Announcement PDF CONTENTS CORPORATE DIRECTORY 3 CHAIRMAN’S LETTER 4 REVIEW OF OPERATIONS 6 DIRECTORS’ REPORT 24 AUDITOR’S INDEPENDENCE DECLARATION 39 FINANCIAL REPORT 40 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 41 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 42 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 43 CONSOLIDATED STATEMENT OF CASH FLOWS 44 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 45 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 67 DIRECTORS’ DECLARATION 68 INDEPENDENT AUDITOR’S REPORT 69 ASX INFORMATION 73 SCHEDULE OF MINERAL TENEMENTS 78 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 (Non-Executive Chairman) Mr Maxwell Tuesley (Managing Director) Mr Zeffron Reeves (Non-Executive Director) Mr Paul Schmiede (Non-Executive Director) COMPANY SECRETARY REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS SHARE REGISTRY SECURITIES EXCHANGE LISTING Ms Sue Wong c/- Source Services Level 39 Central Park 152 – 158 St Georges Terrace PERTH WA 6000 Telephone: (08) 6383 7894 Computershare Investor Services Pty Ltd Level 17, 221 St Georges Terrace PERTH WA 6000 Telephone: (08) 9323 2000 Website: www.computershare.com.au Australian Securities Exchange Limited and OTC Markets Group (Home Exchange: PERTH, Western Australia) Code: ASX: CPO OTCQB: CPORF AUDITOR RSM Australia Partners Level 32 Exchange Tower 2 The Esplanade PERTH WA 6000 WEBSITE www.culpeominerals.com.au CULPEO MINERALS LIMITED |3 CHAIRMAN’S LETTER Dear fellow shareholders, I am pleased to present our 2024 Annual Report in what has been a year of substantial advancement for Culpeo Minerals Limited (Culpeo). I would like to start by emphasising what Culpeo is. We are a disciplined exploration business with a core focus on acquiring, exploring and discovering high-grade, high-prospectivity copper assets within the infrastructure-rich Chilean coastal Cordillera belt. With this focus, we have assembled a high-quality portfolio of projects which are strategically positioned at low altitude and surrounded by Tier 1 copper assets. This portfolio is being systematically prioritised and advanced by a proven exploration team to unlock its full potential. The opportunity for Culpeo and its shareholders lies not in the design of this business model, but in the quality and dynamism of its execution. To that end, it has been a big year. Our second diamond drilling program at the new high-grade Lana Corina Copper discovery commenced during April 2024. This program was designed to target extensions of broad zones of high-grade copper and molybdenum mineralisation previously identified by diamond drilling which included: 257m @ 1.10% CuEq from 170m (CMLCD002)1; 173m @ 1.09% CuEq from 313m (CMLCD003)2; 169m @ 1.21% CuEq from 239m (CMLCD010)3; 104m @ 0.81% CuEq from 155m (CMLCD001)4; 81m @ 1.16% CuEq from 302m (CMLCD005)5; 72m @ 0.91% CuEq from 352m (CMLCD013)6. 34.7m @ 0.97% CuEq from 515m (CMLCD007)7; and 16.4m @ 1.38% CuEq from 118m (CMLCD005A)8. 1 Refer to ASX announcement dated 11 May 2022 “Culpeo intersects 257m @ 0.95% copper at Lana Corina”. 2 Refer to ASX announcement dated 6 June 2022 “Culpeo Minerals intersects 173m @ 1.05% copper”. 3 Refer to ASX announcement dated 23 November 2022 “Drilling intersects 169m @ 1.08% Cu grades up to 3.56% Cu”. 4 Refer to ASX announcement dated 2 May 2022 “Culpeo intersects 104m @ 0.74% copper at Lana Corina”. 5 Refer to ASX announcement dated 20 June 2022 “Multiple high-grade Cu intersections at Lana Corina Project”. 6 Refer to ASX announcement dated 16 January 2023 “High Grade Copper and Molybdenum Results From Lana Corina”. 7 Refer to ASX announcement dated 19 July 2022 “High Grade Copper Extensions From Lana Corina”. 8 Refer to ASX announcement dated 6 September 2022 “Shallow High Grade Copper Up to 4% at Lana Corina”. CULPEO MINERALS LIMITED |4 Hole CMLCD014 of this program was targeted to test for a potential deeper, mineralised porphyry system beneath previously drilled breccia pipes at the Lana Corina prospect. CMLCD014 successfully intersected 454m @ 0.93% CuEq from 90m9, including high tenor intervals of 78m @ 1.24% CuEq from 200m, 68m @ 1.14% CuEq from 320m10, and 40m @ 1.20% CuEq from 394m9. It is fair to say that this result exceeded even our greatest expectations. The mineralised zone, when projected to surface, demonstrates a footprint of approximately 600m x 400m, and remains open in all directions. It is an outstanding outcome and one we are excited to follow-up. Our acquisition of an 80% interest in the Fortuna Copper Project in August 202311 delivered us a second high-potential exploration proposition in the Coquimbo region. Located approximately 10km north of Lana Corina, prior exploration at Fortuna had identified nine priority outcropping prospects. All these prospects