Announcement PDF ASX A NNOUNCEM EN T 27 MAY 2024 ASX:CPO OTCQB:CPORF HIGH-GRADE COPPER ASSAY RESULTS IN ROCK CHIP SAMPLES FROM VISTA MONTANA Culpeo Minerals Limited (Culpeo or the Company) (ASX:CPO, OTCQB:CPORF) is pleased to announce strong copper assay results from its Vista Montana Prospect where sampling programs have confirmed the presence of a large, at surface, copper bearing system (Figure 1). The Vista Montana Prospect forms part of the Lana Corina Project1 in Chile. HIGHLIGHTS • Reconnaissance rock-chip samples collected at the Vista Montana Prospect return high-grade results, of up to 2.62% Cu (Figure 1). • Sample results define an area of anomalous copper 1km-long by 400m wide. • Results to be followed up with geological mapping and further systematic sampling. • Drilling continues at Lana Corina within the >3km prospective corridor which hosts the Vista Montana and Lana Corina prospects (Figure 2). Culpeo Minerals’ Managing Director, Max Tuesley, commented: “Our exploration strategy at Vista Montana focuses on areas where major structures intersect the interpreted prospective intrusive centres and where outcropping copper mineralisation has been mapped. Achieving such high-grade copper results from first-pass surface sampling over a 1km-long by 400m area is an extremely promising outcome. We will continue to refine our exploration model with the addition of further sampling and mapping to develop targets for the first phase of drilling at the Vista Montana Project.” PAGE |1 CULPEOMINERALS.COM.AU info@culpeominerals.com.au Level 48, 152-158 St Georges Terrace, Perth WA 6000 61 (8) 6311 9160 ASX ANNOUNCEMENT 27 MAY 2024 Figure 1: Plan view of Vista Montana highlighting grades up to 2.62% Cu from surface sampling results. SAMPLING RESULTS The Vista Montana surface sampling programme included 54 samples, which identified outcropping copper-mineralisation in close proximity to interpreted major geological structures, coinciding with the recognition of possible porphyry intrusive centres (Figure 1). Results confirm a 1km-long by 400m-wide, copper bearing sheeted vein swarm, with grades of up to 2.62% Cu returned from multiple copper-quartz veins. The orientation of the sheeted veins is conformable to the overall northeast direction of the Lana Corina – Vista Montana mineralised corridor (>3km) and indicates a strong link between the two prospect areas. The mineralised host rocks consist of porphyry intrusives, similar to those observed at Lana Corina, within highly altered volcanic lithologies. A full table of results is attached in Appendix B. PAGE | 2 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 VISTA MONTANA PROJECT The Vista Montana Prospect is located 1km north-east of Lana Corina and is hosted within the same regional mineralised corridor2,3,4. The copper-bearing sheeted vein system and associated stock-work breccia zones at Vista Montana, supports the Company’s exploration model that Lana Corina-style mineralisation could be present at shallow levels below outcropping mineralisation in the area. Figure 2: Plan view of the Lana Corina Project with location of Vista Montana and Lana Corina Prospects 5,6,7. Following the generation of multiple exploration targets at Vista Montana from a recently completed geochemical survey8, the Company initiated an additional detailed mapping programme over the area. Mapping identified an extensive network of copper-bearing sheeted veins covering an area of 400m x 300m, which possibly related to porphyry intrusive centres previously identified in the area6. Proximal to the sheeted vein system, a large stockwork alteration zone and an associated breccia zone 400m x 400m in size have been observed. These breccias are highly silicified and contain significant copper mineralisation in the form of chalcopyrite4. Follow up geological mapping and additional systematic sampling is planned for the coming months, to aid drill targeting. PAGE | 3 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 Figure 3: Defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model)and showing location of Vista Montana relative to Lana Corina2,3. ONGOING 2024 EXPLORATION PROGRAMMES Multiple exploration programmes are ongoing at the Lana Corina and Fortuna Projects, with the following key activities: • Drilling of new breccia targets at Lana Corina and extensions of mineralisation associated with the deeper molybdenum rich cupola zone; • Submission of four sample batches to the laboratory (to date), with initial results expected to be reported in early June; and • Ground based site reconnaissance of priority areas at the Fortuna Project based on interpreted geophysical datasets (Pole-Dipole Induced Polarisation, ground magnetics and remote sensing anomalies). This announcement has been authorised by the Board of Directors of Culpeo Minerals Limited. COMPANY Max Tuesley Managing Director E:max.tuesley@culpeominerals.com.au P: +61 (08) 6311 9160 PAGE | 4 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 ABOUT CULPEO MINERALS LIMITED Culpeo Minerals is