Announcement PDF COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE ASX: CPO | OTCQB: CPORF August 2023 Disclaimer This Presentation and any accompanying verbal Presentation (together the Presentation) has been prepared by Culpeo Minerals Limited (“Culpeo” or “the Company”) and approved by the Board of the Company. The information contained in the Presentation (Information) is a summary only and should be read in conjunction with any oral briefing and all other documents provided to you by the Company. The Information is current as of the date of disclosure and the Company does not undertake to provide any additional or updated information, whether as a result of new information, future events or results or otherwise. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. The Company has prepared the Presentation based on information available to it at the time of preparation. 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It may not be disclosed, reproduced, disseminated, quoted or referred to in whole or in part, without the express consent of Culpeo. CULPEO MINERALS ASX: CPO | OTCQB: CPORF INVESTOR PRESENTATION 2 NEW PROJECT AREAS 1. Fortuna PERU BOLIVIA 2. Lana Corina Antofagasta High-grade outcropping copper discovery, 257m @ 1.10% CuEq1. Copiapo La Serena Cu Au Mo EXISTING PROJECT AREAS CHILE TRANSFORMATIONAL ACQUISITION EXPANDS EXISTING COPPER FOOTPRINT Four key outcropping copper targets - drill ready Vaca Muerta prospect. 4. Las Petacas 1. Fortuna 2. Lana Corina 3. Quelon ARGENTINA Cu Au Mo 3. Quelon 240km north of Santiago, multiple outcropping targets of up to 3.43% Cu1. Cu Mo 4. Las Petacas Along strike from Lundin’s (TSE: LUN) Candelaria Mine 952 Mt @ 0.65% Cu1. Cu Au Mo 1. Refer Appendix 2 for additional details including CuEq calculation methodology. Culpeo confirms that it is not aware of any new information or data that materially affects the information included in those releases. All material assumptions and technical parameters underpinning those releases continues to apply and has not materi ally changed. CULPEO MINERALS ASX: CPO | OTCQB: CPORF INVESTOR PRESENTATION 3 Transaction detail Transformational Chilean copper acquisition HIGHLY COMPLEMENTARY ACQUISITION 80% interest in the Fortuna Project. Four key outcropping copper targets. Drill-ready Vaca Muerta prospect. HIGH IMPACT EXPLORATION TARGETS Areas hosts numerous historic surface and underground mines over a strike length of >6km. Project contains multiple outcropping copper prospects with four drill-ready targets. Historic channel sampling at Vaca Muerta 150.0m @ 1.31% CuEq1. LOW COST AND FLEXIBLE DEAL STRUCTURE Consideration and payment schedule: Cash consideration to be paid in US$10k monthly instalments over a five-year period. All exploration expenditure to be applied to Lana Corina earn-in. A. Outcropping breccia hosted copper mineralisation at Vaca Muerta B. Bornite and Chalcopyrite mineralisation present in stockpiles at El Quillay C. Outcropping copper oxide mineralisation associated with an extensive stockwork and alteration zone (1300m x 400m) at La Florida2. 1. Refer Appendix 2 for additional details including CuEq calculation methodology. Culpeo confirms that it is not aware of any new information or data that materially affects the information included in those releases. All m aterial assumptions and technical parameters underpinning those releases continues to apply and has not materially changed. 2. In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Assay results are required to determine the actual widths and grade of the visible mineralisation. