Announcement PDF CULPEOMINERALS.COM.AU info@culpeominerals.com.au 31 CLIFF STREET, FREMANTLE 6160 61 (8) 6383 7894 ASX ANNOUNCEMENT 30 OCTOBER 2026 ASX:CPO OTCID:CPORF QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2026 Culpeo Minerals Limited (Culpeo or the Company) (ASX: CPO, OTCID: CPORF) provides an update on its activities for the quarter ended 30 September 2026 (the Quarter). ACTIVITY HIGHLIGHTS LANA CORINA PROJECT • Maiden diamond drilling commenced at the Vista Montana Prospect, targeting a potential extension of the Lana Corina copper-molybdenum mineralised system5 . • Four-hole, 2,000m programme is located approx. 1km north-east of the Lana Corina discovery. • Induced Polarisation (IP) surveying completed at Lana Corina and Vista Montana. • Long-term land access secured at Lana Corina, enabling the commencement of drilling at Vista Montana following an extended period of access negotiations4 . FORTUNA PROJECT • Diamond drilling completed at the El Quillay South Prospect1 , testing copper-gold mineralisation along the El Quillay Fault Zone (EQFZ). • Two drill holes completed by Quarter-end for 506m. • IP survey identified two new priority drill targets at the Fortuna Project2,3 . • At El Quillay North, a chargeability anomaly extends over approximately 500m by 200m, including a stronger 300m by 200m response. • At El Quillay West, the strongest response identified was from a discrete 300m by 300m chargeability anomaly. • Both anomalies coincide with surface copper mineralisation and alteration, including previously reported rock-chip assays exceeding 1.0% Cu3 . • One 250m hole is currently planned for each anomaly. EXPANDED LANDHOLDING • A total of 24 Exploration Licences were added across the Lana Corina and Fortuna Projects covering 2,809 hectares, increasing the Company’s landholding in Chile by 45% to 9,033 hectares. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |2 CORPORATE • The Company’s option entitlement closed oversubscribed in August 2026, raising approximately A$0.60 million before costs7 . • Mr Ed Turner was appointed Technical Director, effective 10 August 2026. • A$1.35 million end Quarter cash position. ACTIVITY DETAIL LANA CORINA PROJECT Vista Montana Access Agreement On 27 August 2026, Culpeo announced that access had been secured for the planned maiden diamond drilling programme at the Vista Montana Prospect4 . The agreement enables the Company to proceed with preparations for the fully funded exploration programme targeting prospective copper and molybdenum mineralisation within the interpreted Lana Corina-Vista Montana corridor. Maiden Drilling Programme Commences at Vista Montana During the Quarter, Culpeo commenced maiden diamond drilling at the Vista Montana Prospect (Figure 1). The initial four-hole, 2,000m diamond drilling programme was designed to test targets within the interpreted mineralised corridor and provide the first substantial subsurface assessment of the Vista Montana Prospect5 . The programme aims to evaluate the continuity, scale and potential extensions of copper and molybdenum mineralisation within the broader project area. Drill hole CMVMD001 is planned to reach 600m depth, targeting a large, demagnetised zone that is interpreted to be consistent with Cu-Mo porphyry style mineralisation5 (Figure 2). In parallel, IP surveys commenced at Lana Corina and Vista Montana to assist with the identification and refinement of priority exploration targets. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |3 Figure 1: Drilling of CMVMD001 at Vista Montana Figure 2: Lana Corina magnetic data image projected long section highlighting porphyry target areas and including the planned drill area at Vista Montana and planned drill trace of CMVMD00114 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |4 FORTUNA PROJECT During the Quarter, exploration activities at the Fortuna Project focused on diamond drilling at El Quillay South, the acquisition and interpretation of IP geophysical data, and the identification of additional priority drill targets across the Project. El Quillay South Drilling Programme During the Quarter, the Company commenced