Announcement PDF 2024 TRANSITIONAL ANNUAL REPORT CONTENTS CORPORATE DIRECTORY 2 CHAIRMAN’S LETTER 3 REVIEW OF OPERATIONS 6 DIRECTORS’ REPORT 20 AUDITOR’S INDEPENDENCE DECLARATION 35 FINANCIAL REPORT 36 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 37 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 38 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 39 CONSOLIDATED STATEMENT OF CASH FLOWS 40 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 41 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 60 DIRECTORS’ DECLARATION 61 INDEPENDENT AUDITOR’S REPORT 62 ASX INFORMATION 66 SCHEDULE OF MINERAL TENEMENTS 71 CULPEO MINERALS LIMITED |1 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 Interim Executive Chairman) 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 |2 CHAIRMAN’S LETTER Dear fellow Shareholders, Presenting Culpeo Minerals Limited's 2024 Transitional Annual Report, a period marked by significant progress. Culpeo is a disciplined exploration company focusing on acquiring, exploring, and developing high-grade copper assets in Chile's infrastructure-rich coastal Cordillera belt. Our strategic positioning at low altitude, surrounded by Tier 1 copper assets, has led to a high-quality project portfolio. This portfolio is actively managed by a skilled exploration team to realise its full potential. The key to Culpeo's success lies not only in its business model but also in the execution quality. The past six months have been pivotal. In April 2024, we initiated our second diamond drilling program at the promising Lana Corina Copper discovery. This program aims to extend the known high-grade copper and molybdenum mineralization zones identified in previous drilling efforts 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. Hole CMLCD014 targeted a deeper mineralised porphyry system beneath known breccia pipes. The results speak for themselves: 454m @ 0.93% CuEq, with standout intervals such as 78m @ 1.24% CuEq, 68m @ 1.14% CuEq, and 40m @ 1.20% CuEq. These findings have surpassed expectations, with the mineralised zone spanning approximately 600m x 400m and showing potential for over 3km of strike. In August 2023, we acquired an 80% interest in the Fortuna Copper Project, marking a significant milestone for Culpeo. This strategic move has opened up a new avenue for exploration in the Coquimbo region, just 10km north of Lana Corina. The initial exploration at Fortuna unveiled nine promising outcropping prospects, each holding the potential for substantial discoveries. Our field activities during the period, including meticulous mapping and rock chip sampling, kicked off promptly. The results were truly promising, with high-grade rock chip assays revealing up to 9.78% copper at the Piedra Dura Prospect. Additionally, our initial drilling at El Quillay North and Vaca Muerta confirmed robust copper mineralisation at shallow depths, setting the stage for further exploration. 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 Jun 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 |3 To fuel our exploration endeavours, we successfully raised A$2.2 million through a two-tranche placement. These funds not only provide us with the necessary resources for our planned activities but also enable us to expedite drilling at the Vista Montana Prospect, believed to be linked to the notable discovery at Lana Corina. At Culpeo, we are unwavering in our commitment to upholding the highest environmental, social, and governance standards. Our operations are deeply rooted in sustainability, and we actively engage with local communities to ensure our activities yield positive outcomes for all stakeholders. A heartfelt thank you to the entire Culpeo team and our valued contract partners for your unwavering dedication to safety and excellence. The past six months have been marked by significant exploration successes, setting the stage for our targeted field activities in FY25. We express our profound gratitude to our Shareholders for their continued confidence and support. Rest assured, we are dedicated to maximising the potential of our assets efficiently and effectively, paving the way for sustained