Announcement PDF ASX: CPO | OTCID: CPORF FOCUSED CHILEAN COPPER EXPLORATION TARGETING LARGE-SCALE, HIGH- GRADE NEW DISCOVERIES IN THE LAND OF THE COPPER GIANTS OCTOBER 2026 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 Non-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. SHARE OF WORLD MINE PRODUCTION IN 2025 VERY WELL-ESTABLISHED INFRASTRUCTURE A SKILLED INDUSTRY AND WORKFORCE DEEP MINING SUPPLY CHAIN AIRPORT 160km PORT 160km PORT 100km DESAL PLANT 160km LA SERENA Pop 200,000 WORKFORCE 160km 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 WORKFORCE 70km WORKFORCE 50km Au Mo Source: USGS Mineral Commodity Summaries 2026 (data for 2025 production). See Appendix for further detail on Carmen de Andacollo, Punitaqui, El Espino, and Los Pelambres NB: Culpeo’s Projects are exploration-stage assets without a declared MRE or Ore Reserves. The inclusion of third-party information is for regional context only and does not imply that similar mineralisation, grades, tonnages or economic outcomes will be established at Culpeo’s Projects. CHILE IS SYNONYMOUS WITH COPPER UNDISPUTED WORLD LEADER IN COPPER PRODUCTION FORTUNA LANA CORINA 50km 0 N 23% CHILE Investor Presentation 3 Carmen de Andacollo Mine Cu Au Cu 6,047Mt @ 0.47% Cu 28.4Mt 0f Cu (Resources) 715Mtt @ 0.58% Cu 3.36Mt of Cu (Reserves) Los Pelambres Mine Punitaqui Mine Approx. 9Mt @ 1.11% Cu (Resources) 145Mt @ 0.55% Cu, 0.22g/t Au (Resources) El Espino Project Au Cu 369Mt @ 0.32% Cu, 0.09g/t Au (Reserves) ABOUT CULPEO MINERALS FOCUSED CHILEAN COPPER EXPLORATION 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 High-grade outcropping new discovery, 454m at 0.96% CuEq from 90m Mo Cu FORTUNA PROJECT IP has identified two high priority targets at El Quillay both close to surface >200m by 200m in scale Au Cu 1. Refer Appendix 1 for additional details including CuEq calculation methodology 2. Refer to ASX announcement dated 7 October 2025. DRILL HIGH PRIORITY IP TARGETS DURING 2026 DRILLING UNDERWAY 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 4 LANA CORINA PROJECT Refer to ASX announcements dated 9 September 2026, 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 high-grade surface breccia zone and associated porphyry mineralisation below • Below the porphyry mineralisation, CMLCD014 intersected several wide zones of molybdenum including 1,638ppm Mo (0.68% CuEq) over 46m • IP programme completed at Lana Corina and Vista Montana, assist targeting of 3km-long mineralised corridor. • Four-hole, 2,000m diamond drilling programme has commenced at Vista Montana 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) LANA CORINA PROJECT LEGEND Culpeo tenements CPO prospect Road network Structural corridor Punitaqui copper-gold mine Power 0 5km N Investor Presentation 5 10kms LANA CORINA DISCOVERY VISTA MONTANA Just 1km Along Strike From the Lana Corina Discovery PORPHYRY TARGET PORPHYRY TARGET LANA CORINA PROJECT 6 Investor Presentation LANA CORINA DISCOVERY North-easterly mineralised trend with outcropping copper targets over 3km1,2,3 454m at 0.96% CuEq from 90 – 544m (CMLCD014) 500m Drill hole CMVMD001 Targeting 600m Depth PORPHYRY TARGET PORPHYRY TARGET VOX 3D MAGNETIC INVERSION MODEL IMAGE Magnetic low Near surface breccia drill targets Current Vista Montana Target Area LANA CORINA AND VISTA MONTANA LONG SECTION LANA CORINA PROJECT 7 Investor Presentation SUCCESSFUL LINKAGE WOULD ESTABLISH A 3 KM MINERALISED SYSTEM NE SW LANA CORINA DISCOVERY VISTA MONTANA PROSPECT PORPHYRY TARGET PORPHYRY TARGET PORPHYRY TARGET PORPHYRY TARGET AREA CURRENTLY TARGETED 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 FORTUNA IS HOST TO NUMEROUS OUTCROPPING TARGETS Investor Presentation 8 • Large concession area covering over 7,000 hectares • Historic artisanal mines span over 6km of strike • Multiple high-priority targets identified from channel sampling, IP and diamond drilling • Records show historical shallow mining of approximately 200,000 tonnes at 2.00% copper • Successful maiden drill programme at the La Florida Prospect delivered multiple, high-grade results from surface • IP has identified two high-priority targets at El Quillay both close to surface >200m by 200m Refer to ASX announcements dated 4 January 2024 18 August 2026, 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) EL QUILLAY SOUTH PROSPECT Investor Presentation 9 Refer to ASX announcements dated 9 September 2026, 15 June 2026, 6 July 2026. and 13 July 2026. 