Announcement PDF LANA CORINA VISTA MONTANA BREAK THROUGH DISCOVERY IN THE L AND OF THE COPPER GIANTS ASX:CPO | OTCQB:CPORF May 2025 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 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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 2 PERU BOLIVIA CHILE Antofagasta 3. Jupiter THREE QUALIT Y PROJECTS ON THE INFRASTRUCTURE L ADEN CHILEAN COASTAL BELT Copiapo CHILEAN COPPER DEVELOPMENT La Serena 1. Lana Corina Project 2. Fortuna 1. Lana Corina Santiago ESSENTIAL FOR THE TECHNOLOGY AND ELECTRIFICATION REVOLUTION CULPEO MINERALS ASX:CPO | OTCQB:CPORF A new high-grade outcropping discovery: 454m @ 0.93% CuEq1 Cu Mo 2. Fortuna Project ARGENTINA Nine key outcropping copper targets, providing high discovery potential Cu Au Cu Au 3. Jupiter Project 1. Refer Appendix 1 for additional details including CuEq calculation methodology. 2. Refer to ASX announcement dated 14 April 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. Two distinct zones of mineralisation with copper grades of up to 3.07%2 INVESTOR PRESENTATION CHILEAN COPPER DEVELOPMENT THERE IS NO QUESTION THE WORLD NEEDS MORE COPPER CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 4 CORPORATE OVERVIEW HIGH-QUALIT Y PORTFOLIO OF ASSETS IN THE PREMIER COPPER PRODUCING REGION FEATURING THE NEWLY DISCOVERED HIGH-GRADE LANA CORINA COPPER MOLYBDENUM PROJECT 100% CHILEAN ASSET FOCUS IN THE LAND OF THE COPPER GIANTS DYNAMIC AND SYSTEMATIC EXPLORATION TO UNLOCK FULL ASSET POTENTIAL PROVEN TEAM TO DELIVER RAPID ASSET DEVELOPMENT CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 5 1. Lana Corina Project Game Changing Outcropping Copper Discovery HIGH-GRADE COPPER PLAN VIEW OF THE LANA CORINA PROJECT • 454m at 0.93% CuEq from 90m (CMLCD014) 4 including; • 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; and • 169m at 1.21% CuEq from 239m (CMLCD010)3. • Large open mineralised system; • Multiple look alike targets along strike; and • Significant expansion potential with further drilling. HIGH-GRADE MOLYBDENUM • 85m @ 1,367 ppm Mo (0.58% CuEq) from 486m2; • 35m @ 1,704 ppm Mo (0.84% CuEq) from 570m3, including; • 4m @ 8,845 ppm Mo (3.48% CuEq); and • 1m @ 15,000 ppm Mo (6.09% CuEq). CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 6 1. Lana Corina Project Regional Potential with Outcropping Copper Targets over 3km of Strike Plan view showing Lana Corina detailed surface geology map and the high priority targets 1. Plan view of high-resolution ground magnetic data (high-pass filtered TMIRTP) 2,3. Interpreted intrusive centre 3km mineralised corridor linking Lana Corina to Vista Montana Interpreted intrusive centre Mineralised sheeted veins 400m x 300m VISTA MONTANA NEW IMAGE HERE Extensive mineralised breccias mapped Extensive mineralised breccias mapped NEW IMAGE HERE Mineralised sheeted veins 400m x 300m VISTA MONTANA 3km mineralised corridor linking Lana Corina to Vista Montana CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 7 1. Lana Corina Project Is the Initial Discovery Just the First in a Multi-Deposit System? NEW HIGH-PRIORITY PORPHYRY TARGET • Mapping, rock chip, channel sampling and geophysics confirmed a well-defined 250m by 250m copper porphyry target. • Interpreted to be a “finger” of a larger buried intrusive identified by geophysics. VISTA MONTANA PORPHYRY TARGET Interpreted intrusive centre Extensive mineralised breccias mapped • Surface sampling returned results of up to 2.62% copper, 2.07g/t gold, 11.2g/t silver, 749ppm antimony and 117.5ppm bismuth. • Maiden diamond drilling program planned to test the new target in Q2 CY25. 1. Refer to ASX announcement dated 14 April 2025. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 8 1. Lana Corina Project PHASE 1 DRILLING Very large, linked system potential High-grade Cu zone Lana Corina Outcropping breccia hosted copper and molybdenum (CMLCD014) 454m at 0.93% CuEq (90m - 544m)1 High-grade Mo zones 46m at 1,638 ppm Mo (498m – 544m) 30m at 613 ppm Mo (580m – 610m) 38m at 748 ppm Mo (720m – 758m) Vista Montana Surface copper anomaly 1,000m x 400m with grades up to 2.62% Cu2 Lana Corina (LHS) and Vista Montana (RHS) long section: Defined targets over greater than 3km of strike (VOXI 3D magnetic inversion model image)3,4 OPEN IN ALL DIRECTIONS Magnetic low PORPHYRY TARGET CULPEO MINERALS ASX:CPO | OTCQB:CPORF PORPHYRY TARGET 3 kilometre strike potential Near surface breccia drill targets Zoned porphyry target INVESTOR PRESENTATION 9 2. Fortuna Project Outcropping Targets Immediately North of the Lana Corina Discovery NINE HIGH-PRIORITY OUTCROPPING TARGETS PLAN VIEW OF THE FORTUNA PROJECT1,2,3,4,5,6,7,8 – Vaca Muerta – Piedra Dura – La Florida – El Quillay North – El Quillay Central – El Quillay South – El Quillay East – El Quillay West – Lucero FORTUNA CONCESSION AREA COVERS 4,025 HECTARES CULPEO MINERALS ASX:CPO | OTCQB:CPORF TOTAL STRIKE OF HISTORIC MINES OVER 6KM INVESTOR PRESENTATION 10 2. Fortuna Project High Priority El Quillay North Target Maiden drill hole intersected: PLAN VIEW OF EL QUILLAY PROSPECT3,4,5,6,7,8,9,10,11. • 26m at 0.81% CuEq, including 4m @ 1.87% CuEq1. • Induced polarisation (IP) anomaly identified a 500m x 300m target less than 100m below surface. Phase 1 trenching program included: • 46m at 0.90% CuEq; • 6m at 3.21% CuEq; • 6m at 1.43% CuEq; and GRADES UP TO 3.96% Cu AND 2.61G/T Au1. • 3m at 1.72% CuEq. Historical sample results included2: • 3m at 6.92% Cu; • 15m at 1.50% Cu; and • 5m at 2.70% Cu. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 11 2. Fortuna Project El Quillay West IP target INTERPRETED EL QUILLAY FAULT ZONE EL QUILLAY WEST TARGETS • Multiple targets generated through remodelled geophysics1. • Includes a large 500m x 300m PDIP chargeability anomaly (right), indicative of copper sulphide mineralisation. • Potential for an additional zone of mineralisation 500m to the southwest of El Quillay. CULPEO MINERALS ASX:CPO | OTCQB:CPORF Legend El Quillay PDIP chargeability anomaly areas (green polygons) with priority ranking shown over a depth slice image from 100m below ground level. Pink = higher chargeability and blue = lower chargeability1 2. Fortuna Project Porphyry Copper and Gold System at La Florida Prospect – First Drill Targets Defined MINERALISATION AT LA FLORIDA Copper sulphide present as chalcopyrite Sample # CPO0008692 3.18% Cu and 2.61g/t Au 1. COPPER-GOLD PORPHYRY SYSTEM PLAN VIEW OF THE LA FLORIDA PROSPECT 1 Copper oxide present as malachite and chrysocolla Sample #CPO0008688: 3.96% Cu and 1.17g/t Au 1. LARGE 1.7KM X 0.5KM FOOTPRINT CULPEO MINERALS ASX:CPO | OTCQB:CPORF GRADES UP TO 3.96% Cu AND 2.61G/T Au1. INVESTOR PRESENTATION 13 3. Jupiter Project Exciting New Copper Exposure GREENFIELD EXPLORATION ZONE 1 • Acquired April 2025. • Large, tenement package approximately 4,000ha. • Two anomalous zones 5km long and 3km wide. • Due diligence sampling returned surface grades up to 4.33% Cu and 3.24g/t Au1. • Copper results include 4.33% Cu, 4.14% Cu, 3.93% Cu; and 3.60 % Cu1. ZONE 2 Jupiter Project location map showing Culpeo sample locations. Pink denotes samples >1.50% Cu, mapped alteration zones in orange and mineralised faults in black. Jupiter project concessions shown by red outline. Datum PSAD56 19S CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 14 PROJECT ACTIVITY JUPITER Mapping, geochemistry and geophysics program FORTUNA ACTIVE COPPER E XPLORATION STRONG NE WS FLOW IN 2025 CULPEO MINERALS ASX:CPO | OTCQB:CPORF LANA CORINA Drilling at La Florida and El Quillay Prospects Drilling at Vista Montana and Lana Corina MAIDEN DRILLING PROGRAM AT VISTA MONTANA Q1-25 Q2-25 ■ ■ ■ ■ ■ TARGETING BROAD ZONES OF OUTCROPPING HIGH-GRADE COPPER Q3-25 Q4-25 ■ SET TO DELIVER LARGE SCALE NEAR SURFACE DISCOVERIES INVESTOR PRESENTATION 15 Corporate Snapshot Compelling Entry Price with Strong Leverage to Further Exploration Success CAPITAL STRUCTURE Share price1 MAJOR SHAREHOLDERS A$0.011 Shares on issue2 217M Unlisted options and rights2 26M Market capitalisation1,2 15% 39% Top 20 A$2.4M 39% 7% Cash3 A$0.4M Debt3 Nil Enterprise value (undiluted) A$2M Board and management 1832 Asset Management L.P. Other TIGHT REGISTER WITH SUPPORTIVE EXPLORATION-FOCUSED SHAREHOLDER BASE 1. As at 5 May 2025. 2. As at 5 May 2025. 