Announcement PDF 1 | P a g e TABLE OF CONTENTS Corporate Directory 2 Directors’ Report 3 Auditor’s Independence Declaration 20 Consolidated Statement of Profit or Loss and Other Comprehensive Income 21 Consolidated Statement of Financial Position 22 Consolidated Statement of Changes in Equity 23 Consolidated Statement of Cash Flows 24 Notes to the Consolidated Financial Statements 25 Directors’ Declaration 33 Independent Auditor’s Review Report 34 2 | P a g e CORPORATE DIRECTORY Culpeo Minerals Limited is an Australian listed company focused on the acquisition, exploration and development of commercially significant resource projects in Chile, with a focus on copper. For more details visit www.culpeominerals.com.au. DIRECTORS Mr Geoffrey McNamara (Non-Executive Chairman) Mr Zeffron Reeves (Non-Executive Director) Mr Paul Schmiede (Non-Executive Director) Mr Edward Turner (Technical Director) COMPANY SECRETARY Ms Michaela Stanton-Cook REGISTERED OFFICE 31-33 Cliff Street FREMANTLE WA 6160 AUDITOR RSM Australia Partners Level 32 Exchange Tower 2 The Esplanade PERTH WA 6000 SHARE REGISTRAR Automic Group Level 5 191 St Georges Terrace Perth WA 6000 SECURITIES EXCHANGE LISTING Australian Securities Exchange Limited (Home Exchange: PERTH, Western Australia) Code: ASX: CPO OTCID: CPORF Culpeo Minerals Limited Directors’ Report 3 | P a g e The Directors present their report, together with the financial statements, of the consolidated entity (referred to hereafter as the consolidated entity or the Group) consisting of Culpeo Minerals Limited (referred to hereafter as the Company, Culpeo or parent entity) and the entities it controlled at the end of, or during the half-year ended 30 June 2026 (Reporting Period). Directors The following persons were directors of Culpeo Minerals Limited during the whole of the half-year and up to the date of this report, unless otherwise stated. Mr Edward Turner was appointed as Technical Director on 10 August 2026, subsequent to the end of the half-year. All other directors held office for the entire period. Mr Geoffrey McNamara Non-Executive Chairman Mr Zeffron Reeves Non-Executive Director Mr Paul Schmiede Non-Executive Director Mr Edward Turner Technical Director Principal activities The principal activities of the Company and its subsidiaries are the acquisition, exploration and development of commercially significant resource projects in Chile, with a focus on copper. Operating results The loss, after tax and non-controlling interest, attributable to the Group for the financial half-year ended 30 June 2026, amounted to $933,069 (2025: $629,877). Culpeo Minerals Limited Directors’ Report 4 | P a g e Chair’s Letter to Shareholders Dear fellow shareholders, On behalf of the Board, I am pleased to present Culpeo Minerals Limited's half-yearly report for the period ended 30 June 2026. Copper's sustained rally through 2026 reflects a structural shift in the market, as surging electrification and data-centre demand outpaces a shrinking pipeline of new high-grade discoveries, reinforcing the value of the copper systems Culpeo is advancing in Chile. During the period, Culpeo focused on strengthening the foundations for drilling at our Lana Corina and Fortuna Projects, with the quality of our tenure clearer than ever. Achievements included revision of the long-term land access agreement at Lana Corina, the design of a 24-line km geophysical survey at Fortuna and renegotiation of the Lana Corina earn-in schedule, which reduced near-term payment obligations from US$750,000 to US$150,000 while preserving Culpeo's full exposure to the Project's upside. The Company completed an Unmarketable Parcel Sale Facility, reducing the number of shareholders on its register by 326 and distributing sale proceeds of A$44,524 to those shareholders. Culpeo further strengthened its leadership team with the appointment of Mr David Sanders as Chief Financial Officer, effective 1 June 2026. The Company ended the period with A$2.1 million in cash, following completion of its A$3.0 million placement. Since half-year end, this groundwork has translated into a period of considerable activity. Diamond drilling commenced at El Quillay South in July; an Induced Polarisation survey at Fortuna identified strong chargeability anomalies now prioritised for drilling; and our landholding expanded by 45%, with 24 additional Exploration Licenses granted covering 2,809 hectares across Lana