Shareholder value growth. Join us on this exciting journey towards excellence and innovation in minerals exploration and development. Yours faithfully, Geoff McNamara Interim Executive Chairman Culpeo Minerals Limited CULPEO MINERALS LIMITED |4 REVIEW OF OPERATIONS CULPEO MINERALS LIMITED |5 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 Coquimbo region of Chile (refer to Figure 1). Renowned for its numerous world- class copper and gold mines, Coquimbo’s infrastructure includes access roads, power lines, water sources, and established settlements. These represent essential requirements for future potential development of potential mining projects. Culpeo is actively exploring for major discoveries in two primary areas: the Lana Corina Copper-Molybdenum Project (Lana Corina) and the Fortuna Project (Fortuna). Both projects feature significant outcropping copper mineralisation and historic mining areas. The Company has transitioned to reporting on a calendar year basis to align with the reporting period of its Chilean subsidiaries. During this transitional financial year of 1 July 2024 to 31 December 2024 (TY2024 or the Transitional Year), Culpeo received further results from drilling activities previously conducted at Lana Corina. Promising surface sampling results were also returned from the Fortuna Project, where high-grade copper mineralisation was confirmed at El Quillay West Prospect. Additional detailed mapping, sampling and trenching was undertaken at Lana Corina and Vista Montana Prospects, identifying additional targets and refining existing targets for future drilling. CULPEO MINERALS LIMITED |6 Review of Operations Figure 1: Locations of the Lana Corina and Fortuna Projects in Coquimbo, Chile – a premier copper producing region globally. LANA CORINA PROJECT (50% CULPEO EARNING 80% 9) 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. Lana Corina 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 microtonalite which hosts consistent copper mineralisation, present mainly as chalcopyrite2, 9. 9 Refer to ASX announcement dated 21 March 2024 “Ownership Interest in Lana Corina Project Increased to 50%”. CULPEO MINERALS LIMITED |7 Review of Operations Figure 2: Lana Corina and Vista Montana Prospects long section: defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model) 10,11,12,13 A significant zone of molybdenite mineralisation is located below the intrusive/breccia complex at the Lana Corina Prospect representing a magmatic cupola zone. The deeper molybdenum mineralisation is interpreted as a vertically continuous mineralised system varying in style as a result of temperature and pressure gradients. The drilled footprint of the prospect is 600m by 400m, with drilling extending mineralisation to a current depth of 870m2. Refer to ASX announcement dated 10 July 2024 “Drill Results Extend Mineralisation at Lana Corina to 454m @ 0.93% CuEq”. Refer to ASX announcement dated 31 August 2022 “Culpeo Minerals Strikes Critical Metals at Lana Corina”. 12 Refer to ASX announcement dated 8 March 2023” Geochemical Survey Completed at Lana Corina”. 13 Refer to ASX announcement dated 27 May 2024 “High-Grade Copper Assay Results in Rock Chip Samples from Vista Montana”. 10 11 CULPEO MINERALS LIMITED |8 Review of Operations Figure 3: Plan View Lana Corina Project showing position of diamond drill hole CMLCD0142, 14,15,16,17, 18,11 Previous results from the first 388m of drill hole CMLCD014, returned a significant, extremely wide, downhole intersection containing copper-molybdenum mineralisation of 298m at 0.98% CuEq. 19 The drill hole was designed to test a deeper, mineralised porphyry system beneath the previously drilled high- grade, copper bearing breccia pipes, and to extend the known high-grade breccia hosted mineralisation to the west and closer to the surface. Additional results returned from CMLCD014 (Figure 4) increased the above intersection to 454m at 0.93% CuEq from 90m,9, including several wide zones of high-grade molybdenum mineralisation. This intersection includes the following notable high-grade zones: 2,11 • 78m at 1.24% CuEq from 200m; and • 68m at 1.14% CuEq from 320m; and • 40m at 1.20% CuEq from 394m. Refer to ASX announcement dated 11 May 2022 “Culpeo intersects 257m @ 0.95% copper at Lana Corina”. Refer to ASX announcement dated 6 June 2022 “Culpeo Minerals intersects 173m @ 1.05% copper”. 