 10.00 0.64 0.88 Trench 1 Hangingwall 298286 6569688 829 0.38 0.30 6.00 0.50 0.51 Trench 2 Footwall 298426 6569584 872 5.04 0.49 5.00 1.17 3.21 Trench 2 Hangingwall 298409 6569572 951 0.68 0.53 5.22 0.67 0.90 Trench 3 Footwall 298425 6569076 799 0.32 1.25 5.00 0.50 1.43 Trench 3 Hangingwall 298356 6569033 772 0.22 0.29 5.00 0.77 0.42 Trench 4 Footwall 298432 6568577 747 0.54 1.29 5.00 23.00 1.72 Trench 4 Hangingwall 298407 6568519 744 0.09 0.20 5.00 2.42 0.27 Figure 12: Trenching at an andesite outcrop with silica-albite-sericite alteration within a silicified and brecciated structure. Mineralisation shown to consist of quartz, iron oxides, and copper oxides. Samples CPO0009117-CPO0009118- CPO0009119 Trench 1 (5.5m at 0.88% CuEq) 18. Corporate Activities Appointment of Interim Executive Chairman On 14 October 2024, Culpeo advised of the appointment of Mr Geoff McNamara as Interim Executive Chairman of the Company, effective 1 November 2024.23 Mr McNamara’s appointment follows the decision of current Managing Director, Mr Max Tuesley, to step down due to family reasons. Mr McNamara will continue as Interim Executive Chairman until a new Managing Director is appointed. Mr McNamara, a co-founder and major shareholder of Culpeo, has served as Non-Executive Chairman since the Company’s incorporation and has played a pivotal role in establishing and developing the PAGE | 11 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 business since its ASX listing. With 30 years of international resource sector experience, his career spans roles as a Geologist, Project Manager and Fund Manager. Successful Equity Raise of $2.0 million24 The Company progressed its equity Placement comprising the issue of 53.75 million new fully paid ordinary shares to sophisticated and professional investors at an issue price of $0.04 per share. At the date of this report, the Placement raised approximately $2.0 million (before costs) with the issuance of 48.75 million new fully paid ordinary shares. The placement consists of two tranches comprising: • Tranche 1: 38,250,000 Placement shares which raised approximately $1.53 million and was completed during the quarter; and • Tranche 2: 15,500,000 Placement shares to raise approximately $0.62 million. Tranche 2 includes Director participation and was approved by shareholders at the Annual General Meeting held on 16 October 2024. Post Quarter end, Tranche 2 was part-completed with the issue of 10,500,000 Placement shares and the receipt of $0.42 million. Cash Position at Quarter End During the quarter, the Company spent $442k on exploration activities, primarily focused on exploration drilling and assays, and sampling programs. At Quarter end, the Company had $0.973 million in cash and cash equivalents and zero debt. Post Quarter end, the Company received $420k from the part-completion of Tranche 2 of the equity placement. The Company’s cash balance post-receipt stood at $1.22 million. Payments to Related Parties As outlined in the Appendix 5B for the Quarter ending 30 September 2024 (Sections 6.1 and 6.2), approximately $155k in payments were made to related parties and/or their associates, which comprised remuneration for the Managing Director, Non-Executive Director fees and Consulting fees. This announcement has been authorised by the Board of Directors of Culpeo Minerals Limited COMPANY CONTACT Geoff McNamara Interim Executive Chairman E: geoff.mcnamara@culpeominerals.com.au P: +61 (08) 6383 7894 PAGE | 12 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 ABOUT CULPEO MINERALS LIMITED Culpeo Minerals Limited is committed to copper exploration and development, with strategic investments in Chile, a leading global copper producer. Focusing on high-grade copper systems in Chile's infrastructure laden Coastal Cordillera. The Company has recently announced a significant copper and molybdenum discovery at Lana Corina and acquired the promising Fortuna Project. Both projects are located in Chile's Coquimbo region, renowned for its numerous world-class copper and gold mines. These project areas feature significant