Corina and Fortuna. These areas host known copper-gold mineralisation and have been incorporated into Culpeo's ongoing exploration programmes. On 27 August 2026, we confirmed access secured for the maiden, fully funded 2,000m diamond drilling programme at the Vista Montana Prospect, which commenced in September 2026. We also welcomed Mr Ed Turner to the Board as Technical Director, effective 10 August 2026, to lead execution of exploration activities across Culpeo's entire project portfolio. With strong Induced Polarisation anomalies now defining priority drill targets at Fortuna, drilling advancing at El Quillay South and drilling due to commence at Vista Montana in September, Culpeo is well positioned as we enter an exciting phase of growth in FY27. On behalf of the Board, I thank our shareholders for their continued support and look forward to updating you as Culpeo enters this next phase of growth in the second half of CY2026. Yours sincerely, Geoff McNamara, Non-Executive Chairman Culpeo Minerals Culpeo Minerals Limited Directors’ Report 5 | P a g e REVIEW OF OPERATIONS Overview Culpeo Minerals Limited (Culpeo or the Company) is a copper exploration and development company with project interests in Chile, the world’s largest copper producing country (Figure 1). The Company is focused on the exploration and development of high-grade copper systems in the coastal Cordillera Region. Culpeo’s key activities during the half-year period ended 30 June 2026 were focused on the continued exploration of its Fortuna Project (Fortuna) and Lana Corina Copper-Molybdenum Project (Lana Corina). On 20 July 2026, subsequent to the end of the half-year, the Company expanded its landholding by 45%, with the grant of an additional 24 Exploration Licenses (ELs) covering 2,809 hectares across its Lana Corina and Fortuna Projects in Chile (Figure 2).1 The current landholding, projects and prospects are shown in Figure 3. Figure 1: Culpeo Minerals Limited Project locations in Chile, the premier copper producing country. Culpeo Minerals Limited Directors’ Report 6 | P a g e Figure 2: Culpeo Minerals Expands Landholding by 45%.1 Culpeo Minerals Limited Directors’ Report 7 | P a g e Figure 3: Fortuna and Lana Corina Project location plan, showing the La Florida, EQN/EQW, Vista Montana and Lana Corina prospect areas and previously reported high-grade results. Lana Corina Project The Lana Corina Project is located within an interpreted north-east to south-west-oriented structural corridor containing multiple zones of copper mineralisation over a strike length of 3km and up to 400m in width (Figures 4 and 5). High-grade mineralised breccia pipes identified to date outcrop at surface and extend to a vertical depth of over 200m. At greater depth, porphyry hosted, stockwork and sheeted-vein-style mineralisation extends beyond 600m. Culpeo Minerals Limited Directors’ Report 8 | P a g e Geochemical and geophysical work has defined an approximately 250m by 250m target at Vista Montana. Previously reported surface samples from the prospect returned values of up to 2.62% Cu, 2.0g/t Au, and 11.2g/t Au. During the half-year period ended 30 June 2026, Culpeo continued technical, permitting and logistical preparation for a planned 2,000m diamond drilling programme at the Vista Montana Prospect, scheduled to commence in September 2026. Earn-In Agreement Amendment On 6 March 2026, the Company successfully renegotiated the Lana Corina earn-in schedule, delivering a material improvement in near-term cash outflows while maintaining full exposure to the Project upside.2 Key terms include: • Reduction in near term payments from US$750,000 to US$150,000. • Deferral of certain mid-term payment obligations. • No change to total acquisition consideration. Culpeo retains the right to increase its ownership to an 80% aggregate interest in the Project, including a right of first refusal over the remaining 20% interest. The Company has already satisfied the expenditure requirements to earn a 50% interest in the Project (Table 1). Table 1: Amended Lana Corina Project Earn-In Schedule Stage Period from signing Consideration* Work Commitment Stage Interest Aggregate Interest (Months) (US$) 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 3 May 2025 100,000 N/A 0 50 5 4 September 2026 100,000 N/A 0 50 6 4 September 2027 500,000 N/A 5 55 7 4 March 2028 700,000 N/A 10 65 8 4 March 2029 1,000,000 N/A 5 70 9* 4 March 2029 