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. SIGNIFICANT COPPER AND GOLD RETURNED IN SAMPLING FORTUNA PROJECT • Rock chip sampling programme completed as part of broader geological mapping programme • La Florida, four of the 15 samples returned copper values >1.0% Cu, high of 3.0% Cu • El Quillay, two samples returned assays >1.0% Cu, high of 2.2% Cu • IP has identified two high-priority targets close to surface >200m by 200m • Initial assay results from 1,000m diamond drilling programme returned up to 2.11 CuEq (1.28g/t Au and 0.51% Cu). Interpreted position of the EQFZ and its association with significant copper mineralisation at various Lana Corina prospects on a satellite background Interpreted position of the EQFZ and its association with significant gold mineralisation at various Lana Corina prospects on a satellite background FORTUNA PROJECT FORTUNA IP ANOMALIES ARE PRIORITY DRILL TARGETS BOTH ANOMALIES COINCIDE WITH SURFACE COPPER MINERALISATION, ROCK-CHIP SAMPLING RETURNED >1% CU IN AREAS OVERLYING THE GEOPHYSICAL RESPONSES Investor Presentation 10 PROVEN TRACK RECORD OF DELIVERING NEW DISCOVERIES Investor Presentation 11 BOARD AND MANAGEMENT • Over 30 years’ of international resource sector experience. • Co-founder of Tesoro Gold which discovered the El Zorro Gold Project. • 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 Vice President Corporate Development TSS-V listed Sarama Resources Ltd. • Previously held senior roles with Moto Goldmines, Gold Fields and WMC Resources. • Member of the Australasian Institute of Mining and Metallurgy. • Corporate administrator, manager and development professional with deep Chilean experience. • More than 10 years’ resource sector experience spanning greenfields exploration, discovery production, closure, retreatment and tailings reclamation. • Country Manager for ASX listed Tesoro Gold Ltd Chile, and previously General Manager of Acorn Mining Chile and Country Manager for Cleveland Mining Chile. • 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. NON-EXECUTIVE CHAIR GEOFF MCNAMARA NON-EXECUTIVE DIRECTOR ZEFFRON REEVES PAUL SCHMIEDE ED TURNER SERGIO URIBE NON-EXECUTIVE DIRECTOR TECHNICAL DIRECTOR CHILEAN COUNTRY MANAGER TREMENDOUS LEVERAGE TO NEW COPPER DISCOVERIES Investor Presentation 12 CORPORATE SNAPSHOT CAPITAL STRUCTURE REGISTER COMPOSITION Share price (at 22 October 2026) A$0.013 Shares on issue (at 31 August 2026) 798M Unlisted rights and options 533M Market capitalisation A$10.3M Cash (at 30 June 2026) A$2.1M Debt (at 30 June 2026) Nil Enterprise value (undiluted) A$8.1M 2% 40% 58% Board and management Top 20 Other CULPEO MINERALS LIMITED Investor Presentation 13 TARGETING LARGE-SCALE, HIGH- GRADE COPPER SYSTEMS THE DEFINING COMMODITY OF THE ENERGY TRANSITION WORLD’S PREMIER COPPER JURISDICTION COPPER CHILE INVESTMENT HIGHLIGHTS Cu COPPER 29 NEW DISCOVERIES CULPEO MINERALS LIMITED CONTACT US 31-33 Cliff Street, Fremantle WA 6160 +61 (8) 6311 9160 info@culpeominerals.com.au geoff.mcnamara@culpeominerals.com.au Investor Presentation 14 NOTABLE EXPLORATION RESULTS Investor Presentation 15 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 RESULTS 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 (from 1 May 2026) Mr Ed Turner (Technical Manager) AIG Member Exploration Results (until 31 Oct 2024) Mr Maxwell Donald Tuesley (Shareholder and former Director) AusIMM Member Exploration Results (after 31 Oct 2024) Mr Zeffron Reeves (Director and Shareholder) AIG Member Geophysical Results Mr Nigel Cantwell (Consultant) AIG and ASEG Member ADDITIONAL INFORMATION Investor Presentation 16 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$35/oz. • Recoveries are assumed from similar deposits: Cu 85%, Au 65%, Ag 65% and Mo 80%. • CuEq (%) is calculated using the following formula: ((Cu% x Cu price 1% per tonne x Cu recovery) + (Au(g/t) x