Announcement PDF BREAK-THROUGH COPPER DISCOVERY IN THE LAND OF THE COPPER GIANTS ASX:CPO | OTCQB:CPORF NOVEMBER 2025 LANA CORINA VISTA MONTANA Disclaimer CULPEO MINERALS ASX:CPO | OTCQB:CPORF 2 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 Executive Chairman 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 this release 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 as of this release. No representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Neither Culpeo, its related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (Agents) guarantee or make any representations or warranties, express or implied, as to or take responsibility for, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Culpeo does not represent or warrant that this Presentation is complete or that it contains all material information about Culpeo or which a prospective investor or purchaser may require in evaluating a possible investment in Culpeo or acquisition of shares. To the maximum extent permitted by law, Culpeo and its Agents expressly disclaim any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this Presentation, or otherwise arising in connection with it. Any forward-looking statements in this Presentation, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of Culpeo and which are subject to change without notice and could cause the actual results, performance or achievements of Culpeo to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and recipients of this Presentation are cautioned not to place undue reliance on such forward-looking statements. The information contained in this Presentation is for information purposes only, does not constitute investment or financial product advice (nor taxation, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. In providing this Presentation, Culpeo has not considered the objectives, financial position or needs of any particular recipients. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission, or any other foreign regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. The information in this Presentation is strictly confidential. It may not be disclosed, reproduced, disseminated, quoted or referred to in whole or in part, without the express consent of Culpeo. INVESTOR PRESENTATION CULPEO MINERALS ASX:CPO | OTCQB:CPORF CHILEAN COPPER DEVELOPMENT ESSENTIAL FOR TECHNOLOGY AND ELECTRIFICATION INVESTOR PRESENTATION 3 1. Refer Appendix 1 for additional details including CuEq calculation methodology. 2. Refer to ASX announcement dated 7 October 2025. 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 materially changed. Antofagasta CHILE La Serena Copiapo PERU ARGENTINA Fortuna Lana Corina BOLIVIA Santiago Jupiter Lana Corina Project3 High-grade outcropping copper molybdenum discovery: 454m at 0.93% CuEq Mo Cu Fortuna Project1,2 Multiple outcropping copper targets, grades of 9.78% Cu and 48.30g/t Au Potential new discovery at La Florida4 6.10m at 1.35% Cu from 10m Au Cu COPPER PROJECTS ON THE INFRASTRUCTURE LADEN CHILEAN COASTAL BELT CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 4 INVESTMENT HIGHLIGHTS HIGH-QUALITY COPPER DISCOVERY IN THE PREMIER PRODUCING REGION FEATURING THE NEWLY DISCOVERED HIGH-GRADE LANA CORINA COPPER MOLYBDENUM PROJECT 100% CHILEAN ASSET FOCUS THE LAND OF THE COPPER GIANTS DYNAMIC AND SYSTEMATIC EXPLORATION DESIGNED FOR MULTIPLE DISCOVERIES PROVEN TEAM WITH DEEP LOCAL EXPERIENCE POSITIONED TO DELIVER RAPID DEVELOPMENT LANA CORINA FORTUNA Potential for Multiple High-Grade Copper Discoveries CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 5 District