a copper exploration and development company with assets in Chile, the world’s number one copper producer. The Company is exploring and developing high-grade copper systems in the coastal Cordillera region of Chile. The Company has made a new discovery at Lana Corina and has recently acquired the Fortuna Project, which hosts a suite of promising exploration targets. Both projects are situated in the Coquimbo region of Chile and contain significant outcropping high-grade copper mineralisation which offers multiple walk-up drill targets. Culpeo Minerals has a strong board and management team with significant Chilean country expertise and has an excellent in-country network. All of these elements enable the Company to gain access to quality assets in a non-competitive environment. We leverage the experience and relationships developed over 10 years in-country to deliver low cost and effective discovery and resource growth. We aim to create value for our shareholders through exposure to the acquisition, discovery and development of mineral properties which feature high-grade, near surface copper mineralisation. PAGE | 5 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 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. Mr Tuesley 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 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 original report. PAGE | 6 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 APPENDIX A: JORC CODE TABLE 1 – LANA CORINA PROJECT SECTION 1 SAMPLING TECHNIQUES AND DATA Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down-hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • 2022 drillcore samples are collected usually at 1m sample intervals, some smaller intervals if geology warranted it. Assayed routinely for Cu, Mo, Ag and Au by ALS laboratories in Chile. • Historic Drill core has been routinely assayed for Cu, and to a lesser extent Mo, Ag and Au. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Historic Drill samples were collected as either 1 m or 2 m samples. • Half core sampling was undertaken for both the 2022 program and the historic drilling. • Ground Magnetic Data was collected using a GEM GSM-19W Magnetometer, data were quality checked by Quantec and geophysical consultants in Perth, Australia, and were considered to be of excellent quality. • Geochemical sampling was undertaken in an area of 800 x 700 m for a sample spacing of 50 x 50 m and sometimes 25 x 25 m. 192 samples were extracted and 192 copper analyses and 70 molybdenum analyses were performed. • The 2023 geochemical survey was completed on a 50mx100m grid with 321 samples taken, multielement analysis of the samples was undertaken. • Ground truthing and mapping is now in progress to follow up the results of the geochemical survey. Several areas of outcropping copper mineralisation have been identified, the mineralisation in out crop is present predominantly as malachite with minor chalcopyrite. The mineralisation is noted to occur as both vein style and present as infill within the matrix of breccias. • The 2022 drill program uses diamond core drill techniques. • 17 historic drillholes have been completed at the Project for a total of approximately 6,000 m by previous operators. • All the drillholes have been undertaken using diamond core drilling techniques. Method of recording and assessing core and chip sample recoveries and results assessed. • For the 2022 drilling program core recoveries have exceeded 95%. Measures taken to maximise sample recovery and ensure representative nature of the samples. • For the 2022 program all HQ3 drilling is oriented, with bottom of hole marked. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • The historic drill samples were taken before Culpeo’s involvement, and no records are available detailing drill core recovery. • Core from 5 historic drillholes has been preserved and these have been inspected by the Company’s geologist, core recoveries appear on the order of +90%. • For the 2022 drilling program, logging is undertaken for Lithology, Alteration, Mineralisation and Structural Controls. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation’ drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Drilling techniques Drill sample recovery Logging Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. PAGE | 7 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 Criteria JORC Code explanation Commentary Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • Partial records exist for the historic drill core logs. The total length and percentage of the relevant intersections logged. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. • For the 2022 program half core is sampled. • No records available for the historic drilling. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For the 2022 drilling program standards and blanks are routinely inserted in sample batches and a QAQC program is in place. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Multi-element analysis was undertaken on CMLCD003, The ALS procedure for this is MEMS61m, for 49 elements with four-acid digestion. • The sample preparation techniques for historical drilling are unknown. • Historical analysis has focussed on Cu, but some of the samples were also analysed for Mo, Ag and Au. • Magnetic surveys were ground-based surveys, measuring Total Magnetic Intensity, with a 1s recording interval. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. o Data units were nanotesla (nT). o Data was collected by Quantec Geoscience (Chile), covering 150-line kms at a 25m spacing. The Magnetometer was a GEM GSM-19W with a Overhauser Effect Sensor Type, mounted on a 2m staff. o The control point location was 296647 E, 6555150 N (PSAD56, Zone 19S) (repeated at beginning and end of survey each day) Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. • For the 2022 drilling program, a high-quality database is maintained, and protocols are in place to ensure this data is checked by both the Senior Geologist and Geology Manager. • Previous company staff reviewed the historic intersections. Due to the early nature of the Project, Culpeo staff have not independently verified the sampling and assaying. • No twin holes have been completed due to the early stage of the project. • Company geologists have verified the visible copper mineralisation present in stockpiles at the project site. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. PAGE | 8 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 Criteria JORC Code explanation Commentary Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • For the 2022 drilling program, hole collars are established using a handheld GPS, downhole surveys are undertaken using a north seeking gyroscope. Quality and adequacy of topographic control. • Historic Location of drillhole collars and surface samples were recorded by handheld GPS. Accuracy is not known but is considered reasonable for early-stage exploration. Data spacing for reporting of Exploration Results. • The 2022 drilling program is being undertaken on approximately a 50m x 60m grid where drilling is focused on the Lana-Corina mineralised zone. • The historical drilling and surface sampling are widely spaced and no systematic sampling/drilling grid has been implemented. In general, the mineralisation strikes in a north-east direction and drilling has been undertaken perpendicular to that. • Drilling orientations are not considered to be biased with several drilling orientations used. Specification of the grid system used. Data spacing and distribution Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied Whether sample compositing has been applied. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Sample security The measures taken to ensure sample security. Audits or reviews The results of any audits or reviews of sampling techniques and data. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • For the 2022 drilling program, samples are delivered to the laboratory and chain of custody protocols are followed. • No records available for the historic samples. • No records are available for the historic sampling, but it is assumed no audits have been completed. PAGE | 9 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 SECTION 2 REPORTING OF EXPLORATION RESULTS Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The project area comprises nine exploitation concessions, which cover a total area of approximately 550 Hectares. Culpeo Minerals has agreements in place to earn up to 80%. • Historically three companies have undertaken exploration in the project area. These include: The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. o Minera Centinela (1982 to 1985) o Antofagasta Minerals (2005) o SCM Antares (2010 to 2018) The prospect is associated with a structural belt orientated in a NE-SW direction, about 1,000m long and 400m wide. The near surface part of the mineralised system is associated with three breccia pipes and below this a mineralised copper / molybdenum porphyry. Around the edges of the main mineralisation are a series of gold, gold-copper and barite veins. Geology Deposit type, geological setting and style of mineralisation. • Drillhole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: • A summary of the historic drillholes is provided in Appendix B and C. • A summary of the 2022 drilling program is provided in Appendix D. • easting and northing of the drillhole collar • elevation or RL (elevation above sea level in metres) of the drillhole collar • dip and azimuth of the hole • down hole length and interception depth hole length Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • No sample weighting or metal equivalent values have been used in reporting. Only raw assay results have been reported. Relationship between mineralisation widths and intercept lengths If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported. • Only down hole lengths have been reported with respect to drilling intercepts, true width of mineralisation is unknown. Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Diagrams are included in the main body of the report. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Results have been reported for the main elements targeted (Cu and Mo). All drillhole locations are reported for context. Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating • A ground magnetic survey has recently been completed, covering 150-line kms at a 25m spacing. • Historic geochemical survey undertaken in an area of 800 x 700 m for a sample spacing of 50 x 50 m and If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). PAGE | 10 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 Criteria JORC Code explanation Commentary substances. Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). sometimes 25 x 25 m. 192 samples were taken (192 copper and 70 molybdenum analyses • Two programs of geophysics have been undertaken over the project area. • In 2015 an IP survey was undertaken by Geodatos, where data was collection over 7.6-line km. A second IP survey was carried out in 2018, also by Geodatos with data being collected over 12.2-line km. • A mapping program has recently been completed over the project area at 1:5000 scale and covering an area of 2km2. • The Phase 1 drilling program to test the near surface breccia pipe hosted mineralisation and deeper porphyry style mineralisation is now complete. • The 2023 geochemical survey was completed on a 50mx100m grid with 321 samples taken, multi-element analysis of the samples was undertaken. • Phase 2 drilling program is complete. • A surface rock chip sampling program has recently been completed, with 54 samples taken, The samples were delivered to ALS laboratories in Chile where the following analytical techniques were undertaken: Au-AA24, Au-GRA22, Cu-AA62, Mo-AA62 and Ag-AA62. • Phase 3 Drilling is now in progress at Lana Corina. • Further mapping and sampling is planned at Vista Montana prior to drill testing in Q3. PAGE | 11 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 Appendix B Vista Montana Surface Sampling Results Samp_ID Easting Northing Elevation CPO0008471 CPO0008472 CPO0008473 CPO0008474 CPO0008475 CPO0008476 CPO0008477 CPO0008478 CPO0008479 CPO0008481 CPO0008482 CPO0008483 CPO0008484 CPO0008485 CPO0008486 CPO0008487 CPO0008488 CPO0008489 CPO0008491 CPO0008492 CPO0008493 CPO0008494 CPO0008495 CPO0008496 CPO0008497 CPO0008498 CPO0008499 CPO0008501 CPO0008502 CPO0008503 CPO0008504 CPO0008505 CPO0008506 CPO0008507 CPO0008508 CPO0008509 CPO0008511 CPO0008512 CPO0008513 CPO0008514 CPO0008515 CPO0008516 CPO0008517 CPO0008518 CPO0008519 CPO0008521 CPO0008522 CPO0008523 CPO0008524 CPO0008525 CPO0008526 CPO0008527 CPO0008528 CPO0008529 299431 299435 299550 299602 299650 299527 299691 299655 299661 299950 299900 299850 299800 299827 299818 299960 299596 299635 299672 299663 299606 299572 299800 299950 299600 299567 299524 299650 299604 299650 299422 299446 299606 299637 299636 299893 299837 299865 299795 299645 299992 300019 299906 299867 299915 299611 299287 299281 299865 299897 299605 299590 299494 299425 6556210 6556154 6556200 6556288 6556292 6556288 6556262 6556230 6556262 6556000 6556000 6556000 6556000 6556068 6555843 6556164 6556245 6556237 6556330 6556172 6556150 6556068 6556400 6556400 6556000 6556004 6555852 6555600 6555484 6555500 6555691 6555734 6556016 6556089 6556156 6556517 6556260 6556469 6556492 6556536 6556748 6556794 6556798 6556838 6556605 6557092 6557217 6557113 6557352 6557362 6557178 6557286 6557308 6556129 849 857 850 833 824 843 848 846 852 807 810 808 825 825 807 825 845 845 827 840 858 860 840 847 875 882 863 854 855 846 857 860 878 872 859 824 866 952 946 969 939 949 950 950 926 1019 1027 1009 1071 1066 1027 1054 1053 858 Au ppm 0.0025 0.036 0.007 0.0025 0.038 0.0025 0.006 0.031 0.005 0.019 0.0025 0.0025 0.005 0.0025 0.171 0.005 0.0025 0.023 0.01 0.04 0.008 0.11 0.02 0.005 0.095 0.006 0.098 0.208 0.023 0.076 0.044 0.017 0.065 0.336 0.061 0.152 0.015 0.005 0.006 0.019 0.005 0.0025 0.005 0.059 0.006 0.005 0.006 0.006 0.03 0.044 0.005 0.027 0.005 0.009 Cu % 0.19 1.585 0.048 0.032 0.296 0.097 0.005 0.119 0.006 0.005 0.002 0.009 0.003 0.002 0.04 0.002 0.023 0.035 0.039 0.08 0.82 0.096 1.258 0.006 0.32 0.019 0.359 0.043 0.097 0.016 0.061 0.196 0.214 2.624 0.468 1.802 0.012 0.028 0.018 0.17 0.008 0.032 0.003 0.012 0.01 0.01 0.012 0.012 1.037 0.803 0.02 0.056 0.003 0.472 Mo ppm 10 10 10 5 20 5 5 5 10 10 5 5 5 5 10 5 5 5 10 10 20 5 5 10 10 5 10 10 5 10 5 5 10 10 10 5 10 10 5 10 5 5 10 10 5 10 5 10 5 5 5 5 5 5 Ag ppm 0.5 5 0.5 0.5 1 0.5 1 2 0.5 0.5 1 0.5 0.5 1 0.5 0.5 0.5 1 0.5 0.5 1 0.5 7 0.5 4 0.5 3 4 1 1 0.5 1 2 16 5 3 1 0.5 1 1 1 1 0.5 1 0.5 1 1 0.5 2 5 0.5 1 0.5 1 PAGE | 12 CULPEOMINERALS.COM.AU ASX ANNOUNCEMENT 27 MAY 2024 Appendix C Technical Details 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. Appendix D References ASX announcement 21 March 2024 ASX announcement 31 August 2022 3 ASX announcement 8 March 2023 4 ASX announcement 7 June 2023 5 ASX announcement 11 May 2022 6 ASX announcement 6 June 2022 7 ASX announcement 23 November 2022 8 ASX announcement 3 April 2023 1 2 PAGE | 13 CULPEOMINERALS.COM.AU