Announcement PDF L ANA CORINA A NEW DISCOVERY IN THE L AND OF THE COPPER GIANTS ASX:CPO | OTCQB:CPORF AUGUST 2024 Disclaimer 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 Board 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 19 August 2024 unless otherwise stated 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 19 August 2024. 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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 2 QUALITY COPPER PORTFOLIO WITH NEW LANA CORINA DISCOVERY LOCATED IN THE PREMIER COPPER PRODUCING REGION GLOBALLY DYNAMIC AND SYSTEMATIC ADVANCEMENT TO UNLOCK FULL POTENTIAL TWO QUALITY PROJECTS ON THE INFRASTRUCTURE LADEN CHILEAN COASTAL BELT PERU BOLIVIA CHILE Antofagasta INVESTMENT HIGHLIGHTS CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE PROVEN TEAM TO DELIVER RAPID ASSET DEVELOPMENT Copiapo La Serena 1. Lana Corina Project High-grade outcropping discovery, 454m @ 0.93% CuEq1 1. Lana Corina Cu Mo 2. Fortuna Project Nine key outcropping copper targets with high impact discovery potential 2. Fortuna Santiago ARGENTINA Cu Au Mo Refer 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 technica l parameters underpinning those releases continues to apply and has not materially changed. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 3 CHILEAN COPPER MINING Stage of development: HOME TO THE WORLD’S COPPER GIANTS CULPEO MINERALS ASX:CPO | OTCQB:CPORF Lana Corina and Fortuna Metallogenic belt: INVESTOR PRESENTATION 4 Corporate Overview Premier copper producing region globally • Quality copper portfolio with new Lana Corina discovery, multiple drill ready targets and development options. • Targeting high-grade copper, critical for the energy transition. • Strategically positioned at low altitude, near infrastructure, surrounded by Tier 1 assets. • Lana Corina and Fortuna are ripe for development and highly prospective. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 5 1. Lana Corina Project New high-grade outcropping copper discovery High-grade copper: • 454m @ 0.93% CuEq from 90m (CMLCD014) 9 including; • 78m @ 1.24% CuEq from 200m; and • 68m @ 1.14% CuEq from 320m; and • 40m @ 1.20% CuEq from 394m. • 257m @ 1.10% CuEq from 170m (CMLCD002)2; • 173m @ 1.09% CuEq from 313m (CMLCD003)3; • 169m @ 1.21% CuEq from 239m (CMLCD010)7; • 104m @ 0.81% CuEq from 155m (CMLCD001)1; • 81m @ 1.16% CuEq from 302m (CMLCD005)4; • 72m @ 0.91% CuEq from 352m (CMLCD013)8. • 34.7m @ 0.97% CuEq from 515m (CMLCD007)6; and • 16.4m @ 1.38% CuEq from 118m (CMLCD005A)5 High-grade molybdenum and rhenium: • 85m @ 1,367 ppm Mo (0.58% CuEq) from 486m3; • 35m @ 1,704 ppm Mo (0.84% CuEq) from 570m8, including; • 4m @ 8,845 ppm Mo (3.48% CuEq); and • 1m @ 15,000 ppm Mo (6.09% CuEq). Plan View Lana Corina Project showing position of diamond drill hole CMLCD014 1,2,3,4,7,9. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 6 1. Lana Corina Project Regional potential with outcropping copper targets over 3km of strike Plan view showing Lana Corina detailed surface geology map and the high priority targets 1. CULPEO MINERALS ASX:CPO | OTCQB:CPORF Plan view of high-resolution ground magnetic data (high-pass filtered TMIRTP), showing the position of the Lana Corina and Vista Montana prospect and the high priority targets identified from the geophysical data 2,3. INVESTOR PRESENTATION 7 1. Lana Corina Project Priority Drill Target Seven priority targets provide potential to link Lana Corina and Vista Montana Lana Corina (LHS) and Vista Montana (RHS) long section: Defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model)1,2,3 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 8 2. Fortuna Project Outcropping targets immediately north of the Lana Corina discovery • Culpeo concession area at Fortuna covers 4,025 hectares. • Historic mines total strike of >6km. • Nine high priority outcropping targets: – Vaca Muerta; – Piedra Dura; – La Florida; – El Quillay North; – El Quillay Central; – El Quillay South; – El Quillay East; – El Quillay West; and – Lucero. Plan view showing location of Fortuna Project 1,2,3,4,5,6,7,8 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 9 2. Fortuna Project High priority El Quillay North target Maiden drillhole intersected: • 26m @ 0.81% CuEq, • including 4m @ 1.87% CuEq1. • Induced polarisation (IP) anomaly identified