potential with outcropping prospects over 20km Lana Corina Copper Molybdenum Discovery: • 454m at 0.93% CuEq from 90m (CMLCD014)4; incl • 78m at 1.24% CuEq from 200m. La Florida First Ever Drill Programme intersected9: • 6.65m at 1.03% Cu from 14.00m (CMLFD002); • 6.10m at 1.35% Cu from 10.00m (CMLFD005); • 16.0m at 0.7% Cu from 107.00m (CMLFD005); incl • 7.47m at 1.36% Cu from 115.00m; incl • 0.49m at 4.19% Cu from 121.50m. Maiden Drill Programme indicates we are on the margin of potential New Porphyry System Second phase of drilling to commence Q1 2026 NEW HIGH-GRADE COPPER-MOLYBDENUM NEW OUTCROPPING HIGH-GRADE COPPER4,9 PLAN VIEW OF PROJECTS1,2,3,4,5,6,7,8,9,10 Lana Corina Project CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 6 Breakthrough high-grade copper-molybdenum discovery • 454m at 0.93% CuEq from 90m (CMLCD014)4; incl 78m at 1.24% CuEq from 200m. • 257m at 1.10% CuEq from 170m (CMLCD002)1; • 173m at 1.09% CuEq from 313m (CMLCD003)2; • 169m at 1.21% CuEq from 239m (CMLCD010)3; • 72m @ 0.91% CuEq from 352m (CMLCD013)7; incl • 35m @ 1,704ppm Mo (0.84% CuEq) from 570m; incl • 1m @ 15,000ppm Mo (6.09% CuEq) from 591m. • Up to 2.62% copper, 2.07g/t gold and 11.2g/t silver from rock chip sampling at Vista Montana • Potential for 3km mineralised trend linking Lana Corina to Vista Montana. • Vista Montana to be drill tested in Q4 2025 and Q1 2026. NEW HIGH-GRADE COPPER-MOLYBDENUM DISCOVERY LANA CORINA FROM SURFACE TO >600M 1,2,3,4,5,6 Lana Corina Project CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 7 North-easterly mineralised trend with outcropping copper targets over 3km1,2,3 NEW IMAGE HERE 3km mineralised corridor linking Lana Corina to Vista Montana Extensive mineralised breccias mapped VISTA MONTANA Interpreted intrusive centre Mineralised sheeted veins 400m x 300m Plan view showing Lana Corina detailed surface geology map and the high priority targets1. 3KM MINERALISED CORRIDOR LINKING LANA CORINA TO VISTA MONTANA Mineralised sheeted veins 400m x 300m Interpreted intrusive centre VISTA MONTANA Extensive mineralised breccias mapped STOCK ZONE 400M X 400M CORINA LAURA LANA PORPHYRY TARGET PORPHYRY TARGET Lana Corina (LHS) and Vista Montana (RHS) long section: Defined targets over greater than 3km of strike (VOXI 3D magnetic inversion model image)2,3 Magnetic low Near surface breccia drill targets Zoned porphyry target Vista Montana Lana Corina Project North-easterly mineralised trend with outcropping copper targets over 3km Lana Corina 3 kilometre strike potential CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 8 PHASE 1 DRILLING (CMLCD014) HIGH-GRADE CU ZONE 454m at 0.93% CuEq (90m - 544m)1 OPEN IN ALL DIRECTIONS La Florida Prospect within the Fortuna Project CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 9 Outcropping targets immediately north of the Lana Corina Discovery • Multiple zones of high-grade copper within a 1.7km by 500m structural corridor. • First ever drill programme intersected1: • 6.65m at 1.03% Cu from 14.00m (CMLFD002); incl • 4.40m at 1.44% Cu from 15.00m. • 6.10m at 1.35% Cu from 10.00m (CMLFD005). • 16.0m at 0.7% Cu from 107.00m (CMLFD005); incl • 7.47m at 1.36% Cu from 115.00m; incl • 0.49m at 4.19% Cu from 121.50m. • Maide drill programme results indicate we are on the margins of New Porphyry System HIGH-GRADE COPPER UP TO 4.19%1 LA FLORIDA MAIDEN DRILLING Corporate Snapshot CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 10 9% 31% 60% Board and management Top 20 Other Share price1 A$0.016 Shares on issue2 521M Unlisted options and rights2 178M Market capitalisation1,2 A$8.3M Cash3 A$1.2M Debt3 Nil Enterprise value (undiluted) A$7.1M CAPITAL STRUCTURE MAJOR SHAREHOLDERS TIGHT REGISTER WITH SUPPORTIVE EXPLORATION-FOCUSED SHAREHOLDER BASE Compelling entry price offering strong leverage to further exploration success 1. As at 10 November 2025. 