carry high-impact discovery potential. Field activities across these prospects, including mapping and rock chip sampling, commenced promptly. Results from these preliminary activities included a litany of high-grade rock chip assays, including up to 9.78% copper 12 (Piedra Dura prospect). We also undertook initial reconnaissance drilling at the El Quillay North and Vaca Muerta prospects, which returned confirmation of robust copper mineralisation from very shallow depths. We were pleased to recently raise new equity funds of A$2.2 million via a two-tranche placement undertaken in early August 202413, with the first tranche (A$1.5 million) already completed. These funds provide us with significant runway for our planned exploration activities. They also allow acceleration of planned drilling at the Vista Montana prospect, which we believe is connected to the wide, highgrade discovery at the Lana Corina prospect highlighted above. At Culpeo, we are deeply committed to upholding the highest environmental, social, and governance standards. Our exploration and development activities are conducted with a strong emphasis on sustainability, and we continue to engage with local communities to ensure that our activities bring positive benefits to the region. I would like to say a heartfelt thank you to the entire Culpeo team, and our key contract partners, for your hard work and commitment to both safety and excellence. I am delighted with the exploration successes delivered over the past year and excited for the execution of our targeted FY25 field activities. Finally, I express my deep gratitude for the ongoing confidence and support of you, our shareholders. We intend to reward this loyalty by unlocking the true potential of our assets, effectively and efficiently. That is the genuine pathway to shareholder value growth in a high-quality minerals exploration and development business, and the one we are committed to tread with you. Yours faithfully, Geoff McNamara Non-Executive Chairman Culpeo Minerals Limited 9 Refer to ASX announcement dated 10 July 2024 “Drill Results Extend Mineralisation at Lana Corina to 454m @ 0.93% CuEq”. 10Refer to ASX announcement dated 19 June 2024 “High-Grade Cu Intersected at Lana Corina (Replacement)“. 11Refer to ASX announcement dated 7 August 2023 “CPO Acquires Significant New Tenement Package”. 12Refer to ASX announcement dated 12 December 2023 “Culpeo extends Piedra Dura mineralisation”. 13Refer to ASX announcement dated 2 August 2024 “Culpeo Secures Funding to Advance Copper Exploration” CULPEO MINERALS LIMITED |5 REVIEW OF OPERATIONS CULPEO MINERALS LIMITED |6 Review of Operations OVERVIEW Culpeo Minerals Limited (Culpeo or the Company) is focused on the exploration and development of high-grade copper systems in the coastal belt of Chile (refer to Figure 1). Renowned for its numerous world-class copper mines, the coastal belt is endowed with significant infrastructure including access roads, power lines, water sources, and established settlements. These represent essential requirements for future potential economic mining projects. Culpeo is actively exploring for major discoveries in two primary areas: the Lana Corina CopperMolybdenum Project (Lana Corina) and the Fortuna Copper-Gold Project (Fortuna). Both projects feature significant outcropping copper mineralisation and historic mining areas. Figure 1: Locations of the Lana Corina and Fortuna Projects Chile. CULPEO MINERALS LIMITED |7 Review of Operations LANA CORINA PROJECT (50% CULPEO EARNING 80%1) The Lana Corina Project is located in the coastal belt of Chile, approximately 350km north of Santiago. The project benefits from substantial existing local infrastructure including sealed road access and a 75MW power station approximately 3km to the east. The Project is situated within a structural trend orientated in a northeast-southwest direction with >3km of strike and up to 400m wide. High-grade copper mineralisation is associated with outcropping breccia pipes occurring in the upper levels of a large copper bearing porphyry hosted mineralised system. The top of the Lana Corina and Vista Montana mineralised system (Figure 2) presents a series of outcropping copper bearing magmatic / hydrothermal breccias. At depth, the system transitions into a mineralised micro-tonalite which hosts consistent copper mineralisation, present mainly as chalcopyrite2. Figure 2: Lana Corina/Vista Montana long section: Defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model)2,3,4,5. A significant zone of molybdenite mineralisation is located below the Lana Corina intrusive/breccia complex representing a magmatic cupola zone. The deeper molybdenum mineralisation is interpreted as a vertically continuous mineralised system varying in style caused by