1,650,000 N/A 10 80 *Stage 9 may be settled through the fair-value equivalent in Ordinary Shares of Culpeo Minerals Limited. Culpeo Minerals Limited Directors’ Report 9 | P a g e Figure 4: Vista Montana and Lana Corina geological setting with multiple alteration zones, breccia pipes and mineralised veins.3 Vista Montana Prospect Vista Montana is located 1km north-east of the Lana Corina Cu-Au-Ag-Mo discovery and is interpreted to form part of the same north-northeast trending mineralised corridor (Figures 4-6). The prospect has been defined through a combination of ground magnetic surveying, geological mapping, geochemical soil sampling and rock chip sampling. This work has identified numerous copper and gold mineralised quartz veins and breccias within the target corridor. The corridor is also characterised by phyllic alteration, comprising quartz, sericite and pyrite, observed at surface. This alteration assemblage can be associated with porphyry-style mineralisation and supports Vista Montana’s ranking as a priority drill target for Culpeo. Demagnetisation of host rocks along the structural corridor is interpreted to potentially reflect hydrothermal alteration associated with the mineralising event, consistent with observations at Lana Corina (Figure 5). Culpeo Minerals Limited Directors’ Report 10 | P a g e Figure 5: Vista Montana and Lana Corina target areas on a magnetic background.3 The initially planned four hole, 2,000m diamond drilling programme has been designed to test targets within the interpreted mineralised corridor at Vista Montana and provide the first subsurface assessment of the prospect, with scope to extend the programme depending on initial results. The main target areas also coincide with large, demagnetised zones as at Lana Corina which has previously returned significant copper and molybdenum intersections (Figure 6) including: • 454m @ 0.96% CuEq from 90m in CMLCD014⁴ • 257m @ 1.03% CuEq from 170m in CMLCD002⁵ • 173m @1.11% CuEq from 313m in CMLCD003⁶ • 169m @ 1.23% CuEq from 239m in CMLCD010⁷ • 104m @ 0.83% CuEq from 155m in CMLCD001A⁸ • 81m @ 1.14% CuEq from 302m in CMLCD005A⁹ • 72m at 0.91% CuEq from 352m CMLCD0138 • 34.7m at 0.97% CuEq from 515m CMLCD0076 • 16.4m at 1.38% CuEq from 118m CMLCD05A5 Subsequent to half-year end, on 27 August 2026, the Company confirmed that access had been secured for the maiden, fully funded drilling programme at Vista Montana, which remains on track to commence in September 2026.10 Culpeo Minerals Limited Directors’ Report 11 | P a g e Figure 6: Lana Corina and Vista Montana magnetic data image long section highlighting porphyry target areas and including the planned drill area at Vista Montana.3 Fortuna Project The Fortuna Project is located approximately 350km north of the Chilean capital Santiago, and 25km north of Culpeo’s Lana Corina Project. Fortuna hosts numerous historical small-scale workings that targeted near-surface, high-grade mineralisation (Figure 7). The project area lies within the Coastal Cordilera, a prolific porphyry belt that hosts multiple major copper deposits. La Florida Prospect and El Quillay Rock Chip Sampling During the period, Culpeo completed a rock-chip sampling programme across the La Florida and El Quillay prospects within the Fortuna Project. The programme was undertaken to assess areas outside previously drilled or systematically tested zones and to support the identification and prioritisation of potential follow-up targets.11 At La Florida, four of the fifteen samples returned assays greater than 1.0% Cu, including a maximum result of 3.0% Cu.11 The sample returning 3.0% was collected approximately 1km west of the previously drilled area. Follow-up field work is planned to determine the significance of results and to assess whether they represent a potential extension of the La Florida mineralised system, or a new target area. At El Quillay, seven rock-chip samples were collected with two samples returning assays of greater than 1.0% Cu, including a maximum assay of 2.2% Cu.11 Culpeo Minerals Limited Directors’ Report 12 | P a g e These new copper results are located approximately 1km north-east of previously reported anomalous trench results. A sample collected approximately 1km east of the reported significant copper results, returned the highest reported gold assay from the programme of 1.3g/t Au.11 Mapping at El Quillay South also identified a significant flexure in the