Quarterly Activities Report for the Period Ended 30 September 2023

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to report on its activities for the quarter ended 30 September 2023 (the Quarter).

HIGHLIGHTS

• Completed acquisition of 80% interest in the untested Fortuna Project, increasing copper exploration landholdings by 300% in the highly prospective coastal metallogenic belt of Chile¹.
• Fortuna Project hosts multiple broad zones of copper mineralisation that outcrop at surface, measuring >1,000m in length and up to 500m in width. Historic surface channel sampling returned wide zones, including:
  • 150m @ 1.31% CuEq;
  • 102m @ 1.25% CuEq; and
  • 173m @ 0.86% CuEq.
• high Priority El Quillay North target defined at Fortuna Project in the northern portion of the 3km long El Quillay mineralised trend².
• Mine records show approximately 200,000 tonnes @ 2% Cu extracted historically [open pit and underground] at the Fortuna Project. Historical underground sampling2 returned high-grade zones, including:
  • 3m @ 6.92% Cu;
  • 15m @ 1.50% Cu;
  • 5m @ 1.18% Cu; and
  • 5m @ 2.70% Cu.
• Fortuna Project package extended with new tenement applications covering 2,250 hectares, filed with the Chilean Judicial Authority (Civil Court), the authority responsible for the granting of new tenements³.
• Placement to institutional and sophisticated investors, raising approximately A$1.3 million (before costs)⁴.
• Post quarter end, shareholder approval was received for Tranche 2 of the raising; the Company issued approximately 18.9 million Placement Shares and receipted approximately A$0.6 million, providing cash and equivalents of approximately A$0.9 million.

Operating Activities

During the Quarter, the Company announced the acquisition of the Fortuna Project, located 10km north of its Lana Corina Project and consisting of four encouraging prospects: La Florida, El Quillay North, Vaca Muerta and Piedra Dura (Figure 1). Extensive outcropping copper mineralisation and historic small scale mining operations are present throughout the project area.

Figure 1: Regional map showing location of new Fortuna concessions adjacent to the Lana Corina Project (ASX announcement 11 September 2023).

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