Announcement PDF CONTENTS CORPORATE DIRECTORY 3 CHAIRMAN’S LETTER 4 REVIEW OF OPERATIONS 6 DIRECTORS’ REPORT 17 AUDITOR’S INDEPENDENCE DECLARATION 35 FINANCIAL REPORT 36 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 37 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 38 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 39 CONSOLIDATED STATEMENT OF CASH FLOWS 40 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 41 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 61 DIRECTORS’ DECLARATION 62 INDEPENDENT AUDITOR’S REPORT 63 SHAREHOLDER INFORMATION 67 SCHEDULE OF MINERAL TENEMENTS 70 CULPEO MINERALS LIMITED | 3 CORPORATE DIRECTORY Culpeo Minerals Limited is an Australian listed company focused on the acquisition, exploration, and development of commercially significant copper projects in Chile. For more details visit www.culpeominerals.com.au. DIRECTORS Mr Geoffrey McNamara (Interim Executive Chairman) Mr Zeffron Reeves (Non-Executive Director) Mr Paul Schmiede (Non-Executive Director) COMPANY SECRETARY Ms Michaela Stanton-Cook Stanton REGISTERED OFFICE 31-33 Cliff Street Fremantle WA 6160 Telephone: +61 (08) 6383 7894 SHARE REGISTRY AUTOMIC REGISTRY SERVICES Level 5, 126 Phillip Street Sydney NSW Telephone: 1 300 288 664 Website: https://www.automicgroup.com.au/ SECURITIES EXCHANGE LISTING Australian Securities Exchange Limited and OTC Markets Group (Home Exchange: PERTH, Western Australia) Code: ASX: CPO OTCID: CPORF AUDITOR RSM Australia Partners Level 32 Exchange Tower 2 The Esplanade PERTH WA 6000 WEBSITE www.culpeominerals.com.au CULPEO MINERALS LIMITED | 4 CHAIRMAN’S LETTER Dear fellow shareholders, On behalf of the Board, I am pleased to present Culpeo Minerals Limited’s Annual Report for the year ended 31 December 2025. During the past year, our exploration programmes across the Lana Corina and Fortuna Projects have reinforced the quality of our tenure within Chile’s Coastal Cordillera, one of the world’s most prolific copper belts. A key achievement of the year was the completion of the maiden eight-hole diamond drilling programme at Fortuna’s La Florida Prospect. The programme successfully intersected multiple zones of shallow, high grade copper mineralisation and, importantly, we believe we have clipped the outer margins of a new copper-bearing porphyry system. The alteration style, structural setting and geochemical signatures observed are consistent with peripheral positioning of this porphyry system, are suggestive of what could be a much larger intrusive centre. This materially enhances the prospectivity of the broader Fortuna Project and provides a compelling look through to larger scale mineralisation at depth and along strike. We strongly believe this potentially represents a transformational opportunity for the Company moving forward. At Lana Corina Project, fieldwork reinforced Company’s understanding of the scale and quality of the system, with mineralisation remaining open in multiple directions. The alignment of the Lana Corina and Vista Montana Projects within a 3km mineralised corridor establishes an exciting district-scale opportunity that we look forward to unlocking further value here with the drill bit. These activities were completed against an increasingly supportive macro backdrop for copper. During 2025, the copper price strengthened materially, rising from an average of under US$10,000 per metric tonne in January to over US$11,700 per metric tonne in December, representing an increase of more than 30% over the calendar year. This sustained price momentum reflects tightening supply dynamics, structural demand growth driven by electrification and energy transition trends, and continued global infrastructure investment, particularly in relation to artificial intelligence. These tailwinds reinforce the strategic value of advancing high grade copper discoveries within tier one jurisdictions, where there is a severe shortage of investible opportunities. CULPEO MINERALS LIMITED | 5 Chile remains the world’s largest copper producing nation and a globally recognised mining jurisdiction. The recent Chilean election result is widely expected to be supportive of natural resource development and investment, providing greater regulatory clarity and policy stability. For Culpeo, this environment is conducive to disciplined exploration and, with continued new discovery success, future development planning. From a corporate perspective, we are grateful for the ongoing support of existing and new shareholders who participated