2. Post settlement of Tranche 2 Placement Shares and Options approved at a general meeting of shareholders on 3 July 2025. 3. Approximate cash balance as at 30 September 2025. EXECUTIVE CHAIR NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR CHILEAN COUNTRY MANAGER Board and Senior Management CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 11 Geoff McNamara • Over 30 years’ of international resource sector experience. • Co-founder of Tesoro Gold Ltd which discovered the El Zorro Gold Project Chile. • Previously Director of Mining Finance at Societe General, New York. • 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 WMC. Zeffron Reeves • 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 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. Paul Schmiede • 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. Sergio Uribe • 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. Successful track record of discovery, project development and value creation CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 12 PROJECT ACTIVITY Q4-25 Q1-26 Q2-26 Q3-26 LANA CORINA Vista Montana drilling ■ ■ Lana Corina drilling ■ ■ FORTUNA La Florida mapping, trenching and geophysics ■ 2nd phase of diamond drilling at La Florida ■ ■ Follow up drilling El Quillay and Pedra Dura ■ ■ VISTA MONTANA DRILLING Q4 2025 AND Q1 2026 ACTIVE COPPER EXPLORATION STRONG NEWS FLOW THROUGH 2025 AND 2026 SET TO DELIVER LARGE SCALE NEAR SURFACE DISCOVERIES SET TO FOLLOW UP MAIDEN DRILLING SUCCESS AT LA FLORIDA CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE FEATURING THE NEWLY DISCOVERED HIGH-GRADE LANA CORINA COPPER MOLYBDENUM PROJECT 100% CHILEAN ASSET FOCUS THE LAND OF THE COPPER GIANTS DYNAMIC AND SYSTEMATIC EXPLORATION DESIGNED FOR MULTIPLE DISCOVERIES PROVEN TEAM WITH DEEP LOCAL EXPERIENCE POSITIONED TO DELIVER RAPID DEVELOPMENT CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 13 APPENDICES Course Chalcopyrite Veins 2.40% Cu (341.5 -342.5m) in CMLCD0051 Sulphides in Breccia 2.75% Cu (231 -232m) in CMLCD0051 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 15 • 454m at 0.93% CuEq from 90m (CMLCD014) 9; including • 78m at 1.24% CuEq from 200m; and • 68m at 1.14% CuEq from 320m; and • 40m at 1.20% CuEq from 394m. • 257m at 1.10% CuEq from 170m (CMLCD002)2; • 173m at 1.09% CuEq from 313m (CMLCD003)3; • 169m at 1.21% CuEq from 239m (CMLCD010)7; • 104m at 0.81% CuEq from 155m (CMLCD001)1; • 81m at 1.16% CuEq from 302m (CMLCD005)4; • 72m at 0.91% CuEq from 352m (CMLCD013)8; • 34.7m at 0.97% CuEq from 515m (CMLCD007)6; and • 16.4m at 1.38% CuEq from 118m (CMLCD005A)5. Appendix A Lana Corina Diamond Drilling Results: CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 16 • 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 and sold. Appendix B Additional Information COPPER EQUIVALENT (CuEq) VALUE CALCULATIONS COMPETENT PERSONS’ STATEMENTS Slide 3: Refer to Appendix 1, (1) ASX announcement 12 December 2023; (2) ASX announcement 1 November 2023; (3) ASX announcement 10 July 2024; (4) ASX announcement 7 October 2025. Slide 5: (1) ASX announcement 7 August 2023; (2) ASX announcement 12 December 2023; (3) ASX announcement 1 November 2023; (4) ASX announcement 10 July 2024. (5) ASX announcement 21 November 2023; (6) ASX announcement 4 January 2024; (7) ASX announcement 17 January 