interpreted orientation of the El Quillay Fault Zone. Such structural flexures can represent favourable settings for the development of porphyry-style mineralisation, particularly where they are associated with brecciation, intrusive activity, alteration and surface geochemical anomalism. The drilling programme has been designed to test whether these surface geological and geochemical features are associated with mineralisation at depth. El Quillay South Drilling Programme During the period, Culpeo advanced planning and mobilisation for a four hole, approximately 1,000m diamond drilling programme at El Quillay South. The planned drilling was announced on 22 June 2026 and has been designed to test strike and depth extensions to previously reported copper-gold mineralisation along the El Quillay Fault Zone.12 The El Quillay Fault Zone is an interpreted mineralised structural corridor extending for more than 4km at surface and hosting multiple zones of copper and gold mineralisation. Previous surface channel sampling at El Quillay South returned significant copper-gold mineralisation including: 43.1 metres at 1.0% Cu and 1.3g/t Au.12 The drilling programme is also designed to test the Company’s interpretation that the mineralisation, alteration and structural setting observed at surface may be associated with a broader porphyry-style mineral system. On 6 July 2026, subsequent to the end of the half-year, diamond drilling commenced at El Quillay South (Figure 7), with initial assay results pending receipt from the laboratory.13 Culpeo Minerals Limited Directors’ Report 13 | P a g e Figure 7: Diamond Rig operating at El Quillay South. IP Survey Commences at the Fortuna Project Subsequent to half-year end, an Induced Polarisation (IP) survey has commenced within the Company’s Fortuna Project.14 A TITAN DCIP survey comprised of 10 lines for a total of 24-line km was designed to cover multiple high-priority copper-gold prospects, including La Florida, El Quillay North, El Quillay South and Piedra Dura. The survey area includes prospects where significant copper and gold mineralisation results were returned from surface sampling, trenching and drilling. The results are to be integrated with mapping, trenching, geochemistry, magnetic data and drilling to refine and rank targets for further drilling across Fortuna. Strong IP Anomalies Define Priority Drill Targets at Fortuna Subsequent to half-year end, an Induced Polarisation survey at the El Quillay North Prospect (EQN) identified two strong chargeability anomalies and a newly defined prospect, El Quillay West (EQW) both within the Fortuna Project.15 Both anomalies coincide with surface copper mineralisation and alteration, with previous rock-chip sampling having returned assays greater than 1.0% copper in areas overlying the geophysical responses (Figure 8). The two targets have been prioritised for diamond drilling, with 500m Culpeo Minerals Limited Directors’ Report 14 | P a g e of initial diamond drilling planned, comprising one 250m hole into each anomaly. The location of EQN and EQW in relation to other prospects is shown in Figure 3. Figure 8: Rock chip sample results (Cu %) over the EQN and EQW targets, Fortuna Project, on interpreted geological background. Culpeo Minerals Limited Directors’ Report 15 | P a g e CORPORATE ACTIVITIES Equity Placement Following Shareholder approval at the General Meeting held on 27 January 2026, the Company completed Tranche 2 of the $3.0 million Placement announced on 27 November 2025. During the half-year, the Company received approximately $1.57 million (before costs) from the issue of 142,561,790 fully paid Ordinary Shares at $0.011 per Share. This completed the Placement. Performance Rights Following Shareholder approval obtained at the General Meeting held on 27 January 2026, the Company issued Performance Rights to Directors on 9 March 2026, subject to a range of market and non-market vesting conditions linked to share price performance, landholding growth, drilling milestones and safety standards. Further details are set out in Note 3 to the financial statements. Unmarketable Parcel Sale Facility During the period, the Company completed the share sale facility established for holders of Unmarketable Parcels of fully paid ordinary shares. The facility was completed on 12 May 2026. A total of 3,574,248 shares, held by 326 shareholders, were sold through the facility at an average sale