a 500m x 300m target <100m below surface. Historical underground sample results included2: • 3m @ 6.92% Cu; • 15m @ 1.50% Cu; and • 5m @ 2.70% Cu. • Records show approximately 200,000 tonnes @ 2.00% Cu mined historically3. Plan view of the El Quillay Prospect showing recent drilling results and surface sampling highlights 4,5,6,7,8,9,10,11,12 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 10 2. Fortuna Project El Quillay West IP target • New El Quillay West targets generated via remodelled geophysical data1. • New target has potential for additional zone of mineralisation 500m to the southwest of the El Quillay Fault Zone. • IP chargeability anomaly, indicative of copper sulphide mineralisation, with a large footprint of 500m x 300m. 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 chargeability 1 CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 11 2. Fortuna Project Porphyry copper and gold system at La Florida Prospect • Large (1.7km x 0.5km footprint) copper-gold porphyry system delineated at La Florida Prospect. • Results from surface sampling returned grades up to 3.96% Cu and 2.61g/t Au1. • Mineralisation styles analogous to the Lana Corina Prospect. Example of mineralisation identified at the La Florida Prospect, A: Copper sulphide present as chalcopyrite Sample # CPO0008692 -3.18% Cu and 2.61g/t Au, B: Copper oxide present as malachite and chrysocolla Sample #CPO0008688 - 3.96% Cu and 1.17g/t Au 1. CULPEO MINERALS ASX:CPO | OTCQB:CPORF Plan view of the La Florida Prospect showing results of sampling over an area of approximately 1.7km x 0.5km 1. INVESTOR PRESENTATION 12 Active Exploration and Strong News Flow in 2024 Lana Corina drilling program in progress Project Activity Cu Au Mo Fortuna Mapping and Litho-Geochem at La Florida Cu Au Mo Fortuna Trenching El Quillay South Lana Corina Drilling Vista Montana and Lana Corina Cu Mo Q3-24 Q4-24 ■ ■ ■ ■ Q1-25 Q2-25 ■ TARGETING MULTIPLE BROAD ZONES OF OUTCROPPING HIGH-GRADE COPPER MINERALISATION FOR LARGE SCALE NEAR SURFACE DISCOVERIES CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 13 Corporate snapshot Compelling entry price, strong leverage to further exploration success Capital structure Major shareholders Share price1 A$0.04 Shares on issue2 203.6M Listed options2 13.9M 15% 39% TIGHT REGISTER WITH SUPPORTIVE EXPLORATIONFOCUSED SHAREHOLDER BASE Board and management Top 20 1832 Asset Management L.P. Other 39% Unlisted options and rights2 7% 28.2M Market capitalisation1,2 A$8.14M Cash3 A$2.6M 0.15 Debt3 Nil 0.10 Enterprise value (undiluted) A$5.54M 1. As at 16 August 2024 2. As at 16 August 2024. A further 15,625,000 Placement Shares under Tranche 2 is subject to receipt of shareholder approval at a general meeting to be held in October 2024. Refer to ASX announcement dated 2 August 2024. 3. Includes 30 June 2024 cash balance plus proceeds from the issuance of 38,250,000 Placement Shares issued on 9 August 2024. CULPEO MINERALS ASX:CPO | OTCQB:CPORF Historic share price (A$/share) 0.05 0.00 Aug 23 Nov 23 Feb 24 May 24 Aug 24 INVESTOR PRESENTATION 14 Board and senior management Successful track record of discovery, project development and value creation • • • • • Geoff McNamara Max Tuesley Zeffron Reeves Paul Schmiede Sergio Uribe Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director Chilean Country Manager Over 30 years’ of international resource sector experience. Co-founder of Tesoro Gold Ltd which discovered the El Zorro Gold Project in Chile. Previously Director of Mining Finance at Societe General, NYC 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 30 years' experience in base metal and gold exploration and mining domestically and internationally. Previously led projects in Mongolia, Sudan, Laos and the Philippines. Formerly held senior management roles with Xstrata, focused on Australian copper operations including the Ernest Henry IOCG project. Member of the Australasian Institute of Mining and Metallurgy. Member and graduate of the Australian Institute of Company Directors (AICD). CULPEO MINERALS ASX:CPO | OTCQB:CPORF • • • Geologist with more than 20 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 25 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. INVESTOR PRESENTATION 15 QUALITY COPPER PORTFOLIO WITH NEW HIGH-GRADE LANA CORINA DISCOVERY LOCATED IN CHILE THE LAND OF