in two equity placements during the year. The funds raised will enable continued exploration across our portfolio as we advance priority targets in 2026. Looking ahead, the Board remains focused on systematic exploration to continue maturing our high priority targets and delivering large scale new discoveries. With strong copper market fundamentals and a supportive jurisdictional environment, we believe the Company is well positioned to deliver meaningful value creation in the year ahead. On behalf of the Board, I thank our management team, employees, consultants, and shareholders for their commitment and support throughout 2025. We look forward to reporting further progress in 2026. Yours faithfully Geoff McNamara Interim Executive Chairman Culpeo Minerals Limited CULPEO MINERALS LIMITED | 6 Review of Operations CULPEO MINERALS LIMITED | 7 OVERVIEW Culpeo Minerals Limited (Culpeo or the Company) is a copper-focused exploration and development company advancing high-grade copper systems in the Coquimbo Region of Chile (refer to Figure 1), the world’s largest copper producing country. The Company’s projects are located within the Coastal Cordillera, a prolific porphyry belt hosting multiple major copper deposits and supported by established infrastructure including road access, power, water and a skilled local workforce. During the year ended 31 December 2025, Culpeo’s activities were focused on advancing exploration across its Lana Corina Project (Lana Corina) and the Fortuna Project (Fortuna). Exploration programmes included diamond drilling, trenching, surface sampling and geological mapping aimed at defining high-grade copper mineralisation and refining priority drill targets across both project areas. The initial eight-hole diamond drilling programme completed at the La Florida Prospect (within the Fortuna Project) was a key exploration highlight for the year. The programme successfully intersected multiple zones of shallow, high-grade copper mineralisation and has been interpreted to have clipped the outer margins of a previously unrecognised porphyry system. The geometry of mineralisation, alteration intensity and associated geochemical signatures are consistent with peripheral positioning to a potentially larger intrusive centre. These results materially enhanced the prospectivity of the broader Fortuna Project and provide a compelling vector towards higher grade and potentially larger scale mineralisation at depth and along strike. To support these exploration programmes, the Company completed two equity placements in May and November 2025, raising approximately A$6 million before costs. At year end, Culpeo’s funding position enables further exploration through 2026. Review of Operations CULPEO MINERALS LIMITED | 8 Figure 1: Culpeo Minerals Project areas, located approximately 350km north of Santiago, Chile. Review of Operations CULPEO MINERALS LIMITED | 9 LANA CORINA PROJECT (50% CULPEO EARNING UP TO 80%1) Lana Corina is a high-grade copper-molybdenum discovery located approximately 350km north of Santiago within Chile’s infrastructure-rich Coastal Cordillera. The project sits within a broader prospective corridor extending over 3km of strike and up to 500m in width, potentially linking Lana Corina to the Vista Montana Prospect (refer to Figure 2). The Project hosts multiple outcropping copper-bearing breccia pipes associated with a well- mineralised porphyry system. Figure 2: Plan view showing Lana Corina detailed surface geology map and multiple high-priority targets 1 Refer to ASX announcement dated 21 March 2024 “Ownership Interest in the Lana Corina Project Increased to 50% Review of Operations CULPEO MINERALS LIMITED | 10 Lana Corina Prospect At the Lana Corina Prospect, exploration drilling in 2024 confirmed a substantial near-surface copper system, delivering the standout intercept of 454m at 0.93% CuEq2 (refer to Figure 3). This intersection includes three zones of notable copper and molybdenum mineralisation: • 78m at 1.24% CuEq from 200m2 • 68m at 1.14% CuEq from 320m2 • 40m at 1.20% CuEq from 394m2 Mineralisation remains open in multiple directions and demonstrates the potential to become a new copper development opportunity. Figure 3: Lana Corina and Vista Montana Prospects long section showing defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model) Vista Montana Prospect The Vista Montana Prospect is a high-priority target located approximately 1km north-east of the Lana Corina Prospect, within the broader 3km prospective