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. CULPEO MINERALS ASX: CPO | OTCQB: CPORF INVESTOR PRESENTATION 4 MINING A KEY CONTRIBUTOR TO THE CHILEAN ECONOMY CHILE A MA J OR P R ODUCE R THE WORLD'S TOP COPPER PRODUCER AND LARGEST COPPER RESERVES HOME TO THE WORLD’S BIGGEST, MOST SUCCESSFUL MINING COMPANIES CULPEO MINERALS ASX: CPO | OTCQB: CPORF MINING REPRESENTS OVER HALF OF THE COUNTRY’S TOTAL EXPORTS RANKED THE BEST COUNTRY IN SOUTH AMERICA FOR MINING INVESTMENT Cu Cu Cu Cu Cu Global copper mine production 2022 (Mt) 9,200 5,200 Chile 2,200 2,200 1,900 1,300 Congo Peru China US RoW Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2023 INVESTOR PRESENTATION 5 SUPPLY PIPELINE LACKS HIGHQUALITY, LARGESCALE PROJECTS COMMITTED COPPER MINE SUPPLY FORECAST1 MT Australasia Asia WEAK STRONG COPPER S T RON G OUT LOOK Africa ACCELERATION OF ELECTRIFICATION DRIVING SIGNIFICANT MARKET DEFICIT Europe DEMAND South America North America GROWING SUPPLY GAP 20 INTEGRAL TO ELECTRONICS AND ELECTRIFICATION COPPER IS SET TO PLAY A CRITICAL ROLE IN THE MOVE TO A ZERO EMISSIONS ECONOMY CULPEO MINERALS ASX: CPO | OTCQB: CPORF ANY CHINESE STIMULUS TO ACCELERATE DEMAND EXPECTATIONS SUSTAINED COPPER PRICE RALLY EXPECTED FROM 2024 10 0 2025 2035 1. Source: Cru, Wood Mackenzie, Macquarie INVESTOR PRESENTATION 6 Planned schedule Targeted copper exploration drilling Project Activity Cu Fortuna Mapping and sampling at Fortuna Cu Lana Corina Drill testing Vista Montana target Cu Fortuna Drill testing at Vaca Muerta Cu Fortuna Mapping and sampling at El Quillay CULPEO MINERALS ASX: CPO | OTCQB: CPORF Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 ■ ■ ■ ■ ■ ■ INVESTOR PRESENTATION 7 Corporate snapshot Compelling entry price, strong leverage to further exploration success Capital structure Major shareholders Share price (4 August 2023) A$0.052 Shares on issue (August 2023) 77.5M Options and rights (August 2023) 19.2M Market capitalisation A$4.3M Cash (30 June 2023) A$0.34M TIGHT REGISTER WITH SUPPORTIVE EXPLORATIONFOCUSED SHAREHOLDER BASE 15% 46% 39% Board and management Enterprise value (undiluted) Nil A$3.7M 0.20 SHARE PRICE POISED FOR STRONG MARKET RE-RATE 0.10 0.05 0.00 Jul 22 CULPEO MINERALS ASX: CPO | OTCQB: CPORF Other Historic share price (A$/share) 0.15 Debt (30 June 2023) Top 20 Oct 22 Jan 23 Apr 23 Jul 23 INVESTOR PRESENTATION 8 Board and senior management Successful track record of discovery, project development and value creation Geoff McNamara Max Tuesley Non-Executive Chairman • • • • • 30 years’ of international resource sector experience. Co-founder of Tesoro Gold Ltd which discovered the El Zorro Gold Project in Chile. Previously Director of Mining Finance at Societe General, NYC Private Equity Manager for PRCM (FUM US$800M). Previous operational roles include Project Manager, Senior Mine Geologist and Mine Geologist for Ivanhoe Mines, Lion Ore International and Western Mining Corporation. Zeffron Reeves Managing Director • • • • Geologist with 30 years' experience in base metal and gold exploration and mining domestically and internationally. Previously led projects in Mongolia, Sudan, Laos and the Philippines. Formerly held senior management roles with Xstrata, focused on Australian copper operations including the Ernest Henry IOCG project. Member of the Australasian Institute of Mining and Metallurgy. CULPEO MINERALS ASX: CPO | OTCQB: CPORF Paul Schmiede Non-Executive Director • • • Geologist with more than 20 years’ of resource experience, spanning greenfield exploration, mineral discovery, definition and feasibility, construction, production and closure. Managing Director of ASX listed Tesoro Gold Ltd, a company with that has defined the El Zorro Gold Project in Chile. Track record of exploration success identifying and delineating new gold districts in Brazil and Chile. Sergio Uribe Non-Executive Director • • • • Mining engineer with over 25 years’ experience in mining, exploration and corporate development across gold and base metal commodities within Australia, Burkina Faso and DRC. Currently Vice President Corporate Development TSS-V listed Sarama Resources Ltd. Previously held senior roles with Moto Goldmines, Gold Fields and WMC Resources. Member of the Australasian Institute of Mining and Metallurgy. Chilean Country Manager • • • Corporate administrator, manager and development professional with deep Chilean experience. More than 10 years’ resource sector experience spanning greenfields exploration, discovery production, closure, retreatment