THE COPPER GIANTS INVESTMENT HIGHLIGHTS CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE CULPEO MINERALS ASX:CPO | OTCQB:CPORF DYNAMIC AND SYSTEMATIC ADVANCEMENT TO UNLOCK POTENTIAL PROVEN TEAM TO DELIVER RAPID ASSET DEVELOPMENT INVESTOR PRESENTATION 16 APPENDICES Appendix 1 Copper equivalent (CuEq) value calculations • Assumed commodity prices: 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%. • CuEq (%) 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)}. • CuEq (%): Cu (%) + (0.54 x Au (g/t)) + (0.00037 x Mo (ppm)) + (0.0063 x Ag (ppm)). • It is the Company’s opinion that all elements included in the metal equivalents have a reasonable potential to be recovered and sold. Appendix 2 Competent Persons’ Statements The information in this announcement that relates to Exploration Results is based on information compiled by Mr Maxwell Donald Tuesley, BSc (Hons) Economic Geology, MAusIMM (No 111470). Mr Tuesley is a member of the Australian Institute of Mining and Metallurgy and is a shareholder and Director of the Company. Mr Tuesley 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. The Company confirms that it is not aware of any new information or data that materially affects the historical exploration results included in the relevant market announcement . The information in this announcement that relates to Geophysical Results is based on information compiled by Nigel Cantwell. Mr Cantwell is a Member of the Australian Institute of Geoscientists (AIG) and the Australian Society of Exploration Geophysics (ASEG). Mr Cantwell is a consultant to Culpeo Minerals Limited. Mr Cantwell has sufficient experience which 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 & Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the historical geophysical results included in the relevant market announcement . References Slide 3: (1) ASX announcement 10 July 2024. Slide 6: (1) ASX announcement 2 May 2022; (2) ASX announcement 11 May 2022. (3) ASX announcement 6 June 2022; (4) ASX announcement 20 June 2022; (5) ASX announcement 6 September 2022; (6) ASX announcement 19 July 2022; (7) ASX announcement 23 November 2022; (8) ASX announcement 16 January 2023; (9) ASX announcement 10 July 2024. Slide 7: (1) ASX announcement 23 August 2022; (2) ASX announcement 18 May 2022 (3) ASX announcement 27 May 2024. Slide 8: (1) ASX announcement 31 August 2022; (2) ASX announcement 8 March 2023; (3) ASX announcement 10 July 2024. Slide 9: (1) ASX announcement 7 August 2023; (2) ASX announcement 11 September 2023; (3) ASX announcement 1 November 2023; (4) ASX announcement 12 December 2023; (5) ASX announcement 21 November 2023; (6) ASX announcement 4 January 2024; (7) ASX announcement 17 January 2024; (8) ASX announcement 29 February 2024. Slide 10: (1) ASX announcement 17 January 2024; (2) ASX announcement 11 September 2023; (3) 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); (4) ASX announcement 17 January 2024; (5) ASX announcement 11 September 2023; (6) ASX announcement 1 November 2023; (7) ASX announcement 12 December 2023; (8) ASX announcement 17 January 2024; (9) ASX announcement 29 February 2024; (10) ASX announcement 18 March 2024; (11) ASX Announcement 9 April 2024; (12) ASX Announcement 14 May 2024. Slide 11: (1) ASX announcement 9 April 2024. Slide 12: (1) ASX announcement 4 January 2024. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 18 Appendix 3 Earn In schedules Lana Corina Time (months from signing) Cash payment Stage acquisition interest Aggregate Culpeo interest 1 Signing US$100,000 N/A 0% 0% 2 12 US$150,000 Complete US$1M expenditure 20% 20% 3 24 US$250,000 Complete US$1M expenditure 30% 50% 4 36 US$800,000 US$750,000 N/A 15% 65% 5 60 US$1,650,000 US$1,000,000 N/A 15% 80% Time (months from signing) Cash payment Comment Stage acquisition interest Aggregate Culpeo interest 1 12 US$120,000 Paid monthly (at US$10k per month) 80% 80% 2 24 US$120,000 3 36 US$120,000 4 48 US$120,000 5 60 US$120,000 Fortuna CULPEO MINERALS ASX:CPO | OTCQB:CPORF CPO share payment Work commitment Work commitment Complete US$1.5M expenditure (can include Lana Corina) INVESTOR PRESENTATION 19 C O N TAC T LEVEL 48. 152-158 ST GEORGES TERRACE PERTH WA 6000 +61 (8) 6311 9160 / +61 416 097 403 info@culpeominerals.com.au max.tuesley@culpeominerals.com.au geoff.mcnamara@culpeominerals.com.au