Announcement PDF ASX: CPO | OTCID: CPORF TARGETING LARGE-SCALE, HIGH- GRADE NEW DISCOVERIES IN THE LAND OF THE COPPER GIANTS Investor Presentation 2 DISCLAIMER AND IMPORTANT INFORMATION 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. ABOUT CULPEO MINERALS 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 PRIMARY PROJECT AREAS IN THE LAND OF THE COPPER GIANTS LANA CORINA PROJECT A high-grade outcropping new discovery, 454m at 0.96% CuEq returned from 90m Mo Cu FORTUNA PROJECT Potential new discovery at La Florida, where maiden drilling returned 6.10m at 1.35% Cu from 10m Au Cu 1. Refer Appendix 1 for additional details including CuEq calculation methodology. 2. Refer to ASX announcement dated 7 October 2025. DRILLING UNDERWAY AT EL QUILLAY SOUTH DRILLING SET TO COMMENCE AT VISTA MONTANA 10kms LA FLORIDA Porphyry Cu/Au System 1,700m x 500m MULTIPLE PROSPECTS Channel and Surface Sampling Results Support High-Impact Target Generation LANA CORINA New Discovery: 454m at 0.96% CuEq from 90m (CMLCD014) VISTA MONTANA Just 1km along-strike from the Lana Corina Discovery LANA CORINA PROJECT FORTUNA PROJECT Au Cu LEGEND Culpeo tenements CPO prospect Road network Punitaqui copper-gold mine Power 0 5km N Investor Presentation 3 ABOUT CULPEO MINERALS A DEFINING COMMODITY OF THE ENERGY TRANSITION • Global electrification, digitalisation and rising power intensity are driving structural demand growth • Copper demand increasing across electricity grids, renewable energy, electric vehicles, data centres and industrial infrastructure CHILE IS SYNONYMOUS WITH COPPER MINING AND PRODUCTION • World’s leading copper-producer, established mining supply chain, extensive infrastructure and a highly skilled workforce • Tier 1 geological endowment that has delivered some of the largest and most significant copper deposits globally TARGETING LARGE-SCALE PORPHYRY AND RELATED COPPER SYSTEMS • Focused, high-impact portfolio anchored by the Lana Corina copper-molybdenum discovery • Supported by access to roads, power, water and established local mining capability Investor Presentation 4 3. 1. 2. GENERATION TRANSMISSION ELECTRIC VEHICLES DATA CENTRES INDUSTRIAL GROWTH Investor Presentation 5 THE CONDUCTIVE BACKBONE OF THE MODERN ECONOMY ONE OF THE MOST CREDIBLE LONG-TERM COMMODITY THEMATICS IN THE RESOURCES SECTOR DEMAND IS BROAD-BASED AND DIVERSIFIED NOT DEPENDENT ON ONE TECHNOLOGY PATHWAY OR SINGLE OVERACHING THESIS 130 325 228 263 309 774 2025 2026 2027 2028 2029 2030 COPPER IS IN STRUCTURAL DEFICIT DATA CENTRE-LED CAPEX SUPERCYCLE IS DRIVING SIGNIFICANT POWER INVESTMENT UNDERINVESTMENT IN EXPLORATION HAS CONSTRAINED THE SUPPLY PIPELINE SUSTAINED SUPPLY DEFICIT IS FORECAST AS DEMAND OUTPACES NEW PRODUCTION LME PRICES ARE FORECAST TO INCREASE FROM US$6.14/LB TO US$6.50/LB BY 2027 Source: Jefferies, ‘Base Metals Price Forecasts’, June 2026; Investing.com summary (7 June 2026); LME copper spot via Trading Economics, July 2026. COPPER SUPPLY GAP (kt, notional) SHARE OF WORLD MINE PRODUCTION IN 2025 VERY WELL-ESTABLISHED INFRASTRUCTURE SKILLED INDUSTRY AND WORKFORCE DEEP MINING SUPPLY CHAIN AIRPORT 160km PORT 160km PORT 100km DESAL PLANT 160km LA SERENA Pop 200,000 WORKFORCE 160km Cu Au SMELTER 130km COMBARBALA Pop 13,600 POWER 90km POWER 3km POWER 90km ILLAPEL Pop 32,000 SALAMANCA Pop 26,000 SALAMANCA Pop 26,000 WORKFORCE 120km Au Cu WORKFORCE 70km WORKFORCE 50km Cu Au Au Cu Mo Source: USGS Mineral Commodity Summaries 2026 (data for 2025 production). CHILE IS SYNONYMOUS WITH COPPER FORTUNA LANA CORINA 50km 0 N 23% CHILE Investor Presentation 7 LANA CORINA PROJECT Refer to ASX announcements dated 10 July 2024 and 6 July 2026 and refer to Appendix 1 for additional details including CuEq calculation methodology. 