diamond drilling at the El Quillay South Prospect, a priority copper-gold target within the Fortuna Project. The four-hole diamond drilling programme was planned for approximately 1,000m and designed to test the strike and depth potential of a mineralised fault corridor where significant copper and gold mineralisation has previously been identified through surface sampling1 . El Quillay South is located on the El Quillay Fault Zone, a regionally significant mineralised structure with substantial strike extent and multiple zones of copper-gold mineralisation. The programme was designed to test the potential for mineralisation associated with a porphyry-style system. The drilling targets were selected to assess extensions of known mineralisation along strike and at depth within the fault corridor. Two drill holes (CMQD004 and CMQD005) were completed for a total of 506m. Assays have been received for CMQD004, and these include the following intersections (Table 1). Table 1: Summary of assays in CMQD004 Minimum grade: ≥0.2% Cu or ≥0.2 g/t Au, Minimum width: ≥ 0.5m (minimum sample), No Internal dilution applied. Induced Polarisation Survey During the quarter Culpeo completed an induced polarisation (IP) survey across the Fortuna Project to evaluate priority copper-gold targets and refine future drilling programmes. The survey comprised ten lines totalling approximately 24 line km across multiple priority prospects, including La Florida, El Quillay North, El Quillay South and Piedra Dura2 . The programme was designed to identify chargeability and resistivity responses beneath and along strike from known surface mineralisation. The survey results were intended to be integrated with existing geological mapping, trenching, geochemical sampling, magnetic data and drilling information to identify and rank prospective areas for follow-up drilling. From To Width (m) Au_ppm Cu_% CuEq_% 68.7 75.0 5.5 0.16 0.28 0.40 inc. 73.1 75.0 1.9 0.65 0.76 1.32 146.6 148.2 1.6 0.07 0.92 0.76 inc. 147.6 148.2 0.6 0.10 1.61 1.71 152.0 153.0 1.0 0.04 0.47 0.51 161.5 163.0 1.5 0.01 0.20 0.29 233.0 234.5 1.5 0.77 0.58 1.27 inc 233.0 233.5 0.5 1.02 1.13 2.11 and. 234.0 234.5 0.5 1.28 0.51 1.58 244.0 245.6 1.6 0.06 0.29 0.34 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |5 Two strong IP chargeability anomalies were identified at the El Quillay North and El Quillay West Prospects within the Fortuna Project (Figure 3). The anomalies coincide with surface copper mineralisation, alteration and previous rock-chip assays > 1.0% Cu3 . The El Quillay North anomaly extends over approximately 500m by 200m and includes a stronger 300m by 200m chargeability high, while the newly defined El Quillay West is a 300m by 300m “bullseye” anomaly and the strongest response identified from the southern IP lines. Figure 3: Surface rock chip samples on geological background over both drill target areas (from announcement dated 18 August). EXPANDED LANDHOLDING On 20 July 2026, Culpeo announced the grant of 24 additional Exploration Licences (EL) covering a combined area of 2,809 hectares across the Lana Corina and Fortuna Projects in Chile (Figure 4). The additional tenure increased the Company’s total landholding by 45% to 9,033 hectares and expanded its position surrounding existing project areas hosting known copper-gold mineralisation6 . Reconnaissance exploration had already been completed across sections of the newly granted licences, with geological mapping and sampling activities continuing during the Quarter. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |6 Figure 4: Culpeo Minerals primary project areas including new concessions, showing significant drilling results8,9,10,11,12,13 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |7 CORPORATE OPTION ENTITLEMENT ISSUE On 8 July 2026, Culpeo announced a pro-rata, non-renounceable entitlement issue of a new class of unlisted options to eligible existing shareholders to raise approximately A$495,868 before costs15 . The issue comprised of four (4) new unlisted options for every one (1) existing fully paid ordinary share held by eligible shareholders at the Record Date, at an