temperature and pressure gradients. The currently known footprint of the Lana Corina system is 600m by 400m, with drilling extending mineralisatsion to a current depth of 870m2. CULPEO MINERALS LIMITED |8 Review of Operations Figure 3: Plan view of drilling results at Lana Corina2,6,7,8,9,10 Results from the first 388m of hole CMLCD014, produced a significant downhole intersection containing copper-molybdenum mineralisation of 298m @ 0.98% CuEq11. The objective of this drillhole was to test for a deeper, mineralised porphyry system is beneath the previously drilled high grade, copper bearing breccia pipes, as well as extend the known high-grade breccia hosted mineralisation to the west and closer to the surface. This intersection represents the widest ever continuously mineralised intersection in the project’s history. The consistency of the 298m wide intersection has exceeded expectations and supports the Company’s current understanding of the geological model. Post financial year end, additional results returned from CMLCD014 (Figure 4) further increased the intersection to 454m @ 0.93% CuEq from 90m2. This intersection includes the following notable high-grade zones2,11: • 78m @ 1.24% CuEq from 200m; and • 68m @ 1.14% CuEq from 320m; and • 40m @ 1.20% CuEq from 394m CULPEO MINERALS LIMITED |9 Review of Operations Figure 4: Cross-section through the Lana Corina Project showing position of hole CMLCD014 (Looking south-west with a 40m wide clipping plan)2. CULPEO MINERALS LIMITED | 10 Review of Operations Vista Montana The Vista Montana Prospect is located 1km north-east of Lana Corina and is hosted within the same regional structural corridor. The recent discovery of a copper-bearing sheeted vein system and associated stock-work breccia zone12 at Vista Montana demonstrates the potential for Lana Corinastyle mineralisation to be present at shallow levels below outcropping mineralisation in the area. Following the generation of multiple exploration targets at Vista Montana from a recently completed geochemical survey, the Company initiated a detailed mapping programme over the area12. This mapping delineated an extensive zone of copper-bearing sheeted veins covering an area of 400m x 300m, which appears to be related to possible porphyry intrusive centres identified from geophysics and previous sampling13. Figure 5: Plan view of Vista Montana highlighting grades up to 2.62% Cu from surface sampling results14. A surface sampling programme conducted at Vista Montana of 54 samples, identified outcropping copper-mineralisation coinciding with interpreted porphyry intrusive centres (Figure 5). Results confirm a 1km-long by 400m-wide, copper bearing sheeted vein swarm, with grades of up to 2.62% Cu returned from multiple copper-quartz veins14. CULPEO MINERALS LIMITED | 11 Review of Operations FORTUNA PROJECT (80% CPO15) On 7 August 2023, Culpeo announced the acquisition of an 80% interest in the Fortuna Project, located approximately 10km north of the Lana Corina Copper-Molybdenum Project (refer to Figure 6)15. The acquisition has no upfront consideration, with total acquisition costs of US$600,000 to be made in monthly instalments over a five-year period. Figure 6: Plan view of the Fortuna Project15,21,22,23,16,17,25,26,18, 24 Fortuna contains numerous historic mine shafts and small-scale mining sites that previously exploited near surface mineralisation. The surface geology has strong similarities to lithologies and alteration types that are observed at Lana Corina, indicating that the area is highly prospective for hosting highgrade copper mineralisation15. Exploration at Fortuna conducted to date has identified nine high-priority outcropping prospects: El Quillay North, El Quillay Central, El Quillay South, El Quillay West, El Quillay East, Vaca Muerta, Piedra Dura, La Florida, and Lucero. CULPEO MINERALS LIMITED | 12 Review of Operations El Quillay Prospect Areas The El Quillay exploration area spans a >3km long regional fault zone in an area previously exploited by both small scale open cut and underground mining. Mineralisation is present as a series of parallel structures with elevated levels of copper, gold and silver. Mineralised zones are hosted within andesitic lithologies and show hydrothermal alteration present as sericite, albite-adularia, chlorite-epidote and hematite (specularite). Along the mineralised regional structure at El Quillay, five independent prospect areas have been identified (El Quillay North, El Quillay Central, El Quillay South, El Quillay West and El Quillay East), with multiple mineralised zones recognised in each area (refer to Figure 7). Figure 7: Plan view of the El Quillay copper trend, showing multiple zones of potential parallel mineralisation. Includes results from CMEQD001 and CMEQD002 