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. • New copper-molybdenum discovery made in 2024 • Drill hole CMLCD014 returned a spectacular intersection of 454m at 0.96% CuEq from 90m • Consistency of mineralisation strongly supports the interpretation of a near-surface, high-grade breccia zone and associated porphyry mineralisation at depth • Below the porphyry hosted copper mineralisation, CMLCD014 intersected several wide zones of molybdenum mineralisation, results included 1,638ppm Mo (0.68% CuEq) over 46m. • Negotiations for a long-term agreement to advance this discovery are nearing conclusion • Programme of follow-up drilling is planned and is expected to commence in August 2026 LANA CORINA 454m at 0.96% CuEq from 90m (CMLCD014); incl 78m at 1.24% CuEq from 200m 257m at 1.10% CuEq from 170m (CMLCD002) 173m at 1.09% CuEq from 313m (CMLCD003) 169m at 1.21% CuEq from 239m (CMLCD010) VISTA MONTANA Just 1km Along Strike From the Lana Corina Discovery LANA CORINA PROJECT LEGEND Culpeo tenements CPO prospect Road network Punitaqui copper-gold mine Power 0 5km N Investor Presentation 8 10kms PORPHYRY TARGET PORPHYRY TARGET VOX 3D MAGNETIC INVERSION MODEL IMAGE Magnetic low Near surface breccia drill targets Zoned porphyry target SUCCESSFUL LINKAGE WOULD ESTABLISH A 3KM MINERALISED SYSTEM OPEN IN ALL DIRECTIONS LANA CORINA PROJECT NE SW 9 Investor Presentation LANA CORINA DISCOVERY VISTA MONTANA PROSPECT LEGEND Culpeo tenements CPO prospect Road network 0 5km N FORTUNA PROJECT LA FLORIDA Porphyry Cu/Au System 1,700m x 500m 6.65m at 1.03% Cu from 14.00m (CMLFD002) 6.10m at 1.35% Cu from 10.00m (CMLFD005) 7.47m at 1.36% Cu from 115.00m; (CMLFD005), incl 0.49m at 4.19% Cu from 121.50m MULTIPLE HIGH- POTENTIAL PROSPECTS Channel and Surface Sampling Results Support High-Impact Target Generation FORTUNA PROJECT Investor Presentation 10 • Large concession area covering over 7,000 hectares • Historic artisanal mines span over 6km of strike • Multiple high-potential targets identified from channel and surface sampling • Records show historical shallow mining of approximately 200,000 tonnes at 2% copper • Successful maiden drill programme at the La Florida Prospect delivered multiple, high-grade results from surface Refer to ASX announcement dated 4 January 2024, 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. Note the historic mine production records are based on previous explorer’s reports and has not been verified by the Company and are not JORC compliant (ASX announcement 11 September 2023) Investor Presentation 11 FORTUNA PROJECT Refer to ASX announcement dated 4 January 2024, 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. Porphyry schematic, see https://earthsci.org/mineral/mindep/phor_dep/por_dep.html • Large 1.7km x 0.5km footprint interpreted copper-gold porphyry system delineated at the La Florida Prospect • Results from surface sampling returned grades up to 3.96% Cu and 2.61g/t Au • Mineralisation styles are analogous to Lana Corina • Maiden drill programme intersected: • 6.7m at 1.03% Cu from 14.00m (CMLFD002); including: -4.4m at 1.44% Cu from 15.00m • 6.1m at 1.35% Cu from 10.00m (CMLFD005) • 16.0m at 0.7% Cu from 107.00m (CMLFD005); including -7.5m at 1.36% Cu from 115.00m; including -0.5m at 4.19% Cu from 121.50m SCHEMATIC REPRESENTATION OF INTERPRETED PORPHYRY TARGET