#1CULPEO MINERALS DISCOVERING AND DEVELOPING HIGH-GRADE COPPER IN CHILE ASX:CPO | OTCQB:CPORF January 2024#2Disclaimer 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 the date of disclosure 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 to it at the time of preparation. 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#3☑ CULPEO MINERALS 6 A HIGH IMPACT COPPER PORTFOLIO WITH MULTIPLE DRILL READY TARGETS LOCATED IN THE PREMIER REGION GLOBALLY COPPER PRODUCING SYSTEMATIC EXPLORATION TO UNLOCK LATENT RESOURCE POTENTIAL TWO HIGH PRIORITY PROJECT AREAS ON THE STRATEGIC CHILEAN COASTAL BELT PERU BOLIVIA CHILE INVESTMENT HIGHLIGHTS CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE THE RIGHT TEAM TO DELIVER RAPID ASSET ADVANCEMENT Antofagasta 1. Fortuna Project Seven key outcropping copper targets with high impact discovery potential. 2. Lana Corina Project High-grade outcropping copper discovery, 257m @ 1.10% CuEq¹. Copiapo La Serena 1. Fortuna 2. Lana Corina Cu Au Mo Santiago ARGENTINA Cu Mo 1. Refer ASX announcement 11 May 2022 and 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 technical parameters underpinning those releases continues to apply and has not materially changed. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 3#4CHILE A MAJOR PRODUCER MINING A KEY CONTRIBUTOR TO THE CHILEAN ECONOMY MINING REPRESENTS OVER HALF OF THE COUNTRY'S TOTAL EXPORTS RANKED THE BEST COUNTRY IN SOUTH AMERICA FOR MINING INVESTMENT Cu THE WORLD'S TOP COPPER PRODUCER AND LARGEST COPPER RESERVES HOME TO THE WORLD'S BIGGEST, MOST SUCCESSFUL MINING COMPANIES CULPEO MINERALS ASX:CPO | OTCQB:CPORF Cu Cu Global copper mine production 2022 (Mt) 5,200 Chile Congo Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2023 Cu 2,200 2,200 1,900 1,300 Peru China US Cu 9,200 RoW INVESTOR PRESENTATION 4#5Board and senior management Successful track record of discovery, project development and value creation Geoff McNamara Non-Executive Chairman 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 Western Mining Corporation. • Max Tuesley Managing Director 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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF • • Zeffron Reeves Non-Executive Director 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. . Paul Schmiede Non-Executive Director 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. • Sergio Uribe Chilean Country Manager 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 5 ☑#6SUPPLY PIPELINE LACKS HIGH QUALITY, LARGE SCALE PROJECTS COMMITTED COPPER MINE SUPPLY FORECAST¹ MT WEAK STRONG COPPER STRONG OUTLOOK INTEGRAL TO ELECTRONICS AND ELECTRIFICATION COPPER IS SET TO PLAY A CRITICAL ROLE IN THE MOVE TO A ZERO EMISSIONS ECONOMY CULPEO MINERALS ASX:CPO | OTCQB:CPORF ACCELERATION OF ELECTRIFICATION DRIVING SIGNIFICANT MARKET DEFICIT ANY CHINESE STIMULUS TO ACCELERATE DEMAND SUSTAINED COPPER PRICE RALLY EXPECTED FROM 2024 20 10 10 0 Australasia Asia Africa Europe South America North America 2025 1. Source: Cru, Wood Mackenzie, Macquarie DEMAND GROWING SUPPLY GAP 2035 INVESTOR PRESENTATION 6#7Corporate snapshot Compelling entry price, strong leverage to further exploration success Capital structure Share price (18 January 2024) Major shareholders A$0.051 15% Shares on issue (January 2024) 135.8M 46% TIGHT REGISTER WITH