16 Refer to ASX announcement dated 23 November 2022 “Drilling intersects 169m @ 1.08% Cu grades up to 3.56% Cu”. 17 Refer to ASX announcement dated 2 May 2022 “Culpeo intersects 104m @ 0.74% copper at Lana Corina”. 18 Refer to ASX announcement dated 20 June 2022 “Multiple high-grade Cu intersections at Lana Corina Project”. 19 Refer to ASX announcement dated 19 June 2024 “Exceptional, High-Grade Copper Intersected at Lana Corina – 298m @ 0.98% CuEq”. 14 15 CULPEO MINERALS LIMITED |9 Review of Operations The extension of this drill hole represents the longest continuously mineralised intersection at Lana Corina achieved to date. The consistency supports the current geological model and demonstrates the potential to expand the scale of the near-surface, high-grade breccia zone and the associated porphyry mineralisation. Below the outcropping high-grade breccia / porphyry hosted copper mineralisation, CMLCD014 intersected several wide zones of significant molybdenum, with assay results returning a zone of 1,638ppm Mo (0.68% CuEq) over 46m2,9. Figure 4: Cross-section through the Lana Corina Project showing position of diamond drill hole CMLCD014 (looking north-east with a 40m wide clipping plane)2, 9. CULPEO MINERALS LIMITED | 10 Review of Operations FORTUNA PROJECT (80% CPO20) On 7 August 2023, Culpeo announced that it had acquired an 80% interest in the Fortuna Project, located approximately 10km north of the Company’s Lana Corina Copper-Molybdenum Project (refer to Figure 1). The acquisition included fully granted concession areas within the highly prospective coastal metallogenic belt of Chile. Culpeo subsequently expanded the Fortuna land package in October 2023, increasing its total district footprint to 4,025 hectares. Figure 5: Plan view of the Fortuna Project.12,21,21,22,23,24,25, 26,27,28,29 Fortuna contains numerous historic shafts and small-scale mining sites that previously exploited surface mineralisation. A preliminary geological assessment of the surface geology showed strong similarities in lithologies and alteration types to those observed at Lana Corina, indicating that the area is highly prospective for hosting high-grade copper mineralisation. Refer to ASX announcement dated 7 August 2023 “CPO Acquires Significant New Tenement Package”. Refer to ASX announcement dated 11 September 2023 “High Priority El Quillay North Target Defined”. 22 Refer to ASX announcement dated 1 November 2023” New High-Grade Cu and Au Trend at Fortuna”. 23 Refer to ASX announcement dated 12 December 2023 “Culpeo extends Piedra Dura Mineralisation”. 24 Refer to ASX announcement dated 21 November 2023 “High-grade Copper Trend Discovered”. 25 Refer to ASX announcement dated 19 December 2023 “Broad Zones of Shallow, Visible Copper Intersected”. 26 Refer to ASX announcement dated 29 February 2024 “High-Grade Surface Cu and Au Confirmed at El Quillay South”. 27 Refer to ASX announcement dated 18 March 2024 “Culpeo Minerals Identifies New Target at Fortuna Project”. 28 Refer to ASX announcement dated 4 January 2024 “Copper-Gold Porphyry System Identified at La Florida”. 29 Refer to ASX announcement dated 17 January 2024 “Drilling Returns Wide Copper Intersections (Replacement)”. 20 21 CULPEO MINERALS LIMITED | 11 Review of Operations 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. El Quillay Prospect Areas The El Quillay exploration area spans a greater than 3km long regional fault zone in an area historically exploited by both 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. Minrealised zones across El Quillay North, El Quillay Central and El Quillay South measure up to 1,000m long, 50m wide and 200m deep (refer to Figure 6). Figure 6: Plan view of the southern Fortuna Project, including the planned trenching program at El Quillay South Prospect.13,14,15,21,22,23,24,27,28,30,30,31,33 30 31 Refer to ASX announcement dated 18 September 2024 “Surface Results up to 1.83% Copper Confirm High-Priority Targets at Fortuna”. Refer to