Investor Presentation 12 Refer to ASX announcements dated 15 June 2026, 6 July 2026. and 13 July 2026. FORTUNA PROJECT • Rock chip sampling programme completed in June 2026 as part of a broader geological mapping programme • At La Florida, four of the 15 samples returned copper values greater than 1.0% Cu, with the strongest result of 3.0% Cu • At El Quillay, two samples returned assays >1.0% Cu, with a peak result of 2.2% Cu • Results informed planning for a four-hole, 1,000m diamond drilling programme that commenced in early July 2026 • Programme designed to test the strike and depth potential of the El Quillay Fault Zone • Induced Polarisation (IP) survey underway comprising10 lines for a total of 24km covering La Florida and El Quillay North, El Quillay South and Peidra Dura Interpreted position of the EQFZ and its association with significant copper mineralisation on a satellite background Interpreted position of the EQFZ and its association with significant gold mineralisation on a satellite background Investor Presentation 13 CORPORATE SNAPSHOT CAPITAL STRUCTURE REGISTER COMPOSITION Share price (at 20 July 2026) A$0.012 Shares on issue (at 10 July 2026) 795.1M Unlisted options and rights (post new option issue) 257.6M Market capitalisation (at 20 July 2026) A$9.54M Cash (at 30 June) A$2.1M Debt (at 30 June) Nil Enterprise value (undiluted) A$7.8M 2% 40% 58% Board and management Top 20 Other Investor Presentation 14 BOARD AND MANAGEMENT • Over 30 years’ of international resource sector experience. • Founder of Tesoro Gold Ltd which discovered the El Zorro Gold Project, 1st IRGS discovered and defined n 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 25 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 30 years’ experience in mining, exploration and corporate development across gold and base metal commodities within Australia, Burkina Faso and DRC. • Currently CEO Reidel Resources and Consultant to Sarama Resources Ltd. • Previously held senior roles with Moto Goldmines, Gold Fields and WMC Resources. • Fellow 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. • Geologist and mining executive with more than 35 years’ resource sector experience, including leading exploration teams in Australia, Eastern Europe, Africa and South America. • Former Managing Director of Lodestar Minerals and Chief Executive Officer of Kingwest Resources, where he increased the Menzies Gold Project Mineral Resource from 170,000 ounces to 505,000 ounces. • Inaugural Chief Executive Officer of Galena Mining, leading the Company through its ASX listing and the definition of the high-grade Abra lead- silver Mineral Resource. INTERIM EXECUTIVE CHAIR NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR TECHNICAL MANAGER CHILEAN COUNTRY MANAGER ONGOING EXPLORATION Investor Presentation 15 CULPEO MINERALS LIMITED Investor Presentation 16 TARGETING LARGE-SCALE, HIGH- GRADE COPPER SYSTEMS THE DEFINING COMMODITY OF THE ENERGY TRANSITION WORLD’S PREMIER COPPER JURISDICTION Cu COPPER 29 CULPEO MINERALS LIMITED 31 CLIFF STREET FREMANTLE WA 6160 +61 (8) 6383 7894 info@culpeominerals.com.au geoff.mcnamara@culpeominerals.com.au Investor Presentation 18 CORPORATE EVENT RIGHTS OFFER DETAILS IMPORTANT DATES Price per new option A$0.003 Option entitlement ratio (options: shares held) 1:4 Shares currently on issue 795.1M Options currently on issue 257.6M New options to be issued under the offer 198.3M Gross proceeds of the issue of new options A$595k Options on issue post-offer completion 456.0M • Contact: Automic