corridor. On 28 April 20253, the Company announced that follow-up mapping, rock chip and channel sampling confirmed a well-defined 250m by 250m anomaly demonstrating copper porphyry characteristics. (see Figure 4). Historic exploration returned rock chip sample results of up to 2.62% copper, 2.07g/t gold, 11.2g/t silver, 749ppm antimony and 117.5ppm bismuth4. A maiden drilling programme is scheduled to commence in H1 2026, subject to finalisation of land access agreements5. The programme will test near-surface breccia and porphyry targets and is expected to build on prior drilling success at the Lana Corina Prospect to extend the system across the Lana Corina–Vista Montana trend. 2 Refer to ASX announcement dated 10 July 2024 “Drill Results Extend Mineralisation at Lana Corina to 454m @ 0.93% CuEq”. 3 Refer to ASX announcement dated 28 April 2025“New Priority Porphyry Targets Identified at the Lana Corina and Fortuna Copper Projects”. 4 Refer to ASX announcement dated 27 May 2024 “High-Grade Copper Assay Results in Rock Chip Samples from Vista Montana”. 5 Refer to ASX announcement dated 30 January 2026 “Quarterly Activities Report for the Period Ended 31 December 2025”. Review of Operations CULPEO MINERALS LIMITED | 11 Figure 4: Map showing the Vista Montana north-easterly mineralised trend with outcropping targets over >3km of strike. Lana Corina Earn-In Schedule Amendment Culpeo currently owns 50% of the Lana Corina Project. As announced on 16 March 2026, an amended earn-in schedule was entered into subsequent to 31 December 2025: Table 1: Amended Lana Corina Project Earn-In Schedule Stage By Consideration Work Commitment Interest Aggregate Interest Date (US$) Description (%) (%) 1 Complete 100,000 N/A 0 0 2 Complete 150,000 US$1M expenditure 20 20 3 Complete 250,000 US$1M expenditure 30 50 4 Complete 150,000 N/A 0 50 5 Sept 2026 600,000 N/A 5 55 6 Mar 2027 700,000 N/A 10 65 7 Mar 2028 1,000,000 N/A 5 70 8 Mar 2028 1,650,000 N/A 10 80 *Culpeo has the option of cash or share payment for the Stage 7 consideration Review of Operations CULPEO MINERALS LIMITED | 12 FORTUNA PROJECT (80% CPO6) The Fortuna Project is located approximately 360km north of Santiago and immediately north of Lana Corina within Chile’s prolific Coastal Cordillera. The Project comprises a large, highly prospective landholding hosting extensive outcropping, near-surface copper mineralisation and numerous historical small-scale workings across structurally controlled trends. Situated within a well-endowed porphyry belt and supported by established regional infrastructure, the project represents a scalable exploration opportunity with potential for multiple copper discoveries across its broader concession package (refer to Figure 5). Figure 5: Culpeo Minerals project areas, with significant drilling and trenching results7 6 Refer to ASX announcement dated 7 August 2023 “Acquisition of Significant New Tenement Package Adjacent to Lana Corina”. 7 Refer to ASX announcement dated 7 October 2025 High-Grade Near Surface Copper Intersected at La Florida”. Review of Operations CULPEO MINERALS LIMITED | 13 La Florida Prospect The La Florida Prospect is a high-priority copper target where trenching and surface sampling have defined a copper mineralised corridor approximately 1.7km long and 500m wide. Mineralisation is hosted in lithologies comparable to those at Lana Corina and is characterised by porphyry-style veining, alteration and elevated copper-gold geochemistry, consistent with a productive porphyry system. An eight-hole diamond drilling programme completed in October 20258, being the first drilling ever undertaken at the Prospect, confirmed multiple zones of shallow, high-grade copper mineralisation and associated silver grades of up to 5.19 g/t (refer to Figures 6 and 7). Significant intercepts included: • 6.65m at 1.03% Cu from 14.00m; including o 4.40m at 1.44% Cu from 15.00m. • 13.60m at 0.88% Cu from 4.00m; including o 6.10m at 1.35% Cu from 10.00m. • 16.00m at 0.70% Cu from 107.00m; including o 7.47m at 1.36% Cu from 115.00m; and o 1.95m at 3.49% Cu from 121.50m; including o 0.49m at 4.19% Cu from 121.50m. The results support the Company’s interpretation that drilling intersected the margins of a porphyry system, with potential for larger and higher-grade zones along strike and at depth (refer to Figure 8). Figure 6: Section showing high-grade intercepts from diamond drillhole CMLFD002. 