outcropping high-grade copper deposits, and the region's infrastructure includes access roads, power lines, water sources, and local settlements, all of which are essential for, and help facilitate economic mining activities. PAGE | 13 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 The Company is led by a skilled board and management team with extensive Chilean knowledge and a strong local network. Drawing on over two decades of experience and established relationships within Chile, the Company actively seeks cost-efficient discoveries and acquisitions. Culpeo’s main objective is to increase shareholder value through the exploration, acquisition, and development high-grade, near surface copper systems. COMPETENT PERSONS’ STATEMENTS The information in this announcement that relates to Exploration Results is based on information compiled by Mr Maxwell Donald Tuesley, BSc (Hons) Economic Geology, MAusIMM (No 111470). Mr Tuesley is a member of the Australian Institute of Mining and Metallurgy and is a shareholder and Director of the Company. Mr Tuesley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Tuesley consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. The information in this announcement that relates to Geophysical Results is based on information compiled by Nigel Cantwell. Mr Cantwell is a Member of the Australian Institute of Geoscientists (AIG). Mr Cantwell is a consultant to Culpeo Minerals Limited and he has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources & Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the historical geophysical results included in the original report PAGE | 14 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 Appendix A: Culpeo Minerals Exploration Concessions at 30 September 2024 Project Licence Company Area (Ha) Grant Expiry Ownership Lana - Corina San Agustin Socavon Lana Segunda Corina Laco 1 al 10 Sara 1 – 20 Patty 2 1 – 75 Patty 3 1 – 260 Patty 4 1 - 111 SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares Antofagasta Minerals SCM Antares SCM Antares SCM Antares 1 1 1 1 10 90 75 260 111 1951 1951 1951 1951 2015 2006 2019 2019 2019 None None None None None None None None None 50% 50% 50% 50% 50% 50% 50% 50% 50% Peta 31/55 Peta 91/92 Peta 15/28 La Rosa 27/28 La Rosa 31/46 La Rosa 1/30 Corredor 2, 1/12 Corredor 3, 1/6 Cachorro 1/20 Cachorro 1,1/160 Cachorro 2, 1/95 Cachorro 3, 1/24 Cachorro 4, 1/173 Cachorro 5, 1/87 Almudena 1,1 Amudena 2, 1/3 Almudena 3, 1/2 Almudena 4, 1/7 Almudena 5, 1/6 Almudena 6,1 Almudena 7,1 Almudena 8,1/4 EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS EM DOS 11-Nov-89 11-Nov-89 06-Nov-89 26-Dec-89 28-Jun-11 25-Nov-91 18-Feb-15 18-Feb-15 11-Nov-14 28-Jul-15 18-Feb-15 18-Feb-15 18-Feb-15 18-Feb-15 22-May-15 22-May-15 22-May-15 22-May-15 22-May-15 22-May-15 22-May-15 22-May-15 None None None None None None None None None None None None None None None None None None None None None None 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% 66% San Sebastian 1/16 (2/16) San Sebastian 1/16 (1) Minera Panga SpA Minera Panga SpA 1998 1998 None None 100% 100% LA FLORIDA 1 a 20 LA FLORIDA II 1 al 20 PIEDRA DURA 1 a 20 EL QUILLAY 5A 1 al 17 EL QUILLAY 4A 1 al 25 Bastis 29CB 1 al 16 Bastis 29CB 17 al 20 LOS QUILLAYES 1/4 (3/4) LA ESPERANZA 1/10 PRETECATEMO 1/20 Antares 1 al 165 MATILDE 2 1 al 50 El Quillay 2 1 al 224 El Quillay 3 1 al 236 El Quillay 4A 1 al 89 El Quillay 4B 1 al 40 El Quillay 5A 1 El Quillay 5C 1 al 98 El Quillay 6 1 al 13 El Quillay 6A 1 al 7 La Escondida 1-14 FLORIDA 1 FLORIDA 10 FLORIDA 11 FLORIDA 12 FLORIDA 2 FLORIDA 3 FLORIDA 4 FLORIDA 5 FLORIDA 6 FLORIDA 7 FLORIDA 8 FLORIDA 9 SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SCM Antares SLM La Escondida Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa Culpeo Mining Chile Spa 2007 2010 2006 2011 2011 2011 2011 1984 1960 1953 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2005 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 02/05/2024 None None None None None None None None None None None None None None None None None None None None None 