issue price of A$0.003 per New Option. On 6 August 2026, Culpeo announced that the Entitlement Issue closed oversubscribed. The Entitlement Issue raised A$595,042 (before costs), representing the full amount possible under the offer7 . APPOINTMENT OF TECHNICAL DIRECTOR On 10 August 2026, Culpeo announced the appointment of Mr Ed Turner to the Board as Technical Director, effective immediately. Mr Turner joined Culpeo as Technical Manager in May 2026 and has worked with the Company’s Chilean geological team on exploration planning and execution. In his role as Technical Director, Mr Turner is responsible for providing technical leadership across the Company’s project portfolio, including exploration strategy, target prioritisation, programme design and the management of exploration activities. CASH POSITION AT QUARTER END At Quarter end, Culpeo held A$1.35 million in cash and zero debt. PAYMENTS TO RELATED PARTIES Payments made during the Quarter, as outlined in the Appendix 5B, included approximately A$96,000 for director fees and consulting services. This announcement has been authorised by the Board of Directors of Culpeo Minerals Limited. UPCOMING CATALYSTS Culpeo’s planned activities include: • Maiden diamond drilling ongoing at Vista Montana. • Receipt and reporting of outstanding drilling assays. • Further evaluation and follow-up drilling of priority IP targets at Fortuna. • Integration of geological mapping, sampling and geophysical survey results. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |8 CONTACT Geoff McNamara Non-Executive Chairman E: geoff.mcnamara@culpeominerals.com.au P: +61 (08) 6383 7894 ABOUT CULPEO MINERALS LIMITED Culpeo Minerals Limited is a copper-focused exploration and development company with a strategic portfolio of high-quality assets located in Chile, the world’s leading copper-producing jurisdiction. The Company is targeting high-grade copper systems within Chile’s infrastructure-rich Coastal Cordillera, a proven belt hosting multiple major copper deposits. Culpeo has delivered a significant copper and molybdenum discovery at the Lana Corina Project and continues to systematically advance its highly prospective Fortuna Project. These assets form the basis of a focused growth and discovery strategy aiming at unlocking district-scale potential through disciplined exploration and staged project advancement. The Lana Corina and Fortuna Projects are located in Chile’s Coquimbo Region, approximately 350 kilometres north of Santiago, in proximity to the world-class Los Pelambres mine. Both projects host extensive outcropping copper mineralisation and are situated in areas supported by well-developed infrastructure, including road access, power transmission, water availability and a skilled local mining workforce - factors critical in enabling cost-effective and efficient development. The Company is led by a highly experienced Board and management team with a strong track record of exploration success and operational delivery in Chile. Culpeo’s strategy is centred on creating shareholder value through the discovery and development of high-grade, near-surface copper systems in a tier one mining jurisdiction, supported by a clear pathway to development and scalability. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |9 COMPETENT PERSONS’ STATEMENTS The information in this report that relates to Exploration Results is based on information compiled by Mr Ed Turner (B App Science - Geology). Mr Turner is a member of the Australian Institute of Geoscientists and a full- time employee of the Company. Mr Turner has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Turner consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. The information in this announcement that relates to the historic Exploration Results as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is a Director or shareholder of or independent consultant to the Company and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG), 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 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. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |10 Activity Competent Person Membership Status Exploration Results (until 31 Oct 2024) Mr Maxwell Tuesley (Shareholder and former Director) AusIMM Member Exploration Results (31 Oct 2024 30 April 2026) Mr Zeffron Reeves (Director and Shareholder) AIG Member The information relating to historic Exploration Results in this announcement, or as otherwise noted in this announcement, is available from the Company’s website at www.culpeominerals.com.au or on the ASX website www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Geophysical Results information included in previous announcements. The Company confirms that the form and context in which the applicable Competent Persons’ findings are presented have not been materially modified from the previous announcements. FORWARD-LOOKING STATEMENTS This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Culpeo Minerals Limited’s planned exploration programme and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Culpeo Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |11 Appendix A: Culpeo Minerals Exploration Concessions at 30 September 2026 Project Licence Company Area (Ha) Grant Expiry Ownership Lana - Corina San Agustin SCM Lana Corina 1 1951 None 50% Socavon SCM Lana Corina 1 1951 None 50% Lana Segunda SCM Lana Corina 1 1951 None 50% Corina SCM Lana Corina 1 1951 None 50% Laco 1 al 10 SCM Lana Corina 10 2015 None 50% Patty 2 1 – 75 SCM Lana Corina 75 2019 None 50% Patty 3 1 – 260 SCM Lana Corina 260 2019 None 50% Patty 4 1 - 111 SCM Lana Corina 111 2019 None 50% LANA CORINA NORTE Culpeo Mining Chile Spa 280 1/02/2025 21/01/2029 100% LANA CORINA NORTE 2 2 Culpeo Mining Chile Spa 97 1/07/2025 29/05/2029 100% LUMBRERITA 1 Culpeo Mining Chile Spa 18 12/06/2025 12/06/2029 100% LUMBRERITA 2 Culpeo Mining Chile Spa 122 23/06/2025 23/06/2029 100% LANA CORINA EAST 1 Culpeo Mining Chile Spa 300 12/06/2025 12/06/2029 100% Total – Lana Corina 1277 Petacas Peta 31/55 Las Petacas SpA 120 11-Nov-89 None 66% Peta 91/92 Las Petacas SpA 10 11-Nov-89 None 66% La Rosa 27/28 Las Petacas SpA 6 26-Dec-89 None 66% La Rosa 31/46 Las Petacas SpA 80 28-Jun-11 None 66% La Rosa 1/30 Las Petacas SpA 120 25-Nov-91 None 66% Corredor 2, 1/12 Las Petacas SpA 12 18-Feb-15 None 66% Corredor 3, 1/6 Las Petacas SpA 6 18-Feb-15 None 66% Cachorro 3, 1/24 Las Petacas SpA 24 18-Feb-15 None 66% Cachorro 4, 1/173 Las Petacas SpA 36 18-Feb-15 None 66% Almudena 1,1 Las Petacas SpA 1 22-May-15 None 66% Amudena 2, 1/3 Las Petacas SpA 3 22-May-15 None 66% Almudena 3, 1/2 Las Petacas SpA 2 22-May-15 None 66% Almudena 4, 1/7 Las Petacas SpA 7 22-May-15 None 66% Almudena 5, 1/6 Las Petacas SpA 6 22-May-15 None 66% Almudena 6,1 Las Petacas SpA 1 22-May-15 None 66% Almudena 7,1 Las Petacas SpA 1 22-May-15 None 66% Almudena 8,1/4 Las Petacas SpA 4 22-May-15 None 66% Total – Las Petacas 439 Ha San Sebastian San Sebastian 1/16 (2/16) Minera Panga SpA 45 1998 None 100% San Sebastian 1/16 (1) Minera Panga SpA 5 1998 None 100% Total – San Sebastian 50 Ha Fortuna LA FLORIDA 1 a 20 SCM La Florida 100 2007 None 80% LA FLORIDA II 1 al 20 SCM La Florida 100 2010 None 80% PIEDRA DURA 1 a 20 SCM La Florida 96 2006 None 80% EL QUILLAY 5A 1 al 17 SCM La Florida 17 2011 None 80% EL QUILLAY 4A 1 al 25 SCM La Florida 25 2011 None 80% Bastis 29CB 1 al 16 SCM La Florida 127 2011 None 80% Bastis 29CB 17 al 20 SCM La Florida 35 2011 None 80% LOS QUILLAYES 1/4 (3/4) SCM La Florida 10 1984 None 80% LA ESPERANZA 1/10 SCM La Florida 50 1960 None 80% PRETECATEMO 1/20 SCM La Florida 100 1953 None 80% Antares 1 al 165 SCM La Florida 165 2011 None 80% MATILDE 2 1 al 50 SCM La Florida 200 2011 None 80% El Quillay 2 1 al 224 SCM La Florida 224 2011 None 80% El Quillay 3 1 al 236 SCM La Florida 236 2011 None 80% El Quillay 4A 1 al 89 SCM La Florida 89 2011 None 80% El Quillay 4B 1 al 40 SCM La Florida 40 2011 None 80% El Quillay 5A 1 SCM La Florida 1 2011 None 80% CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |12 Project Licence Company Area (Ha) Grant Expiry Ownership El Quillay 5C 1 al 98 SCM La Florida 98 2011 None 80% El Quillay 6 1 al 13 SCM La Florida 13 2011 None 80% El Quillay 6A 1 al 7 SCM La Florida 7 2011 None 