8 Refer to ASX announcement dated 7 October 2025 High-Grade Near Surface Copper Intersected at La Florida”. Review of Operations CULPEO MINERALS LIMITED | 14 Figure 7: Section showing high-grade intercepts from diamond drillhole CMLFD005. Jupiter Copper Project On 14 April 20259, Culpeo announced it had entered into binding staged option agreement with Excava Holdings SpA to acquire up to 100% of the Jupiter Copper Project in Chile. Following completion of initial field exploration activities, the Company elected to terminate the option prior to the first anniversary and associated payment milestone. 9 Refer to ASX announcement dated 14 April 2025 “Culpeo Minerals Enters into Stages Option Agreement to Acquire Jupiter Project, Chile”. Review of Operations CULPEO MINERALS LIMITED | 15 CORPORATE ACTIVITIES Capital Raising Activities On 9 May 202510, Culpeo announced a two-tranche Placement comprising approximately 303 million new fully paid shares at A$0.01 per share, raising approximately A$3 million (before costs). On 27 November 202511, Culpeo announced a second two-tranche Placement comprising approximately 272 million new fully paid ordinary shares at an issue price of A$0.011 per share, raising approximately A$3 million (before costs). Annual General Meeting The Annual General Meeting was held on 1 May 2025, where all resolutions put to Shareholders were approved12. Company Secretary On 3 July 2025, Ms Michaela Stanton-Cook was appointed Joint Company Secretary alongside Ms Sue Wong.13 Ms Stanton-Cook is a Chartered Secretary with extensive experience in company secretarial and corporate advisory services to ASX listed and private companies across various industries. She is a qualified lawyer and member of the Governance Institute of Australia. On 4 December 2025, Ms Sue Wong resigned, with Ms Michaela Stanton-Cook continuing as sole Company Secretary.14 Change of Share Registry On 21 November 2025, Culpeo engaged Automic Pty Ltd as its share registry provider, effective 24 November 202515. Competent Persons’ Statements The information in this report that relates to Exploration Results is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and a Director and shareholder of the Company. Mr Reeves 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 Reeves 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 10 Refer to ASX announcement dated 3 July 2025 “Culpeo Secures $3 Million for Drilling of High-Grade Copper Zones”. 11 Refer to ASX announcement dated 27 November 2025 “Culpeo Secures $3 Million to Drill High Priority Copper Targets”. 12 Refer to ASX announcement dated 1 May 2025 “Results of Annual General Meeting”. 13 Refer to ASX announcement dated 3 July 2025 “Appointment of Joint Company Secretary”. 14 Refer to ASX announcement dated 4 December 2025 “Resignation of Joint Company Secretary and Change of Details”. 15 Refer to ASX announcement 21 November 2025 “Change of Share Registry”. Review of Operations CULPEO MINERALS LIMITED | 16 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. 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. Technical Details Copper Equivalent (Cu Eq) values: Assumed commodity prices for the calculation of Copper Equivalent (Cu Eq) 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%, Cu Eq (%) 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). Cu Eq (%) = 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. CULPEO MINERALS LIMITED | 17 Directors’ Report CULPEO MINERALS LIMITED | 18 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 financial year ended 31 December 2025. Directors The following persons were Directors of Culpeo Minerals Limited during the whole of the financial year and up to the date of this report: Mr Geoffrey McNamara Interim Executive Chairman Mr Zeffron Reeves Non-Executive Director Mr Paul Schmiede Non-Executive Director Information on Directors Name: Geoffrey McNamara Title: Executive Chairman Qualifications: BSc (Applied Geology), AusIMM, FINSIA, AICD Appointed: 25 July 2018 Experience and expertise: Mr McNamara is a geologist with over 30 years’ of international resource sector experience as a geologist, project manager and fund manager. Previously he worked in Private Equity (FUM USD800 million) and as a Director of Societe General’s Mining Finance Team in New York. Operational roles include Project Manager, Senior Mine Geologist and Mine Geologist for Ivanhoe Mines, Lion Ore International and Western Mining Corporation. Currently Co-Founder & Non-Executive Director of Tesoro Gold Limited which discovered the El Zorro gold project in Chile. Mr McNamara holds a Bachelor’s degree