SUPPORTIVE EXPLORATION- FOCUSED SHAREHOLDER BASE Listed Options (January 2024) 13.9M 39% Board and management Top 20 Other Unlisted Options and rights (January 2024) 12M Market capitalisation (18 January 2024) A$7M Historic share price (A$/share) Cash (30 December 2023)1 A$1M 0.20 Why STRONG SHARE PRICE RE-RATE UNDERWAY Nil 0.15 Debt (30 December 2023) Enterprise value (undiluted) 0.10 A$5.93M 0.05 1. Includes cash at end of December 2023 and options exercised in January 2024 (refer ASX announcement 11 January 2024). CULPEO MINERALS ASX:CPO | OTCQB:CPORF 0.00 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 INVESTOR PRESENTATION 7#8Corporate overview Premier copper producing region globally • • . Targeting high-grade copper resources critical for renewable energy technologies. Strategically positioned near infrastructure and world-class copper projects. Lana Corina and Fortuna, are underexplored and highly prospective for copper. Project areas contain outcropping mineralisation and historical high-grade surface sampling results. High impact 1,000m drilling program in progress at the Fortuna Project, targeting broad zones of outcropping high-grade copper mineralisation. MINERALS PORT 160km DESAL PLANT 160km FORTUNA PROJECT LANA CORINA PROJECT PORT 100km AIRPORT 160km La Serena Pop:200,000 WORKFORCE 160km Santiago Cu Teck Andacollo Mine Au SMELTER 130km Ovalle Pop: 113,000 POWER 90km WORKFORCE 120km BAT+ERY MINERAL RESOURCES Cu Punitaqui Mine Au POWER 3km POWER 80km e Illapel Pop:32,000 Combarbalá Pop: 13,600 IP PUCOBRE El Espino Project WORKFORCE 50km Cu Au Cu ANTOFAGASTA Au MINERALS WORKFORCE 70km Los Pelambres Mine Mo CULPEO MINERALS ASX:CPO | OTCQB:CPORF 0 50km Salamanca Pop:26,000 INVESTOR PRESENTATION 8#9Project highlights High impact exploration 1. Fortuna Project Seven high priority outcropping targets: Vaca Muerta; Piedra Dura; La Florida; El Quillay North; . El Quillay Central; Cu Au Mo • . El Quillay South; and Lucero. 2. Lana Corina Project Cu Mo New high-grade outcropping copper and molybdenum discovery from successful maiden 13-hole drill program: . 257m @ 1.10% CuEq in CMLCD002 from 170m1 173m @ 1.09% CuEq in CMLCD003 from 313m² 169m @ 1.21% CuEq in CMLCD010 from 239m³ 1. Refer ASX announcement 11 May 2022 2. Refer ASX announcement 6 June 2022 3. Refer ASX announcement 23 November 2022 CULPEO MINERALS ASX:CPO | OTCQB:CPORF BAT+CRY MINERAL RESOURCES Punitaqui Mine Cu Au El Quillay North Historical Channel Sampling Highlights 3m @ 6.92% Cu 15m @ 1.50% Cu 5m @ 2.70% Cu Piedra Dura Recent Surface Sampling Highlights Up to 9.78% Cu & 48.3 g/t Au La Florida Porphyry Cu/Au System 1,700m x 500m Up to 3.96% Cu & 2.61 g/t Au Lucero Recent Surface Sampling Highlights 5.37% Cu 4.48% Cu 4.60% Cu E El Quillay Central El Quillay South FORTUNA PROJECT Culpeo tenements New Culpeo tenement Prospect Vaca Muerta Historical Channel Sampling Highlights 150m @ 1.30% CuEq 172.5m @ 0.86% CuEq 101.5m @ 1.25% CuEq LANA CORINA PROJECT Drilling Highlights 257m @ 1.10% CuEq from 170m (CMLCD002) 173m @ 1.09% CuEq from 313m (CMLCD003) 169m @ 1.21% CuEq from 239m (CMLCD010) 5km Lana Corina 10km's Vista Montana POWER 3km Plan view showing locations of Lana Corina and Fortuna Projects, (for the Lana Corina drilling results, refer to ASX announcements; 11 May 2022, 6 June 2022 and 23 November 2022, Vaca