and tailings reclamation. Country Manager for ASX listed Tesoro Gold Ltd Chile, and previously General Manager of Acorn Mining Chile and Country Manager for Cleveland Mining Chile. INVESTOR PRESENTATION 9 A HIGH IMPACT COPPER PORTFOLIO WITH MULTIPLE DRILL READY TARGETS LOCATED IN THE PREMIER COPPER PRODUCING REGION GLOBALLY INVESTMENT HIGHLIGHTS CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE CULPEO MINERALS ASX: CPO | OTCQB: CPORF SYSTEMATIC EXPLORATION PROGRAM TO UNLOCK LATENT RESOURCE POTENTIAL THE RIGHT TEAM TO DELIVER RAPID ASSET ADVANCEMENT AND DEVELOPMENT INVESTOR PRESENTATION 10 KEY PROJECT DETAIL Cu Lana Corina High-grade outcropping copper and molybdenum discovery • Successful 13 hole drilling program intersected significant copper and molybdenum mineralisation. Lana Corina – Breccia Pipe / Porphyry (Cu and Mo): • Successful Maiden Drilling Program: • 257m @ 1.10% CuEq in CMLCD002 from 170m2 • 173m @ 1.09% CuEq in CMLCD003 from 313m3 • 169m @ 1.21% CuEq in CMLCD010 from 239m5 • 104m @ 0.81% CuEq in CMLCD001 from 155m1 • 81m @ 1.16% CuEq in CMLCD005 from 302.1m4 • 72m @ 0.91% CuEq in CMLCD013 from 352m6 • 17 Regional Targets Identified. • Strategically located near infrastructure, low-altitude and operating mines. • • Team has proven discovery, development and capital markets success. 1. Refer ASX announcement 2 May 2022 2. Refer ASX announcement 11 May 2022 3. Refer ASX announcement 6 June 2022 4. Refer ASX announcement 20 June 2022 CULPEO MINERALS ASX: CPO | OTCQB: CPORF 5. Refer ASX announcement 23 November 2022 6. Refer ASX announcement 16 January 2023 INVESTOR PRESENTATION 12 Lana Corina Cu High-grade outcropping copper and molybdenum discovery • Successful 13 hole drilling program intersected significant copper and molybdenum mineralisation. • Mineralised corridor extends for over 3km to the northeast and approximately 700m deep. • Copper equivalent intersections: • • • • • • • • CMLCD001: 104m @ 0.81% CuEq from 155m1; CMLCD002: 257m @ 1.10% CuEq from 170m2; CMLCD003: 173m @ 1.09% CuEq from 313m3; CMLCD005: 81m @ 1.16% CuEq from 302m4; CMLCD005A: 16.4m @ 1.38% CuEq from 118m5; CMLCD007: 34.7m @ 0.97% CuEq from 515m6; CMLCD010: 169m @ 1.21% CuEq from 239m7; and CMLCD013: 72m @ 0.91% CuEq from 352m8. • Zones of high-grade molybdenum and rhenium: • 85m @ 1,369 ppm Mo (0.58% CuEq) from 486m3; • 35m @ 1,704 ppm Mo (0.84% CuEq) from 486m; • • including. 4m @ 8,845 ppm Mo (3.48% CuEq); and including. 1m @ 15,000 ppm Mo (6.09% CuEq). 1. Refer ASX announcement 2 May 2022 2. Refer ASX announcement 11 May 2022 3. Refer ASX announcement 6 June 2022 4. Refer ASX announcement 20 June 2022 CULPEO MINERALS ASX: CPO | OTCQB: CPORF Lana Corina schematic section looking north showing position of drillholes, geophysical targets and the high-grade Mo and Re mineralisation hosted within deeper silica rich cupola. (Refer ASX announcement 31 August 2022). 5. Refer ASX announcement 6 September 2022 6. Refer ASX announcement 19 July 2022 7. 8. Refer ASX announcement 23 November 2022 . Refer ASX announcement 16 January 2023 INVESTOR PRESENTATION 13 Cu Lana Corina Regional potential with outcropping copper targets over 3km of strike Lana Corina/Vista Montana long section: Defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model) (Refer ASX announcement 31 August 2022). CULPEO MINERALS ASX: CPO | OTCQB: CPORF INVESTOR PRESENTATION 14 Cu Fortuna Complementary acquisition immediately north of Lana Corina discovery • Numerous historic surface and underground mines over a strike length of >6km. • Historic channel sampling1 at drill ready Vaca Muerta returned strong results2: • 150m @ 1.31% CuEq; • 102m @ 1.25% CuEq; and • 173m @ 0.86% CuEq. • Four high priority outcropping targets: • Vaca Muerta; • Piedra Dura; • La Florida; and • El Quillay. 1. The Company is not able to verify any of the channel sampling results which are reported in the historical archives, the Comp any considers the historical results only indicative of copper mineralisation in the area and are not JORC compliant. 