Au price per g/t x Au recovery) + (Mo g/t x Mo price per g/t x Mo recovery) + (Ag g/t x Ag price per g/t x Ag recovery)) / (Cu price 1% per tonne x Cu recovery) • CuEq (%) = Cu (%) + (0.83 x Au (g/t)) + (0.00040 x Mo (g/t)) + (0.009 x Ag (g/t)). • It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. EARN-IN SCHEDULES Investor Presentation 17 APPENDIX C LANA CORINA PERIOD FROM ORIGINAL SIGNING CONSIDERATION WORK COMMITMENT STAGE INTEREST AGGREGATE INTEREST (Months) (US$) Description (%) (%) 1 Signing 100,000 N/A 0 0 2 12 150,000 US$1M expenditure 20 20 3 24 250,000 US$1M expenditure 30 50 4 May 2025 100,000 N/A 0 50 5 4 September 2026 100,000 N/A 0 50 6 4 September 2027 500,000 N/A 5 55 7 4 March 2028 700,000 N/A 10 65 8 4 March 2029 1,000,000 N/A 5 70 9* 4 March 2029 1,650,000 N/A 10 80 FORTUNA PERIOD FROM ORIGINAL SIGNING CONSIDERATION WORK COMMITMENT STAGE INTEREST AGGREGATE INTEREST Months US$ 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 *Stage 9 USD 1,000,000 payable in cash or shares at Culpeo’s election REFERENCES Investor Presentation 18 APPENDIX D PROJECT / OWNER DEVELOPMENT STAGE MARKET CAP MINERAL RESOURCE RESOURCE ORE RESERVE RESERVE HISTORICAL PRODUCTION PRODUCTION FIGURE LAST REPORTED CONTAINED COPPER IF REPORTED CONTAINED COPPER Los Pelambres Antofagasta Minerals Producer £30.04 Billion 6,047 Mt at 0.47% Cu 28.42 Mt Cu 715.7 Mt at 0.58% Cu 4.15 Mt Cu More than 8.5 million tonnes of copper produced since commencement, as disclosed by Antofagasta in June 2025 295,300 t Cu in CY2025 213,100 t Cu in the nine months to September 2026 Carmen de Andacollo Teck Producer USD$29 Billion 471.7 Mt across Measured, Indicated and Inferred categories 1.20 Mt Cu 234.8 Mt at 0.30% Cu 704,000 t Cu Producing since 1996, but I have not established a reliable cumulative lifetime copper production total 50,500 t Cu in CY2025 26,700 t Cu in H1 2026 El Espino Pucobre Developer Private Company 135 Mt at 0.52% Cu and 0.13 g/t Au 702,000 t Cu No separate quantified Ore Reserve identified in the latest annual report Approximately 9 million tonnes of ore historically processed from the Cinabrio deposit. A reliable cumulative contained copper production figure has not been established 13,210 dry metric tonnes of copper concentrate sold during CY2025 Punitaqui Battery Mineral Resources Producer CAD$69 Million 9.230 Mt of sulphides: 6.173 Mt at 1.14% Cu Indicated and 3.057 Mt at 0.93% Cu Inferred 98,800 t Cu No formal Ore Reserve identified Zero commercial production. Development project Not yet producing PROJECT / OWNER SOURCES AND REPORTING Los Pelambres Antofagasta Minerals Antofagasta’s 2025 Annual Report, as at 31 December 2025. The Mineral Resource is reported including the Ore Reserve. Antofagasta’s historical production statement and September 2026 production report antofagasta.co.uk Carmen de Andacollo Teck Teck’s 2025 Annual Information Form, as at 31 December 2025. Its Mineral Resources exclude Ore Reserves. The Resource comprises 392.1 Mt Measured and Indicated plus 79.6 Mt Inferred. https://www.teck.com/media El Espino Pucobre El Espino: Pucobre’s 2025 Annual Report. The 135 Mt comprises 59 Mt Measured and 76 Mt Indicated. This resource also contains approximately 564,000 oz of gold, calculated from the reported grade. Punitaqui Battery Mineral Resources BMR’s August 2022 NI 43-101 estimate. There is also a separate Dalmacia oxide Resource of 2.973 Mt containing approximately 19,900 t Cu, which is not included in the sulphide figure in the table above. BMR’s project history and 2025 financial disclosures. https://bmrcorp.com/news/battery-mineral-resources-corp-announces-robust-ni-43-101-resource-estimate-of-6.2-million-tonnes-indicated-and-3.1-million-tonnes-indicated-and-3.1-million-ton/ All figures are on a 100% project basis, not adjusted for the operator’s ownership interest. Contained copper is calculated from reported tonnage and grade, so figures are approximate. The Mineral Resource and Ore Reserve estimates presented have been sourced from publicly available disclosures made by the respective project owners. The estimates have not been independently verified by Culpeo Minerals Limited.