Muerta historic sampling results refer to ASX announcement 7 August 2023, El Quillay historic sampling results refer to ASX announcement 11 September 2023, Piedra Dura historic sampling results refer to ASX announcement 1 November 2023 and 12 December 2023, and La Florida results refer ASX announcement 4 January 2024). INVESTOR PRESENTATION 9#101. Fortuna Project Outcropping targets immediately north of the Lana Corina discovery covers 4,025 hectares. • Culpeo concession area at Fortuna • Numerous historic mines strike of >6km. • Seven high priority outcropping targets: ✰ Vaca Muerta; Piedra Dura; La Florida; El Quillay North; ✰ El Quillay Central; ✰ El Quillay South; and ☆ Lucero. BAT+ERY MINERAL RESOURCES Punitaqui Mine Cu Au El Quillay North Historical Channel Sampling Highlights 3m @ 6.92% Cu 15m @ 1.50% Cu 5m @ 2.70% Cu Piedra Dura Recent Surface Sampling Highlights Up to 9.78% Cu & 48.3 g/t Au La Florida Porphyry Cu/Au System 1,700m x 500m Up to 3.96% Cu & 2.61 g/t Au Lucero Recent Surface Sampling Highlights 5.37% Cu 4.48% Cu 4.60% Cu El Quillay Central FORTUNA PROJECT Exc. Exc. El Quillay South ☆ Vaca Muerta Historical Channel ☑ Culpeo tenements New Culpeo tenement Prospect CULPEO MINERALS ASX:CPO | OTCQB:CPORF 5km Plan view showing location of Fortuna Project, (for the Vaca Muerta historic sampling results refer to ASX announcement 7 August 2023, El Quillay historic sampling results refer to ASX announcement 11 September 2023, Piedra Dura historic sampling results refer to ASX announcement 1 November 2023 and 12 December 2023, and La Florida results refer ASX announcement 4 January 2024). INVESTOR PRESENTATION 10 Sampling Highlights 150m @ 1.30% CuEq 172.5m @ 0.86% CuEq 101.5m @ 1.25% CuEq#111. Fortuna Project High priority El Quillay North target Historical underground sampling returned high-grade zones including 1: - 3m @ 6.92% Cu; - 15m @ 1.50% Cu; 5m @ 1.18% Cu; and - 5m @ 2.70% Cu. Records show approximately 200,000 tonnes @ 2% Cu mined². Mineralisation Historical Channel Sampling Highlights 3m @ 6.92% Cu 15m @ 1.50% Cu 5m @ 2.70% Cu CMEQD002 5.8m @ 0.78% CuEq 26m @ 0.81% CuEq El Quillay North El Quillay Fault Historical Channel Sampling Highlights El Quillay Central Piedra Dura Recent Surface Sampling Highlights Up to 9.78% Cu & 48.3 g/t Au 12m @ 0.89% Cu & 0.42 g/t Au Mapping & Sampling Ongoing Prior to Drill Testing 3km Strike Historical Channel Sampling Highlights 43.1m @1.00% Cu & 1.31 g/t Au El Quillay South 0 El Quillay 5km FORTUNA PROJECT 1000m 1. Refer ASX announcement 11 September 2023. 2. 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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF Plan view of the El Quillay Prospect showing recent drilling results and surface sampling highlights (refer ASX announcement 17 January 2024). INVESTOR PRESENTATION 11#121. Fortuna Project Shallow, wide, high-grade copper mineralisation confirmed 297300mE . El Quillay host structure is 3km with numerous targets to be tested. Section 3 Surface 0.48 0.73 1.31 3 CMEQD002 7.5 1.89 750mRL 5.8m @0.78% CuEq from 15.2m to 21m 3 Results from initial El Quillay North drillhole (CMEQD002) returned¹: - 5.8m @ 0.78% CuEq from 15.2m; and - 26m @ 0.81% CuEq from 29m, including 4m @ 1.87% CuEq from 51m. Second drill hole (CMEQD001) intersected 23m from 20m downhole, with assay results expected in the coming weeks. 