15,19,20,21,22,23,24,25,26. El Quillay North Since the 1950’s various phases of mining have occurred with mineralisation at El Quillay North having been exploited by small scale mining activities from the surface and underground. During the year, Culpeo announced results returned from a stockpile sampling program which consisted of five random grab samples of approximately 2kg to 3kg each from stockpiles at the prospect. Grades of up to 3.69% Cu were returned27, confirming the high-grade nature of the material mined from the El Quillay area. Mineralisation in the stockpiles was both oxide and primary (sulphide) with malachite, chalcopyrite and bornite identified. CULPEO MINERALS LIMITED | 13 Review of Operations A maiden two-hole diamond drilling program was completed at EL Quillay North during the year, with results from the initial drill hole (CMEQD002)24 confirming a broad zone of mineralisation from surface (Figure 8), that included: • 5.8m @ 0.78% CuEq from 15.2m; and • 26m @ 0.81% CuEq from 29m, including 4m of 1.87% CuEq from 51m. Assay results from the second hole drilled at El Quillay North, returned 13.3m @ 0.59% CuEq from 20m downhole20 (Figure 9), confirming further shallow copper mineralisation at the target. Figure 8: Cross Section through the El Quillay North Prospect showing widths of mineralisation and results from drill hole CMEQD00224. CULPEO MINERALS LIMITED | 14 Review of Operations Figure 9: Cross sections through the El Quillay North Prospect and results of drill hole CMEQD00120 El Quillay South On 29 February 2024, results from rock sampling undertaken during the first round of field exploration at El Quillay South were reported25. These results confirmed significant surface copper and gold mineralisation that extended the known strike length to 1,200m and up to 100m wide. Assays returned grades up to 1.33% Cu and 2.40g/t Au, with 11 of the 18 rock chip samples collected returning grades greater than 0.5% Cu. El Quillay East and El Quillay Central Assay results from samples at El Quillay East returned grades up to 3.29% Cu with strong gold mineralisation of up to 1.32g/t Au26. El Quillay East represents a zone of mineralisation located 500m east of El Quillay North. Sampling completed at El Quillay Central returned copper grades of up to 1.88% Cu and gold mineralisation of up to 2.20g/t Au26. El Quillay West On 9 April 202419, Culpeo announced outcomes from geophysical data remodelling conducted within the El Quillay copper trend which identified a large Induced Polarisation chargeability anomaly, indicative of copper sulphide mineralisation. This anomaly, the El Quillay West target, has a substantial footprint of 500m x 300m, suggesting a potential new zone of copper sulphide mineralisation. During the year Pole-Dipole Induced Polarisation (PDIP) survey data was remodelled which has identified four PDIP chargeability anomaly targets that have the potential to host copper sulphide mineralisation. The four PDIP chargeability anomalies are located within the north-western part of the PDIP survey area. This includes one chargeability anomaly high coincident with known copper sulphide within the CULPEO MINERALS LIMITED | 15 Review of Operations El Quillay North Prospect area (refer to Figure 10). Three of the PDIP target areas remain untested by existing drilling, including the high-priority El Quillay West target where follow-up ground-based exploration is planned. Figure 10: 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 chargeability19. Lucero On 21 November 202316, Culpeo announced the identification of the new Lucero prospect, located 1.3km north of the El Quillay prospect areas. The structurally controlled outcropping copper mineralisation was delineated over 950m of strike and was observed to span up to 60m width (refer Figure 11). Rock chip sampling results returned grades of up to 5.37% Cu, with 50% of samples returning above 2% Cu. The sample results indicate two sub-parallel mineralised zones striking northwest, which remain open. CULPEO MINERALS LIMITED | 16 Review of Operations Figure 11: Plan view of the new Lucero Prospect, Fortuna Project16 . Piedra Dura On the 1 November 202322, Culpeo announced the identification of the new Piedra Dura prospect, located west of the El Quillay prospect areas in a new, parallel corridor. This corridor exhibits structurally controlled copper mineralisation over at least 500m of strike and up to 50m wide. Rock chip samples were collected from an area 1.1km long, striking northwest to southeast, and 100m across-strike, east-west (Figure 12). The initial field program included 47 rock-chip samples from surface which returned grades up to 4.16% Cu (CPO0008562) and 48.3g/t Au from sample CPO0008539. The copper oxide mineralisation at Piedra Dura has been historically