80% La Escondida 1-14 SLM La Escondida 42 2005 None 80% FLORIDA 1 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 10 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 11 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 12 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 2 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 3 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 4 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 5 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 6 Culpeo Mining Chile Spa 200 2/05/2024 2/02/2028 100% FLORIDA 7 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 8 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 9 Culpeo Mining Chile Spa 300 2/05/2024 2/02/2028 100% FLORIDA 13 Culpeo Mining Chile Spa 15 1/10/2024 8/08/2028 100% FLORIDA 14 Culpeo Mining Chile Spa 20 1/10/2024 8/08/2028 100% FLORIDA 15 Culpeo Mining Chile Spa 269 2/11/2024 23/09/2028 100% FLORIDA 16 Culpeo Mining Chile Spa 7 1/10/2024 6/08/2028 100% FLORIDA 17 Culpeo Mining Chile Spa 13 2/12/2024 25/10/2028 100% FLORIDA 18 Culpeo Mining Chile Spa 5 1/10/2024 6/08/2028 100% FLORIDA 19 Culpeo Mining Chile Spa 2 1/10/2024 6/08/2028 100% FLORIDA 20 Culpeo Mining Chile Spa 50 2/12/2024 25/10/2028 100% FLORIDA 21 Culpeo Mining Chile Spa 275 2/12/2024 25/10/2028 100% FLORIDA 22 Culpeo Mining Chile Spa 170 2/12/2024 25/10/2028 100% FLORIDA 23 Culpeo Mining Chile Spa 200 2/11/2024 23/09/2028 100% FLORIDA NORTE 1 Culpeo Mining Chile Spa 80 1/02/2025 21/01/2029 100% FLORIDA NORTE 2 Culpeo Mining Chile Spa 45 1/02/2025 21/01/2029 100% FLORIDA NORTE 3 Culpeo Mining Chile Spa 60 1/04/2025 12/02/2029 100% FLORIDA NORTE 4 Culpeo Mining Chile Spa 276 1/04/2025 12/02/2029 100% FLORIDA NORTE 5 Culpeo Mining Chile Spa 154 1/02/2025 20/12/2029 100% FLORIDA NORTE 6 Culpeo Mining Chile Spa 148 1/02/2025 20/12/2029 100% FLORIDA NORTE 7 Culpeo Mining Chile Spa 68 1/02/2025 20/12/2029 100% FLORIDA NORTE 8 Culpeo Mining Chile Spa 60 1/07/2025 29/05/2029 100% Total – Fortuna 7192 Appendix B: Technical Details Assumed commodity prices: Cu US$4.75/lb, Au US$3,200/oz, Mo US$20/lb and Ag US$35/oz. Recoveries are assumed from similar deposits: Cu 85%, Au 65%, Ag 65% and Mo 80%. CuEq (%) is calculated using the following formula: ((Cu% x Cu price 1% per tonne x Cu recovery) + (Au(g/t) x Au price per g/t x Au recovery) + (Mo g/t x Mo price per g/t x Mo recovery) + (Ag g/t x Ag price per g/t x Ag recovery)) / (Cu price 1% per tonne x Cu recovery) CuEq (%) = Cu (%) + (0.83 x Au (g/t)) + (0.00040 x Mo (g/t)) + (0.009 x Ag (g/t)). It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 30 OCTOBER 2026 PAGE |13 Appendix C: References 1. Refer to ASX announcement dated 6 July 2026 “Drilling Underway at El Quillay South”. 2. Refer to ASX announcement dated 13 July 2026 “IP Survey Commences at the Fortuna Project”. 3. Refer to ASX announcement dated 18 August 2026 “Strong IP Anomalies Define Priority Drill Targets at Fortuna”. 4. Refer to ASX announcement dated 27 August 2026 “Access Secured for Maiden Vista Montana Drilling”. 5. Refer to ASX announcement dated 9 September 2026 “Maiden Drilling Programme Commences at Vista Montana”. 6. Refer to ASX announcement dated 20 July 2026 “Culpeo Minerals Expands Landholding by 45%”. 7. Refer to ASX announcement dated 6 August 2026 “Entitlement Issue Closes Oversubscribed”. 8. Refer to ASX announcement dated 11 May 2022 “Culpeo Intersects 257m @0.95% copper at Lana Corina”. 9. Refer to ASX announcement dated 6 June 2022 “Culpeo Minerals Intersects 173m @ 1.05% copper”. 10. Refer to ASX announcement dated 23 November 2022 “Drilling Intersects 169m @ 1.08% Cu Grades up to 3.56%”. 11. Refer to ASX announcement dated 2 May 2022 “Culpeo Intersects 104m @ 0.74% copper at Lana Corina”. 12. Refer to ASX announcement dated 20 June 2022 “Multiple High-Grade Cu Intersections at Lana Corina”. 13. Refer to ASX announcement dated 10 November 2025 “Noosa Mining Investor Conference Presentation”. 14. Refer to ASX announcement dated 10 July 2024 “Lana Corina Drill Results Extended – 454m @ 0.93% CuEq”. 15. Refer to ASX announcement dated 8 July 2026 “Entitlement Issue of Options”