in Geology, a Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia (FINSIA). He is a member of the Australian Institute of Company Directors (“AICD”) and the Australasian Institute of Mining and Metallurgy. (“AusIMM”). Other current directorships: Non-Executive Director of Tesoro Gold Ltd (ASX:TSO) Former directorships (last 3 years): None Interests in shares: 8,478,665 ordinary shares Interests in options: 500,000 options Interests in rights: 20,000,000 rights over ordinary shares Name: Zeffron Reeves Title: Independent Non-Executive Director Qualifications: BSc (Hons) (Applied Geology), MBA, MAIG Appointed: 25 July 2018 Experience and expertise: Mr Reeves is a Geologist with over 25 years’ experience in the resources sector working on resource projects from greenfield exploration, discovery, definition & feasibility, construction, production to closure. Currently Co-Founder & Managing Director of Tesoro Gold Limited which discovered the El Zorro gold project in Chile, he has also previously been Managing Director of ASX listed Metallum Ltd (now ERNG Elements Limited) and held senior management positions with Cleveland Mining Ltd and Ashburton Minerals Ltd, developing projects in Australia, Chile & Brazil. Mr Reeves has a Bachelor of Applied Geology (Honours), a Master of Business Administration from Curtin University & is a member of the Australia Institute of Geoscientists. Directors’ Report CULPEO MINERALS LIMITED | 19 Other current directorships: Non-Executive Director of Tesoro Gold Ltd (ASX:TSO) Former directorships (last 3 years): None Interests in shares: 1,321,212 ordinary shares Interests in options: Nil Interests in rights: 12,400,000 rights over ordinary shares Name: Paul Schmiede Title: Independent Non-Executive Director Qualifications: BEng (Mining), AusIMM Appointed: 1 April 2021 Experience and expertise: Mr Schmiede is a mining engineer with over 30 years’ experience in mining, exploration and corporate development. He has had direct exposure to gold and base metals in a range of jurisdictions including Australia, Burkina Faso and DRC. His current role is Vice President Corporate Development for TSX-V and ASX listed Sarama Resources Ltd (“Sarama”), which is exploring two belt-scale gold projects in Western Australia. Sarama is also progressing a substantial damages claim in arbitration against the state of Burkina Faso in respect of the expropriation of a development stage gold asset in Burkina Faso. Prior to that, Mr Schmiede was Vice President Operations Project Development at Moto Goldmines where he managed the pre- feasibility and definitive feasibility study for the 22 million ounce Democratic Republic of Congo based, Moto Gold Project (now Kibali Gold). Prior to joining Moto Goldmines, Mr Schmiede held senior operational and management positions with Gold Fields & WMC where he was responsible for underground & open pit operations as well as project development and planning. Mr Schmiede holds a Bachelor of Engineering (Mining) degree and is a Fellow of AusIMM. Other current directorships: None Former directorships (last 3 years): None Interests in shares: 2,744,286 ordinary shares Interests in options: 1,000,000 options Interests in rights: 9,150,000 rights over ordinary shares Company Secretary Ms Michaela Stanton-Cook (Appointed 3 July 2025) JD, BCom, AGIA & ACG Ms Stanton-Cook is a Chartered Company Secretary and legally qualified governance professional with over a decade of experience advising listed, unlisted public, private, and NFP organisations. She has a strong track record of delivering high quality governance and company secretarial services across diverse sectors including resources, materials, aviation, retail, education, technology, and energy. She holds a Juris Doctor, Bachelor of Commerce, and a Graduate Diploma of Applied Corporate Governance and Risk Management. She is an Associate Member of the Governance Institute of Australia. Ms Sue Wong (resigned as Company Secretary on 4 December 2025) Ms Wong is a Company Secretary with national corporate advisory firm Source Governance and has over 20 years’ experience in legal and corporate roles, including over 10 years in corporate governance. She holds a Bachelor of Commerce and a Bachelor of Laws from University of Western Australia. Directors’ Report CULPEO MINERALS LIMITED | 20 Principal Activities The principal activities of the Company and its subsidiaries are the acquisition, exploration and development of commercially significant copper resource projects in