exploited with both surface and underground mining. CULPEO MINERALS LIMITED | 17 Review of Operations Figure 12: Plan view of the Piedra Dura Prospect showing surface sampling copper results23. On 12 December 2023, Culpeo announced that additional sampling had been completed, targeting extensions of the known Piedra Dura mineralisation to both the north and east 23. High-grade copper results were returned including a sample with 9.78% Cu and 7.52g/t Au (CPO0008661) from within a gossanous shallow dipping structure, strongly mineralised with secondary copper, including malachite, azurite and covellite. High-grade gold results accompanied the significant copper mineralisation, with sample number CPO0008659 returning 13.4g/t Au and 6.04% Cu. The work completed during the year indicates that the western tenure of Culpeo’s Fortuna Project, which includes Piedra Dura, is highly prospective for copper and gold mineralisation. The recent rock chip sampling extends mineralisation 400m to the north and 150m to the east, with the target structure remaining open to the north and south. Vaca Muerta The Vaca Muerta prospect includes a series of outcropping, structurally controlled, breccia-hosted mineralised bodies, significantly enriched in copper. Mineralisation is located within a corridor approximately 1,000m long and 500m wide and hosted within altered porphyritic volcanic rocks. On 14 May 202420, Culpeo announced positive assay results from reconnaissance drilling at the Vaca Muerta prospect. 330m of diamond drilling was completed in two holes at two separate early-stage targets. Drillhole CMVMD002 was designed to test the known surface copper mineralisation and intersected multiple zones of copper mineralisation from shallow depths (refer to Figure 13). A high-grade intercept of 1m @ 2.19% CuEq was returned from a zone of brecciated volcanics from 55m. Further detailed surface mapping will focus on understanding the structural controls on mineralisation, which will assist in the planning of the next phase of drilling at the prospect. CULPEO MINERALS LIMITED | 18 Review of Operations Figure 13: Cross sections through the Vaca Muerta Prospect, with results of CMVMD00220 La Florida On 4 January 202418, Culpeo reported results rock-chip sampling at La Florida, which identified a northsouth trending belt of copper-gold mineralisation, within the northern sector of Fortuna. The mineralised belt is approximately 1.7km long by 0.5km wide and hosted within andesitic volcanic rocks that have been intruded by quartz-feldspar porphyry lithologies (Figure 14). All 14 samples taken returned anomalous copper and gold results. The best copper result of 3.96% Cu was returned from CPO0008688, located in the northern part of the interpreted porphyry system. This sample also returned a gold result of 1.17g/t Au. Of significant interest was CPO0008692, which returned high grade copper and gold at 3.18% Cu and 2.61g/t Au. The sample was taken from historical workings in fresh, unoxidised mineralisation. Numerous zones of porphyry style “D-veins” were encountered in the mapping and sampling program and were typically 1-10mm in width, containing pyrite and chalcopyrite. The presence of these “Dveins” indicates the exposure of the upper levels of a porphyry system at La Florida. The porphyry intrusives at La Florida are also mineralised with disseminated chalcopyrite mineralisation, analogous with Culpeo’s nearby Lana Corina discovery, where this style of mineralisation is a major component of the overall metal endowment. CULPEO MINERALS LIMITED | 19 Review of Operations Figure 14: Plan view of La Florida with sampling results over an area of approximately 1.7km x 0.5km18. LAS PETACAS PROJECT (66% CULPEO) No exploration work was carried out during the period. QUELON PROJECT The Company no longer holds any interest in this project with the tenements being relinquished during the year. CORPORATE ACTIVITIES Annual General Meeting The Company held its Annual General Meeting on 9 November 2023 (AGM), where all resolutions put to shareholders were approved. Capital raising activities to advance copper exploration activities On 1 September 2023, Culpeo announced it had received binding commitments for a placement to raise approximately A$1.224 million (before costs) to professional and sophisticated investors CULPEO MINERALS LIMITED | 20 Review of Operations (September 2023 Placement). The September 2023 Placement initially comprised the issuance of approximately 38.25 million new fully paid ordinary shares in the Company at an issue price of A$0.032 per share (September 2023 Placement Shares). The Placement was completed in two tranches, as follows: • September 2023 Placement Tranche 1: Approximately A$0.62 million via the issue of approximately 19.37 million September 