ASX announcement dated 14 May 2024 “Reconnaissance Drilling Delivers Grades of up to 2.19% CuEq at Fortuna Project”. CULPEO MINERALS LIMITED | 12 Review of Operations El Quillay West Activity Detail On 9 April 2024, 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 by 300m, suggesting a potential new zone of copper sulphide mineralisation. Figure 7: High-grade rock chips results returned from El Quillay West Prospect.13,21,22,23,30,31,32 A total of 16 rock chip samples were collected following identification of copper mineralisation in outcrop, primarily in the form of copper carbonates. Notably, the results from three of the 16 samples returned assays of over 1% copper, with the highest grade reaching 1.83% Cu.22,31 Previous reprocessing of historical geophysical data24,33 identified three Pole-Dipole Induced Polarisation (PDIP) chargeability anomalies which were subsequently targeted for detailed mapping and sampling. The prospectivity of this area has now been confirmed, with a surface geochemical anomaly extending over 1,000m along strike and up to 500m wide. A clear spatial association exists between the chargeability anomalies and copper mineralised samples (refer to Figure 8). 32 Refer to ASX announcement dated 9 April 2024 “Compelling IP Chargeability Target Defined at Fortuna”. CULPEO MINERALS LIMITED | 13 Review of Operations Figure 8: Rock chip results showing strong spatial relationship with El Quillay PDIP chargeability anomaly areas over a depth slice image from 100m below ground level. Pink = Higher Chargeability and Blue = Lower Chargeability13,23,24,30,31,32. Mineralisation is hosted primarily in andesitic volcanics and is associated with significant alteration including chlorite, epidote, albite and magnetite (refer to Figures 9 and 10). The El Quillay West Prospect is a high-priority target where no historical drilling has been undertaken. Given its proximity to the main mineralised El Quillay host structure, it is interpreted to represent another potential conduit for the focus of mineralising fluids. Culpeo continues to expand its geological, structural and mineralisation knowledge at the Fortuna Project, aiming to enhance its exploration models and refine future exploration targets, for pursuit in the next phase of work. CULPEO MINERALS LIMITED | 14 Review of Operations Figure 9: Sample CPO0008964 - Andesite host rock, brecciated texture with chlorite-epidote-albite alteration, featuring mineralisation in vugs and patchy zones with limonite, copper oxide, and magnetite.22,31 Figure 10: Sample CPO0008966 - Andesite host rock brecciated texture with chlorite-epidote-albite alteration, featuring mineralisation in vugs and patchy zones with limonite, malachite and magnetite.22,31 El Quillay South Activity Detail On 29 February 2024, Culpeo reported promising results from rock sampling undertaken during the first round of field exploration at the El Quillay South Prospect. These 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. Subsequent mapping extended the known mineralisation by a further 1,000m, bringing the total strike length to over 2km (refer to Figure 6)31. A systematic trenching program began in August 2024 and the El Quillay structure has now been mapped over a strike length of over 3km. Initial results from a systematic trenching program have returned copper mineralisation with widths of up to 43.1m at 1.00% Cu and 1.31g/t Au.21,30 CULPEO MINERALS LIMITED | 15 Review of Operations An additional 1,500m of planned trenching is currently in progress to identify drill targets and extend the known mineralisation which remains open to the south. Four trenches have been completed with results for 166 samples received. Mineralisation is contained in both the footwall and hangingwall of the structure with results indicating that wider copper dominant mineralisation is hosted within the hangingwall, and a higher-grade gold zone distributed in the footwall 33. Table 1: El Quillay South - Phase 1 Trench Results34 Trench Location Easting Northing RL Au ppm Cu % Mo ppm Ag ppm CuEq % Trench 1 Footwall 298319 6569720 825 0.72 0.49 10.00 0.64 0.88 Trench 1 Hangingwall 298286 6569688 829 0.38 0.30 6.00 