Quarterly Activities Report for the Period Ended 31 March 2024

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to report on its activities for the Quarter ended 31 March 2024 (the Quarter).

HIGHLIGHTS

• Discovery of large copper-gold porphyry system at La Florida Prospect (Fortuna Project)1:
  • Surface sampling results returned grades of up to 3.96% Cu and 2.61g/t Au.
  • Large 1.7km x 0.5km mineralised footprint.
• Maiden drill program at El Quillay North Prospect returned shallow, wide copper mineralisation2:
  • 26m @ 0.81 CuEq from 29m, including 4m @ 1.87% CuEq from 51m; and
  • 5.8m @ 0.78% CuEq from 15.2m.
• El Quillay South Prospect strike length extended to 1,200m and up to 100m wide
  • Assays up to 1.33% Cu and 2.40g/t Au3 returned from rock chip sampling.
  • El Quillay Fault zone now hosts mineralisation over 3km strike length.
• Discovery of new high-grade mineralised trend at El Quillay East Prospect4:
  • Grades up to 3.29% Cu and 1.32g/t Au and all samples >1.0% Cu from rock chip sampling
  • Mineralised footprint spans an initial area of 250m x 150m with and open in all directions
  • El Quillay East is a separate parallel structure to the extensive El Quillay Fault.
• Culpeo’s interest in the high-grade Lana Corina Project increased to 50%5.
• Equity capital raisings totaling A$2.5M (before costs) to existing and new sophisticated and high-net-worth investors.
• Cash balance of A$1.3M and no debt as at 31 March 2024 adequately funds exploration programs.

Operating Activities

During the Quarter, Culpeo’s exploration activities were primarily focused on the Fortuna Project, targeting mineralisation along strike and proximate to the El Quillay Fault zone which has been identified to host copper and gold mineralisation over a strike length of >3km.

Figure 1: Plan view of the Fortuna and Lana Corina Project areas

La Florida Prospect

The La Florida Prospect is a newly defined north-south trending belt of copper-gold mineralisation located within the northern sector of the Fortuna Project, measuring approximately 1.7km long by 0.5km wide (Figure 2). Mineralisation is hosted within andesitic volcanic rocks that have been intruded by quartz- feldspar porphyry lithologies. During the Quarter, a litho-geochemical survey was undertaken to characterise the nature and extent of the mineralised system. Rock chip samples were collected in areas including historic small scale mine workings, outcrop and subcrop on hills where bedrock/fresh rock was visible. All 14 rock chip samples returned anomalous copper and gold results, as shown in Appendix C.

The best copper result of 3.96% Cu was returned from CPO0008688, located in the northern part of the interpreted porphyry system where strong surface mineralisation was identified in the form of malachite and chrysocolla. This sample also returned a gold result of 1.17g/t Au. Of significance was CPO0008692, which returned high-grade copper and gold at 3.18% Cu and 2.61g/t Au1. The sample was taken from historical workings in fresh, unoxidised mineralisation.

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