2023 Placement Shares within the Company’s placement capacity under ASX Listing Rule 7.1 and 7.1A. • September 2023 Placement Tranche 2: Approximately A$0.6 million via the issue of approximately 18.87 million September 2023 Placement Shares after obtaining shareholder approval at a General Meeting held on 18 October 2023 (October General Meeting). Due to additional demand, Culpeo subsequently increased the September 2023 Placement Tranche 2 by 218,750 to a total 19,091,788 September 2023 Placement Shares at the issue price of A$0.032. The additional September 2023 Placement amount of A$610,937.21 (before costs) was approved at the October General Meeting. Shareholder approval was achieved at the October General Meeting to issue participants in the September 2023 Placement one free attaching option for every two September 2023 Placement Shares subscribed for. These unquoted options have an exercise price of A$0.048 and an expiry date (exercisable anytime) two years from the date of issue. In total, approximately 19.23 million freeattaching options were issued, alongside 2 million options issued to the lead manager, Unified Capital Partners Pty Ltd in consideration for services rendered. Both issuances had an exercise price of A$0.048 and an expiry date of 31 October 2025. On 8 February 2024, Culpeo announced additional funding had been secured to accelerate exploration at Fortuna and Lana Corina. Binding commitments were received to raise A$1.71 million (before costs) to sophisticated and professional investors (February 2024 Placement). A total of 28,498,163 ordinary shares (February 2024 Placement Shares) were issued in a single tranche. Upon obtaining shareholder approval at a General Meeting held on 27 March 2024 (March General Meeting), participants in the February 2024 Placement received one free attaching unquoted option for every two February 2024 Placement Shares subscribed for, with an exercise price of A$0.10 each and expiring two years from the date of issue (Attaching Options). In total, 14,249,086 free-attaching options were issued with an expiry date of 28 March 2026. As part of the cost of the issuance and upon obtaining shareholder approval at the March General Meeting, Lead Manager to the Placement (United Capital Partners Pty Ltd) was issued 2,000,000 options exercisable at A$0.10 and expiring on 11 March 2026. Subsequent to the reporting period, on 2 August 2024, the Group received firm commitments to raise approximately $2.2 million (before costs) in a two-tranche placement. Tranche 1, comprising the issue of 38,250,000 ordinary shares to raise approximately $1.6 million (before costs) was completed on 9 August 2024. Tranche 2, comprising the issue of 15,625,000 ordinary shares to raise approximately $0.6 million (before costs) is subject to shareholder approval at the annual general meeting scheduled to be held on 16 October 2024. Exercise of options In January 2024, 16,468,750 ordinary shares were issued upon exercise of options at an exercise price of A$0.048, netting A$790,500 in proceeds. An additional 500,000 options were exercised in February 2024, netting a further A$24,000. CULPEO MINERALS LIMITED | 21 Review of Operations Change to Registry Address Effective 18 September 2023, the Perth office of the Company’s shareholder registry services provider, Computershare Investor Services Pty Limited changed to: Level 17, 221 St Georges Terrace Perth WA 6000 Appointment of Chief Financial Officer In November 2023, Culpeo appointed Mr Graeme Morissey as CFO, succeeding Ms. Pennee Osmond. Mr Morissey has held Director-level roles in the audit divisions of global accounting firms EY, KPMG and Grant Thornton. He has over 15 years’ experience in servicing clients within the mining exploration and development sector, with specific expertise in compliance with the Australian Securities Exchange, the Australian Accounting Standards Board, the Corporations Act 2001 (Cth) and Department of Mines regulation. Mr Morissey has also consulted directly to CFOs within the Australian mining sector, assisting management to optimise internal reporting processes, cash management, and cashflow forecasting. His clients have included gold production companies Westgold and Ora Banda. Mr Morissey is a Chartered Accountant (CA), a Fellow of the Governance Institute of Australia (FGIA) and a member of the Australian Institute of Company Directors (MAICD). He holds a Bachelor of Commerce from McMaster University in Canada. Appointment of Company Secretary On 16 February 2024, the Culpeo announced the appointment of Ms Sue Wong as Company Secretary, following the resignation of Ms Sarah Wilson. CULPEO MINERALS LIMITED | 22 Review of Operations Ap pe ndix A Te chn ic al D et ails 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