Registry Services Telephone: 1300 288 664 (within Australia) +61 2 9698 5414 (International) • Refer to: The Replacement Entitlement Issue Prospectus, released to the ASX on 8 July 2026 • Visit our website: https://culpeominerals.com.au/prospectus Ex-date Friday, 17 July 2026 Record date Monday, 20 July 2026 Prospectus dispatched Thursday, 23 July 2026 Opening data Thursday, 23 July 2026 Last day to extend closing date Thursday, 30 July 2026 Closing date Tuesday, 4 August 2026 Announcement of results of offer Thursday, 6 August 2026 Issue of new options Friday, 17 July 2026 FOR FURTHER DETAILS Investor Presentation 19 APPENDIX A • 454m at 0.96% CuEq from 90m in CMLCD014¹ • 257m at 1.10% CuEq from 170m in CMLCD002² • 173m at 1.09% CuEq from 313m in CMLCD003³ • 169m at 1.21% CuEq from 239m in CMLCD010⁴ • 104m at 0.83% CuEq from 155m in CMLCD001A⁵ • 81m at 1.14% CuEq from 302m in CMLCD005A⁶ LANA CORINA DISCOVERY – DIAMOND DRILLING 1. ASX Announcement dated 10 July 2024 “Lana Corina Drill Results Extended – 454m @ 0.93% CuEq”. 2. ASX Announcement dated 11 May 2022 “Culpeo Intersects 257m @ 0.95% copper at Lana Corina”. 3. ASX Announcement dated 6 June 2022 “Culpeo Minerals Intersects 173m @ 1.05% copper”. 4. ASX Announcement dated 23 November 2022 “Drilling Intersects 169m @ 1.08% Cu Grades up to 3.56% Cu”. 5. ASX Announcement dated 2 May 2022 “Culpeo Intersects 104m @ 0.74% copper at Lana Corina”. 6. ASX Announcement dated 20 June 2022 “Multiple High-Grade Cu Intersections at Lana Corina”. Activity Competent Person Membership Status Exploration Results (after 1 May 2026) Mr Ed Turner AusIMM Member Exploration Results (until 31 Oct 2024) Mr Maxwell Donald Tuesley (Shareholder and former Director) AusIMM Member Exploration Results (until 1 May 2026) Mr Zeffron Reeves (Director and Shareholder) AIG Member Geophysical Results Mr Nigel Cantwell (Consultant) AIG and ASEG Member Investor Presentation 20 APPENDIX B COPPER EQUIVALENT (CuEq) CALCULATIONS COMPETENT PERSONS’ STATEMENTS COURSE CHALCOPYRITE VEINS 2.40% CU (341.5 - 342.5M) IN CMLCD005 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. • Assumed commodity prices: Cu US$4.75/lb, Au US$3,200/oz, Mo US$20/lb and Ag US$35/oz. • Recoveries are assumed from similar deposits: Cu 85%, Au 65%, Ag 65% and Mo 80%. • CuEq (%) is calculated using the following formula: ((Cu% x Cu price 1% per tonne x Cu recovery) + (Au(g/t) x Au price per g/t x Au recovery) + (Mo g/t x Mo price per g/t x Mo recovery) + (Ag g/t x Ag price per g/t x Ag recovery)) / (Cu price 1% per tonne x Cu recovery) • CuEq (%) = Cu (%) + (0.83 x Au (g/t)) + (0.00040 x Mo (g/t)) + (0.009 x Ag (g/t)). • It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. Investor Presentation 21 APPENDIX C LANA CORINA PERIOD FROM ORIGINAL SIGNING CONSIDERATION WORK COMMITMENT STAGE INTEREST AGGREGATE INTEREST (Months) (US$) Description (%) (%) 1 Signing 100,000 N/A 0 0 2 12 150,000 US$1M expenditure 20 20 3 24 250,000 US$1M expenditure 30 50 4 May 2025 150,000 N/A 0 50 5 Sept 2026 600,000 N/A 5 55 6 Mar 2027 700,000 N/A 10 65 7* Mar 2028 1,000,000 N/A 5 70 8 Mar 2028 1,650,000 N/A 10 80 FORTUNA PERIOD FROM ORIGINAL SIGNING CONSIDERATION WORK COMMITMENT STAGE INTEREST AGGREGATE INTEREST (Months) (US$) Description (%) (%) 1 12 120,000 N/A 80 80 2 24 120,000 N/A 0 80 3 36 120,000 N/A 0 80 4 48 120,000 N/A 0 80 5 60 120,000 US$1M expenditure4 0 80 ASX Announcement dated 16 March 2026 “Culpeo Improves Terms of Lana Corina Earn-In” *Stage 7 USD 1,000,000 payable in cash or shares at Culpeo’s election