0.50 0.51 Trench 2 Footwall 298426 6569584 872 5.04 0.49 5.00 1.17 3.21 Trench 2 Hangingwall 298409 6569572 951 0.68 0.53 5.22 0.67 0.90 Trench 3 Footwall 298425 6569076 799 0.32 1.25 5.00 0.50 1.43 Trench 3 Hangingwall 298356 6569033 772 0.22 0.29 5.00 0.77 0.42 Trench 4 Footwall 298432 6568577 747 0.54 1.29 5.00 23.00 1.72 Trench 4 Hangingwall 298407 6568519 744 0.09 0.20 5.00 2.42 0.27 Figure 11: Trenching at an andesite outcrop with silica-albite-sericite alteration within a silicified and brecciated structure. Mineralisation shown to consist of quartz, iron oxides, and copper oxides. Samples CPO0009117-CPO0009118- CPO0009119 Trench 1 (5.5m at 0.88% CuEq) 25,34 33 Refer to ASX announcement dated 2 October 2024 “Thick Surface Mineralisation Returned from Outcropping Copper-Gold System at Fortuna Project, Chile.” CULPEO MINERALS LIMITED | 16 Review of Operations SAN SEBASTIAN AND LAS PETACAS PROJECTS No exploration activities were completed during the reporting period. CORPORATE ACTIVITIES Capital raising activities to advance copper exploration activities 34 The Company completed an equity placement comprising the issue of 53.75 million new fully paid Ordinary Shares to sophisticated and professional investors at an issue price of A$0.04 per share. The placement raised approximately A$2.15 million (before costs). The placement consisted of two tranches comprising: • Tranche 1: 38,250,000 Placement Shares which raised approximately A$1.6 million; and • Tranche 2: 15,500,000 Placement Shares which raised approximately A$0.6 million. Tranche 2 included director participation and was approved by Shareholders at the Annual General Meeting held on 16 October 2024. Annual General Meeting The Company held its Annual General Meeting on 16 October 2024 (AGM), where all resolutions put to Shareholders were approved. Appointment of Interim Executive Chairman On 14 October 2024, Culpeo advised of the appointment of Mr Geoff McNamara as Interim Executive Chairman of the Company, effective 1 November 2024. 35 Mr McNamara’s appointment followed the decision of Managing Director, Mr Max Tuesley, to step down due to family reasons. Mr McNamara will continue as Interim Executive Chairman until a new Managing Director is appointed. Mr McNamara, a co-founder and major Shareholder of Culpeo, has served as Non-Executive Chairman since the Company’s incorporation and has played a pivotal role in establishing and developing the business since its ASX listing. With 30 years of international resource sector experience, his career spans roles as a Geologist, Project Manager and Fund Manager. Change of Financial Year End On 29 November 2024, Culpeo announced that its Board of Directors had resolved to change the Company’s financial year end from 30 June to 31 December. The change aligns the Company’s financial year with its Chilean exploration activities, financial budgeting, and reporting, including the timing of year-end financial audit. 36 The Company implemented this change in accordance with section 323D(2A) of the Corporations Act 2001 (Cth). Refer to ASX announcement dated 2 August 2024 “Culpeo Secures Funding to Advance Copper Exploration at Vista Montana, Lana Corina and Fortuna”. Refer to ASX announcement dated 14 October 2024 “Appointment of Interim Executive Chairman”. 36 Refer to ASX announcement dated 29 November 2024 “Change of Financial Year End”. 34 35 CULPEO MINERALS LIMITED | 17 Review of Operations Ap p e n di x A T ech ni ca l De ta i l s 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 included in the metal equivalents have a reasonable potential to be recovered and sold. CULPEO MINERALS LIMITED | 18 DIRECTORS' REPORT CULPEO MINERALS LIMITED | 19 Directors’ Report The Directors present their report, together with the financial statements, of the Consolidated Entity (referred to hereafter as the Consolidated Entity or the Group) consisting of Culpeo Minerals Limited (referred to hereafter as the Company, Culpeo or Parent Entity) and the entities it controlled at the end of, or during, the 6-month financial period ended 31 December 2024. Directors The following persons were directors of Culpeo Minerals Limited during the