Chile. Operating Results The loss, after tax, attributable to the Group for the financial year ended 31 December 2025, amounted to $1,813,295 (6-months 31 December 2024: $752,607). Dividends No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends has been made. Meetings of Directors The number of meetings of the Company's Board of Directors (the “Board') held during the year ended 31 December 2025 were: Board Meetings Attended Eligible to Attend Geoffrey McNamara 6 6 Zeffron Reeves 6 6 Paul Schmiede 6 6 The Company has not established audit, risk, nomination or remuneration committees. The full Board currently undertakes all audit, risk, nomination and remuneration functions. Shares As at the date of this report, there are 650,827,706 fully paid ordinary shares on issue. Options Unissued ordinary shares of the Company under option at the date of this report are as follows: Unlisted Options Broker Options Broker Options Broker Options Unlisted Options Number on issue 14,249,086 2,000,000 75,875,000 30,000,000 151,750,024 Issue date 28 Mar 2024 28 Mar 2024 11 Jul 2025 4 Feb 2026 11 Jul 2025 Expiry date 28 Mar 2026 28 Mar 2026 10 Jul 2028 3 Feb 2029 10 Jul 2028 Exercise price $0.10 $0.10 $0.0175 $0.0225 $0.0175 Vested 14,249,086 2,000,000 75,875,000 30,000,000 151,750,024 There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options without exercising the Options. During the year ended 31 December 2025, 4,265,625 options with an exercise price of $0.048 expired. During the year ended 31 December 2025, a total of 227,625,024 options as described above were issued and no options were exercised. Performance Rights As at the date of this report, there are 66,800,000 performance rights on issue which will vest subject to meeting applicable performance criteria. During the year ended 31 December 2025, 20,000,000 performance rights were issued. Directors’ Report CULPEO MINERALS LIMITED | 21 Share Rights As at the date of this report, there are 1,729,656 share rights on issue. These rights are vested and are exercisable at $nil. Financial Position The Group had a total issued capital of $20,280,096 (6-months 31 Dec 2024: $16,644,893) at the end of the reporting period. During the financial year, the Group had a net increase in contributed equity of $3,653,203 (31 Dec 2024: $2,040,570) net of share issue costs as a result of the completion of placements and the exercise of options. As at 31 Dec 2025, the total assets for the Group are $9,194,776 (31 Dec 2024: $6,514,894) and total liabilities amount to $133,180 (31 Dec 2024: $214,429). As at the date of this report, the Directors believe the Group is in a positive financial position to pursue the current operations. Significant Changes in the State of Affairs There were no significant changes in the state of affairs of the Group during the year. Matters Subsequent to the End of the Reporting Period On 19 January 2026, the Company established a share sale facility for holders of fully paid ordinary shares with a market value of less than A$500 (Unmarketable Parcels) as at market close on Friday 16 January 2026. Based on the closing share price on that date, 4,553,606 ordinary shares held by 416 shareholders constituted Unmarketable Parcels. On 4 February 2026, the Company completed tranche 2 of its $3 million (before cost) placement with the issuance of 142,561,790 ordinary shares. Connected with the placement, the Company issued 30,000,000 unlisted options to brokers who assisted with the raise. The options hold an exercise price of $0.0225 and expire on 3 February 2029. On 9 March 2026, the Company issued 45,000,000 performance rights to its Directors and staff under various terms and conditions. As announced on 16 March 2026, an amended earn-in schedule was entered into over its Lana Corina area of interest: Stage By Consideration Work Commitment Interest Aggregate Interest Date (US$) Description (%) (%) 1 Complete 100,000 N/A 0 0 2 Complete 150,000 US$1M expenditure 20 20 3 Complete 250,000 US$1M expenditure 30 50 4 Complete 150,000 N/A 0 50 5 Sept 2026 600,000 N/A 5 55 6 Mar 2027 700,000 N/A 10 65 7 Mar 2028 1,000,000 N/A 5 70 8 Mar 2028 1,650,000 N/A 10 80 *Culpeo has the option of cash or share payment for the Stage 7 consideration Other than as discussed above, no other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future financial years. Directors’ Report CULPEO MINERALS LIMITED | 22 Future Developments, Prospects and Business Strategies The Consolidated Entity intends to continue with the advancement of