price of A$0.01246 per share. Following completion of the facility, Culpeo had 995 shareholders on its register and 793,389,496 shares on issue (no change).16 Appointment of Chief Financial Officer Culpeo appointed Mr David Sanders as Chief Financial Officer effective 1 June 2026.17 Mr Sanders is a Chartered Accountant with more than 25 years’ experience in the resources industry across development, strategy and planning, business evaluation and commercial management. He has extensive experience leading operational and corporate teams and has strong expertise in identifying and communicating key value drivers and strategic options to support Board and executive decision-making. Culpeo Minerals Limited Directors’ Report 16 | P a g e Option Entitlement Issue Subsequent to the end of the period, on 8 July 2026, Culpeo announced a pro-rata, non-renounceable entitlement issue of new unlisted options to eligible existing shareholders to raise approximately A$600,000.18 On 6 August 2026, the Entitlement Issue closed oversubscribed, with very strong support from shareholders submitting applications exceeding the number of New Options available under the offer. The Entitlement Issue raised A$595,042 (before costs), representing the full amount possible under the offer. Appointment of Technical Director Subsequent to half-year end, Culpeo appointed Mr Ed Turner as Technical Director effective 10 August 2026.19 Mr Turner has more than 35 years’ experience in mineral exploration and mining geology including more than 20 years in exploration management. He brings broad operational and commercial experience across mining geology, Mineral Resource definition, feasibility studies, business development, project acquisition and divestment, and capital raisings. Matters subsequent to the end of the half-year • In July 2026, diamond drilling commenced at the El Quillay South Prospect, Fortuna Project, testing strike and depth extensions to previously reported copper-gold mineralisation along the El Quillay Fault Zone, with initial assay results pending receipt from the laboratory. • On 20 July 2026, the Company's landholding expanded by 45%, with 24 additional Exploration Licenses (ELs) granted covering 2,809 hectares across its Lana Corina and Fortuna Projects. • In July and August 2026, an Induced Polarisation survey was completed at the Fortuna Project, identifying strong chargeability anomalies at the El Quillay North and newly defined El Quillay West prospects, both of which have been prioritised for diamond drilling. • On 6 August 2026, the Company completed an oversubscribed pro rata non-renounceable entitlement issue, raising $595,042 (before costs) through the issue of 198,347,374 Unlisted Options. Eligible shareholders were offered one (1) Unlisted Option for every four (4) Ordinary Shares held, at an issue price of $0.003 per Option. The Options have an exercise price of $0.0175 and expire on 11 July 2028. Proceeds will fund near-term exploration activities at the Fortuna, Vista Montana and Lana Corina projects. • On 10 August 2026, Mr Edward Turner was appointed as Technical Director. Culpeo Minerals Limited Directors’ Report 17 | P a g e • On 27 August 2026, the Company confirmed access had been secured for its maiden 2,000m diamond drilling programme at the Vista Montana Prospect, which remains on track to commence in September 2026. • On 6 March 2026, the Company successfully renegotiated the Lana Corina earn-in schedule, delivering a material improvement in near-term cash outflows while maintaining full exposure to the Project upside.2 Subsequent to the end of the reporting period, on 3 September 2026 the agreement was further amended to further defer payments under the earn-in schedule by one year in exchange for an interim payment of US$100,000. The total acquisition consideration remains unchanged with interim payment reducing the remaining amounts to be paid. Key terms include: • Payments during the reporting period were reduced from US$750,000 to US$150,000. • The parties agreed that the outstanding US$600,000 would be paid in two instalments: US$100,000 in September 2026 and US$500,000 in September 2027. • All other remaining payments under the agreement were deferred by 12 months. • No change to total acquisition consideration. Auditor's Independence Declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' Report. Rounding of amounts The company is of a kind referred