2024; (8) ASX announcement 29 February 2024; (9) ASX announcement 7 October 2025; (10) ASX announcement 11 September 2023. Slide 6: (1) ASX announcement 11 May 2022; (2) ASX announcement 6 June 2022; (3) ASX announcement 23 November 2022; (4) ASX announcement 10 July 2024; (5) ASX announcement 21 November 2023; (6) ASX announcement 20 June 2022; (7) ASX announcement 17 January 2024. Slide 7: (1) ASX announcement 23 August 2022; (2) ASX announcement 18 May 2022: (3) ASX announcement 27 May 2024. Slide 8: (1) Refer to ASX announcement dated 10 July 2024; (2) ASX announcement 1 November 2023; (3) ASX announcement 12 December 2023. Slide 9: (1) ASX announcement 21 November 2023. Slide 14: (4) ASX announcement 20 June 2022. Slide 15: (1) ASX announcement 2 May 2022; (2) ASX announcement 11 May 2022. (3) ASX announcement 6 June 2022; (4) ASX announcement 20 June 2022; (5) ASX announcement 6 September 2022; (6) ASX announcement 19 July 2022; (7) ASX announcement 23 November 2022; (8) ASX announcement 16 January 2023; (9) ASX announcement 10 July 2024. REFERENCES The information in this announcement that relates to the historic Exploration Results and Geophysical Results as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is a Director or shareholder of or independent consultant to the Company and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG), Australian Society of Exploration Geophysics (ASEG), or a Recognised Professional Organisation (RPO). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to quality as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Activity Competent Person Membership Status Exploration Results (until 31 Oct 2024) Mr Maxwell Donald Tuesley (Shareholder and former Director) AusIMM Member Exploration Results (after 31 Oct 2024) Mr Zeffron Reeves (Director and Shareholder) AIG Member Geophysical Results Mr Nigel Cantwell (Consultant) AIG and ASEG Member Appendix C CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 17 Earn-In Schedules Lana Corina1 Period from original signing Consideration2 Work Commitment Stage Interest Aggregate Interest (Months) (US$) Description (%) (%) 1 Signing 100,000 N/A 0 0 2 12 150,000 US$1M expenditure 20 20 3 24 250,000 US$1M expenditure 30 50 4 3rd May 2025 100,000 N/A 0 50 5 4th March 2026 750,000 N/A 5 55 6 4 September 2026 700,000 N/A 10 65 7 4 September 2027 1,000,000 N/A 5 70 8 4 September 2027 1,650,000 N/A 10 80 Fortuna3 Period from original signing Cash Consideration Work Commitment Stage Interest Aggregate Interest (Months) (US$) Description (%) (%) 1 12 120,000 N/A 80 80 2 24 120,000 N/A 0 80 3 36 120,000 N/A 0 80 4 48 120,000 N/A 0 80 5 60 120,000 US$1M expenditure4 0 80 1. Refer to ASX announcement dated 28 April 2025. 2. Culpeo has the option of cash or share payments in the remaining four stages under the Earn-In schedule. 3. Refer to ASX announcement dated 7 Augst 2023. 4. Expenditure at Lana Corina can be included in required amount for Fortuna. 5. Refer to ASX announcement dated 14 April 2025. 6. ASX announcement 20 June 2022 Jupiter5 Period from original signing Cash Consideration Work Commitment Stage Interest Aggregate Interest (Months) (US$) Description (%) (%) 1 Signing 40,000 N/A 0 0 2 12 80,000 N/A 0 0 3 24 200,000 2,000m of drilling 51 51 4 36 300,000 2,000m of drilling 0 51 5 48 380,000 N/A 0 51 6 60 1,000,000 2,000m of drilling 29 80 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 18 CHILEAN COPPER DEVELOPMENT CONTACT LEVEL 39, 152-158 ST GEORGES TERRACE PERTH WA 6000 +61 (8) 6311 9160 info@culpeominerals.com.au geoff.mcnamara@culpeominerals.com.au