financial period and, unless otherwise noted, up to the date of this report: Mr Geoffrey McNamara Mr Maxwell Tuesley Mr Zeffron Reeves Mr Paul Schmiede Interim Executive Chairman Managing Director (resigned on 31 October 2024) Non-Executive Director Non-Executive Director Information on Directors Geoffrey McNamara Interim Executive Chairman (Appointed 25 July 2018) BSc (Applied Geology), MAusIMM, FINSIA, AICD Mr McNamara is a geologist with over 30 years of international resource sector experience as a geologist, project manager and fund manager. Previously he worked in Private Equity (FUM USD800 million) and as a Director of Societe General’s Mining Finance Team in New York. Operational roles include Project Manager, Senior Mine Geologist and Mine Geologist for Ivanhoe Mines, Lion Ore International and Western Mining Corporation. Currently Co-Founder & Non-Executive Director of Tesoro Gold Limited which discovered the El Zorro gold project in Chile. Mr McNamara holds a Bachelor’s degree in Geology, a Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia (FINSIA). He is a member of the Australian Institute of Company Directors (AICD) and the Australasian Institute of Mining and Metallurgy (AusIMM). Maxwell Tuesley Managing Director (Appointed 28 October 2020, resigned 31 October 2024) BSc (Hons) (Econ Geol), MAusIMM Mr Tuesley is a highly experienced project manager and has spent over 25 years in grassroots, advanced mineral exploration and mine production, predominantly in gold, copper and base metals. He has worked in Australia, the Philippines, PNG, Laos, Mongolia and Sudan, including senior management positions at Glencore, B2Gold Corp and Metals Exploration Plc. Mr Tuesley holds an Honour’s degree in Economic Geology from James Cook University in Australia, is a member of the AusIMM and a Member and graduate of the Australian Institute of Company Directors (AICD). Zeffron Reeves Non-Executive Director (Appointed 25 July 2018) BSc (Hons) (Applied Geology), MBA, MAIG Mr Reeves is a Geologist with over 25 years’ experience in the resources sector working on resource projects from greenfield exploration, discovery, definition & feasibility, construction, production to closure. Currently Co-Founder & Managing Director of Tesoro Gold Limited which discovered the El Zorro gold project in Chile, he has also previously been Managing Director of ASX listed Metallum Ltd (now ERNG Elements Limited) and held senior management positions with Cleveland Mining Ltd and Ashburton Minerals Ltd, developing projects in Australia, Chile & Brazil. Mr Reeves has a Bachelor of Applied Geology (Honours), a Masters of Business Administration from Curtin University and is a member of the Australia Institute of Geoscientists. Paul Schmiede Non-Executive Director (Appointed 1 April 2021) BEng (Mining), FAusIMM Mr Schmiede is a mining engineer with 25 years’ experience in mining, exploration and corporate development. He has had direct exposure to gold base metal in a range of jurisdictions including Australia, Burkina Faso and DRC. His current role is Vice President, Corporate Development for TSX-V and ASX listed Sarama Resources Ltd, which is pursuing a substantial damages claim in arbitration proceedings against Burkina Faso as well as advancing exploration projects in the Laverton Gold District of Western Australia. Prior to that, Mr Schmiede was Vice President Operations Project Development at Moto Goldmines where he managed the pre-feasibility and definitive feasibility study for the 22 million ounce Democratic Republic of Congo based, Moto Gold Project (now Kibali Gold). CULPEO MINERALS LIMITED | 20 Directors’ Report Prior to joining Moto Goldmines, Mr Schmiede held senior operational and management positions with Gold Fields and Western Mining Corporation, where he was responsible for underground and open pit operations including project development and planning. Mr Schmiede holds a First Class Mine Managers Certificate (WA), a Bachelor of Engineering (Mining) degree and is a Fellow of AusIMM. Company Secretary Ms Sue Wong (appointed as Company Secretary 16 February 2024) Ms Wong is a Company Secretary with national corporate advisory f