to in Corporations Instrument 2026/183, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar. This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors __________________________ Mr Geoff McNamara Non-Executive Chairman 11 September 2026 Perth, Western Australia Culpeo Minerals Limited Directors’ Report 18 | P a g e Competent Persons Statement The information in this report that relates to Exploration Results is based on information compiled by Mr Ed Turner (B App Science - Geology). Mr Turner is a member of the Australian Institute of Geoscientists and a full-time employee of the Company. Mr Turner 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 Turner 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 the historic Exploration 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), 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 Tuesley (Shareholder and former Director) AusIMM Member Exploration Results (after 31 Oct 2024) Mr Zeffron Reeves (Director and Shareholder) AIG Member The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in previous announcements. The Company confirms that the form and context in which the applicable Competent Persons’ findings are presented have not been materially modified from the previous announcements. Forward Looking Statements This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Culpeo Minerals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Culpeo Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Appendix A: Technical Details Assumed commodity prices: Cu US$4.75/lb, Au US$3,200/oz, Mo US$20/lb and Ag US$35/oz. Recoveries are assumed from similar deposits: Cu 85%, Au 65%, Ag 65% and Mo 80%. CuEq (%) is 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 g/t x Mo price per g/t x Mo recovery) + (Ag g/t x Ag price per g/t x Ag recovery)) / (Cu price 1% per tonne x Cu recovery). CuEq (%) = Cu (%) + (0.83 x Au (g/t)) + (0.00040 x Mo (g/t)) + (0.009 x Ag (g/t)). It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. Culpeo Minerals Limited Directors’ Report 19 | P a g e References 1. ASX Announcement dated 20 July 2026 “Culpeo Minerals Expands Landholding by 45%”. 2. ASX Announcement dated 16 March 2026 “Culpeo Improves Terms of Lana Corina Earn-In”. 3. ASX Announcement dated 10 November 2025 “Noosa Mining Investor Conference Presentation”. 4. ASX Announcement dated 10 July 2024 “Lana Corina Drill Results Extended – 454m @ 0.93 CuEq”. 5. ASX Announcement dated 11 May 2022 “Culpeo Intersects 257m @ 0.95% copper at Lana Corina”. 6. ASX Announcement dated 6 June 2022 ‘Culpeo Minerals Intersects 173m @ 1.05% Copper”. 7. ASX Announcement dated 23 November 2022 “Drilling Intersects 169m @ 1.08% Cu Grades up to 3.56 % Cu”. 8. ASX Announcement dated 2 May 2022 “Culpeo Intersects 104m @ 0.74 copper at Lana Corina”. 9. ASX Announcement dated 20 June 2022 “Multiple High-Grade Cu Intersections at Lana Corina”. 10. ASX Announcement dated 27 August 2026 “Access Secured for Maiden Vista Montana Drilling”. 11. ASX Announcement dated 15 June 2026 “Fortuna Rock Chip Sampling Return Significant Copper & Gold”. 12. ASX Announcement dated 22 June 2026 “Drilling Set to Commence at El Quillay South”. 13. ASX Announcement dated 6 July 2026 “Drilling Underway at El Quillay South”. 14. ASX Announcement dated 13 July 2026 “IP Survey Commences at the Fortuna Project”. 15. ASX Announcement dated 18 August 2026 “Strong IP Anomalies Define Priority Drill Targets at Fortuna”. 16. ASX Announcement dated 12 May 2026 “Completion of Unmarketable Parcel Sale”. 17. ASX Announcement dated 1 June 2026 “Appointment of Chief Financial Officer”. 18. ASX Announcement dated 8 July 2026 “Entitlement Issue of Options”. 19. ASX Announcement dated 10 August 2026 “Culpeo Minerals Appoints Ed Turner as Technical Director”. RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Culpeo Minerals Limited for the half-year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. RSM AUSTRALIA Perth, WA AIK KONG TING Dated: 11 September 2026 Partner Culpeo Minerals Limited Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 30 June 2026 21 | P a g e Consolidated Half-Year Ended 30 June 2026 $ Half-Year Ended 30 June 2025 $ Other income Bank interest 8,945 2,127 Total other income Expenses Administration expenses (85,513) (31,374) Consulting expenses (217,371) (263,038) Corporate and compliance expenses (255,767) (156,668) Depreciation expense (281) (355) Employe