2. Refer ASX announcement 7 August 2023. CULPEO MINERALS ASX: CPO | OTCQB: CPORF Plan view showing locations of Lana Corina and Vista Montana Projects. INVESTOR PRESENTATION 15 Cu Fortuna Drill ready targets at Vaca Muerta prospect • Shallow cover with base of oxidation approximately 25m deep. • Oxide mineralogy consists of malachite and chrysocolla. • Sulphide zone is dominated by chalcopyrite and bornite. 1. The Company is not able to verify any of the channel sampling results which are reported in the historical archives, the Company considers the historical results only indicative of copper mineralisation in the area and are not JORC compliant. CULPEO MINERALS ASX: CPO | OTCQB: CPORF Long section through Vaca Muerta Prospect showing results of historic channel samples 1 and drill targets (Refer ASX announcement 7 Aug 2023). INVESTOR PRESENTATION 16 Cu Quelon Multiple outcropping targets up to 3.43% Cu¹ • Located 240km north of Santiago (40km south of Lana Corina). • Emerging major IOCG district. • Pucobre’s El Espino Project 8km East - 123Mt @ 0.66% Cu and 0.24g/t Au (López et al, 2014)2. • IP Survey identified multiple drill ready anomalies. • Scout drilling intersected 1m @ 0.77% Cu, 0.21g/t Au and 30ppm Mo3. 1. Refer Company’s Prospectus dated 23 June 2021, page 43, 2. López, G.; Hitzman, M.; Nelson, E. 2014. Alteration patterns and structural controls of the El Espino IOCG mining district, Chile. MineraliumDeposita 49 (2): page 235. 3. Refer ASX announcement “Scout Drilling Intersects Cu, Au and Mo Mineralisation at Quelon 3 May 2023 CULPEO MINERALS ASX: CPO | OTCQB: CPORF Plan view showing filtered ground magnetic intensity anomaly image and contours for the Anico Prospect as released to ASX on 19 April 2022, overlain with 2018 and 2021 PDIP survey line locations and the outline of a high-amplitude chargeability target (Refer ASX announcement 3 May 2023). INVESTOR PRESENTATION 17 A HIGH IMPACT PORTFOLIO OF COPPER DEVELOPMENT ASSETS LOCATED IN THE PREMIER COPPER PRODUCING REGION GLOBALLY INVESTMENT HIGHLIGHTS CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE CULPEO MINERALS ASX: CPO | OTCQB: CPORF SYSTEMATIC EXPLORATION PROGRAM TO UNLOCK LATENT RESOURCE POTENTIAL THE RIGHT TEAM TO DELIVER RAPID ASSET ADVANCEMENT AND DEVELOPMENT INVESTOR PRESENTATION 18 APPENDICES Appendix 1 Resource details and copper equivalent (CuEq) value calculations • Lana Corina Project: refer to ASX announcement “Drilling intersects 169m @ 1.08% Cu up to 3.56% Cu” dated 23 November 2022. • Quelon Project: refer to Refer Company’s Prospectus dated 23 June 2021, page 43. • Candelaria Mine (TSX: LUN): refer to Company’s Prospectus dated 23 June 2021, page 30 and SRK Consulting, 2018. Technical report for the Candelaria Copper Mining Complex, prepared for Lundin Mining Corporation. • Assumed commodity prices: 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 (%) 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. CULPEO MINERALS ASX: CPO | OTCQB: CPORF INVESTOR PRESENTATION 20 Appendix 2 Competent persons statement 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 historical Exploration Results for Las Petacas and Quelon is based on information compiled by Mr Jason Froud BSc (Hons), Grad Dip (Fin Mkts), MAIG) and was reviewed by Christine Standing BSc (Hons), MSc, MAusIMM, MAIG, who are both full time employees of Optiro Pty Ltd, acting as independent consultant to Culpeo Minerals Limited. Mr Froud and Ms Standing have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the historical exploration results included in the original reports. 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) and the Australian Society of Exploration Geophysics (ASEG). Mr Cantwell is a consultant to Culpeo Minerals Limited. Mr Cantwell 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 reports. CULPEO MINERALS ASX: CPO | OTCQB: CPORF INVESTOR PRESENTATION 21 C O N TAC T LEVEL 48. 152-158 ST GEORGES TERRACE PERTH WA 6000 +61 (8) 6311 9160 / +61 416 097 403 info@culpeominerals.com.au max.tuesley@culpeominerals.com.au geoff.mcnamara@culpeominerals.com.au