15/03/2026 15/03/2026 15/03/2026 15/03/2026 15/03/2026 21/02/2026 21/02/2026 13/02/2026 13/02/2026 14/02/2026 14/02/2026 20/02/2026 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total – Lana Corina Petacas 550 Ha Total – Las Petacas San Sebastian 1,406 Ha Total – San Sebastian Fortuna 120 10 70 6 80 300 12 6 20 160 95 242 173 87 1 3 2 7 6 1 1 4 45 5 50 Ha Total – Fortuna 100 100 96 17 25 127 35 10 50 100 165 200 224 236 89 40 1 98 13 7 42 300 300 300 300 300 300 300 300 300 300 300 300 5,375 Ha PAGE | 15 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 31 OCTOBER 2024 Appendix B: Technical Details Copper Equivalent (CuEq) values: Assumed commodity prices for the calculation of CuEq is Cu US$3.00/lb, Au US$1,700/oz, Mo US$14/lb and Ag US$20/oz. Recoveries are assumed from similar deposits: Cu = 85%, Au = 65%, Ag = 65%, Mo = 80%, CuEq (%) was calculated using the following formula: ((Cu% x Cu price 1% per tonne x Cu recovery) + (Au(g/t) x Au price per g/t x Au recovery) + (Mo ppm x Mo price per g/t x Mo recovery) + Ag ppm x Ag price per g/t x Ag recovery)) / (Cu price 1% per tonne x Cu recovery). CuEq (%) = Cu (%) + (0.54 x Au (g/t)) + (0.00037 x Mo (ppm)) + (0.0063 x Ag (ppm)). It is the Company’s opinion that all elements included in the metal equivalents have a reasonable potential to be recovered and sold. References 1 Refer to ASX announcement dated 21 March 2024 “Ownership Interest in Lana Corina Project Increased to 50%”. 2 Refer to ASX announcement dated 19 June 2024 “Exceptional, High-Grade Copper Intersected at Lana Corina – 298m @ 0.98% CuEq”. 3 Refer to ASX announcement dated 10 July 2024 “Drill Results Extend Mineralisation at Lana Corina to 454m @ 0.93% CuEq”. 4 Refer to ASX announcement dated 31 August 2022 “Culpeo Minerals Strikes Critical Metals at Lana Corina”. 5 Refer to ASX announcement dated 8 March 2023 ” Geochemical Survey Completed at Lana Corina”. 6 Refer to ASX announcement dated 27 May 2024 “High-Grade Copper Assay Results in Rock Chip Samples from Vista Montana”. 7 Refer to ASX announcement dated 11 May 2022 “Culpeo intersects 257m @ 0.95% copper at Lana Corina”. 8 Refer to ASX announcement dated 6 June 2022 “Culpeo Minerals intersects 173m @ 1.05% copper”. 9 Refer to ASX announcement dated 23 November 2022 “Drilling intersects 169m @ 1.08% Cu grades up to 3.56% Cu”. 10 Refer to ASX announcement dated 2 May 2022 “Culpeo intersects 104m @ 0.74% copper at Lana Corina”. 11 Refer to ASX announcement dated 20 June 2022 “Multiple high-grade Cu intersections at Lana Corina Project”. 12 Refer to ASX announcement dated 7 August 2023 “CPO Acquires Significant New Tenement Package”. 13 Refer to ASX announcement dated 9 April 2024 “Compelling IP Chargeability Target Defined at Fortuna”. 14 Refer to ASX announcement dated 14 May 2024 “Reconnaissance Drilling Delivers Grades of up to 2.19% CuEq at Fortuna Project”. 15 Refer to ASX announcement dated 11 September 2023 “High Priority El Quillay North Target Defined”. 16 Refer to ASX announcement dated 17 January 2024 “Drilling Returns Wide Copper Intersections (Replacement)”. 17 Refer to ASX announcement dated 18 September 2024 “Surface Results up to 1.83% Copper Confirm High-Priority Targets at Fortuna”. 18 Refer to ASX announcement dated 2 October 2024 “Thick Surface Mineralisation Resturned from Outcropping Copper-Gold System at Fortuna Project, Chile.” 19 Refer to ASX announcement dated 1 November 2023 “New High-Grade Cu and Au Trend at Fortuna”. 20 Refer to ASX announcement dated 12 December 2023 “Culpeo extends Piedra Dura Mineralisation”. 21 Refer to ASX announcement dated 29 February 2024 “High-Grade Surface Cu and Au Confirmed at El Quillay South”. 22 Refer to ASX announcement dated 18 March 2024 “Culpeo Minerals Identifies New Target at Fortuna Project”. 23 Refer to ASX announcement dated 14 October 2024 “Appointment of Interim Executive Chairman”. 24 Refer to ASX announcement dated 2 August 2024 “Culpeo Secures Funding to Advance Copper Exploration at Vista Montana, Lana Corina and Fortuna”. 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