3. As at 30 March 2025 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 16 Board and Senior Management Successful Track Record of Discovery, Project Development and Value Creation Geoff McNamara Zeffron Reeves Paul Schmiede Sergio Uribe EXECUTIVE CHAIR NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR CHILEAN COUNTRY MANAGER • 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. • 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. • 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. • 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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 17 QUALITY COPPER PORTFOLIO FEATURING THE NEWLY DISCOVERED HIGH-GRADE LANA CORINA COPPER MOLYBDENUM PROJECT 100% CHILEAN ASSET FOCUS IN THE LAND OF THE COPPER GIANTS CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE CULPEO MINERALS ASX:CPO | OTCQB:CPORF DYNAMIC AND SYSTEMATIC EXPLORATION TO UNLOCK FULL ASSET POTENTIAL PROVEN TEAM TO DELIVER RAPID ASSET DEVELOPMENT INVESTOR PRESENTATION 18 APPENDICES Appendix A Lana Corina Diamond Drilling Results: • 454m @ 0.93% CuEq from 90m (CMLCD014) 9 including; • 78m @ 1.24% CuEq from 200m; and • 68m @ 1.14% CuEq from 320m; and • 40m @ 1.20% CuEq from 394m. • 257m @ 1.10% CuEq from 170m (CMLCD002)2; • 173m @ 1.09% CuEq from 313m (CMLCD003)3; • 169m @ 1.21% CuEq from 239m (CMLCD010)7; • 104m @ 0.81% CuEq from 155m (CMLCD001)1; • 81m @ 1.16% CuEq from 302m (CMLCD005)4; • 72m @ 0.91% CuEq from 352m (CMLCD013)8. • 34.7m @ 0.97% CuEq from 515m (CMLCD007)6; and • 16.4m @ 1.38% CuEq from 118m (CMLCD005A)5 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 20 Appendix B Additional Information COPPER EQUIVALENT (CuEq) VALUE CALCULATIONS COMPETENT PERSONS’ STATEMENTS • 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)}. 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. • 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 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 Slide 3: (1) ASX announcement 10 July 2024; (2) ASX announcement dated 14 April 2025. 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. 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 14 April 2025. Slide 9: (1) ASX announcement 8 March 2023; (2) ASX announcement 10 July 2024; (3) ASX announcement 27 May 2024; (4) ASX announcement 31 August 2022. Slide 10: (1) ASX announcement 7 August 2023; (2) ASX announcement 11 September 2023; (3) ASX announcement 1 November 2023; (4) ASX announcement 12 December 2023; (5) ASX announcement 21 November 2023; (6) ASX announcement 4 January 2024; (7) ASX announcement 17 January 2024; (8) ASX announcement 29 February 2024. Slide 11: (1) ASX announcement 17 January 2024; (2) ASX announcement 11 September 2023; (3) ASX announcement 17 January 2024; (4) ASX announcement 11 September 2023; (5) ASX announcement 1 November 2023; (6) ASX announcement 12 December 2023; (7) ASX announcement 17 January 2024; (8) ASX announcement 29 February 2024; (9) ASX announcement 18 March 2024; (10) ASX Announcement 9 April 2024; (11) ASX Announcement 14 May 2024. Slide 12: (1) ASX announcement 9 April 2024. Slide 13: (1) ASX announcement 4 January 2024. Slide 14 (1) ASX announcement dated 14 April 2025. Slide 20: (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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 21 Appendix C Earn-In Schedules Period from original signing Cash Consideration Work Commitment Stage Interest Aggregate Interest (Months) (US$) Description (%) (%) 1 12 120,000 N/A 80 80 20 2 24 120,000 N/A 0 80 30 50 3 36 120,000 N/A 0 80 N/A 0 50 4 48 120,000 N/A 0 80 750,000 N/A 5 55 5 60 120,000 US$1M expenditure4 0 80 4 September 2026 700,000 N/A 10 65 7 4 September 2027 1,000,000 N/A 5 70 Period from original signing Cash Consideration Work Commitment Stage Interest Aggregate Interest 8 4 September 2027 1,650,000 N/A 10 80 (Months) (US$) 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 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 3 24 250,000 US$1M expenditure 4 3rd May 2025 100,000 5 4th March 2026 6 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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF Fortuna3 Jupiter5 INVESTOR PRESENTATION 22 C O N TAC T LEVEL 39, 152-158 ST GEORGES TERRACE PERTH WA 6000 +61 (8) 6383 7894 info@culpeominerals.com.au geoff.mcnamara@culpeominerals.com.au