1. Refer ASX announcement 16 January 2023. 2. Refer ASX announcement 19 December 2023. CULPEO MINERALS ASX:CPO | OTCQB:CPORF 700mRL 26m @ 0.81% CuEq from 29m to 55m OPEN 25m 0.36 3 OPEN 1.88 3.4 8 1.50 15 0.77 2 1.88 CuT (%) metres 3.4 Oxide Sulphide Cross sections through the El Quillay North Prospect, with results of CMEQD002. (refer ASX announcement 17 January 2023). Base of Oxidation > 0.70% CUT 0.40 0.69% CuT INVESTOR PRESENTATION 12#131. Fortuna Project Multiple drill ready targets at the Vaca Muerta prospect • Shallow cover with base of oxidation 25m deep. Oxide mineralogy consists of 299700mE malachite and chrysocolla. Sulphide zone is dominated by chalcopyrite and bornite. Drilling in progress. 700mRL Base of Oxidation · 650mRL CULPEO MINERALS ASX:CPO | OTCQB:CPORF 299900mE 300100mE Vaca Muerta Lens 1 Lens 2 0.86% CuEq 172m 2.14% CuEq 39.6m 1.58% CuEq 4.3m Lens 3 1.25% CuEq 101.5m Lens 4 0.87% CuEq 34.5m - 600mRL Drill Target 550mRL Drill Target Drill Target - 500mRL 450mRL 0 100m Oxide Sulphide Copper Equivalent Width in metres Surface Long section through the Vaca Muerta Prospect showing results of historic channel samples and drill targets (refer ASX announcement 7 August 2023). INVESTOR PRESENTATION 13#141. Fortuna Project Piedra Dura rock chip samples return high-grade copper and gold • Rock chip samples returned from surface confirming a high-grade copper and gold 1.1km long by 100m wide copper-gold structure. Assays returned up to 4.16% Cu and 48.3g/t Au¹. 1.12 1.8 0.65 1.95 0.95 0.88 1.78 1.19 1.64 0.95 2.17 0.45 1.26 1.66 0.52 2.61 0.56 2.4 1.78 48.3 g/t Au 1.4 1.24 0.94 0.67 0.51 1.08 4.16 0.96 -0.05 1.0 1.71 1.18 2.05 1.35 0.82 0.91 1.59 1.26 1.73 0.84 2.97 Piedra Dura Mineralised Structure 1. Refer ASX announcement 1 November 2023. Hangingwall CULPEO MINERALS ASX:CPO | OTCQB:CPORF N 0 500m 1.36 1.67 2.87 1.13 2.02 1.52 Plan view of the Piedra Dura Prospect showing surface sampling copper results (refer ASX announcement 1 November 2023). Cu Au Zone > 2.0% Cu 1.0-2.0% Cu 0.5-1.0% Cu < 0.50% Cu Piedra Dura 5km FORTUNA PROJECT INVESTOR PRESENTATION 14#151. Fortuna Project Multiple high-grade copper results returned at Lucero prospect • Grades up to 5.37% Cu returned from several newly defined • parallel mineralised structures measuring 950m by 60m. Significant results included: ● . 5.37% Cu (sample #8615); 4.48% Cu (sample #8609); and • 4.60% Cu (ample #8626). 1. Refer ASX announcement 21 November 2023. CULPEO MINERALS ASX:CPO | OTCQB:CPORF Cu / Au Zone > 2.0% Cu 1.0-2.0% Cu 0.5 - 1.0% Cu < 0.50% Cu Santa Isabel Copper/Gold Mine 3.73 1.45 500m Lucero 1.22 2.77 2.40 1.86 2.05 0.62 1.08 2.70 1.36 0.53 2.80 2.59 2.77 1.09 4.60 0.91 1.29 2.76 Lucero 1.19 3.53- 4.48 2.34 1.00 1.96 2.81 3.25 0.64 1.87 5.37 0.99 2.83 5km 2.62 1.57 Plan view of the Lucero Prospect, showing surface sampling results (refer ASX announcement 21 November 2023). FORTUNA PROJECT Exc. INVESTOR PRESENTATION 15#161. 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 are analogous to Culpeo's Lana Corina Prospect. A B Chalcopyrite 012 Malachite/ Chrysocolla 012 3 cm 0.98 0.60 g/t Au 0.03 3.18 2.16 g/t Au Porphyry alteration/stockwork Faults 1.79 0 La Florida ☑ FORTUNA PROJECT 1.17 g/t Au 3.96 5km 2.17 0.60 g/t Au 0.76 g/t Au 2.07 0.65 g/t Au 0.53 0.56 1.43 O 1.00 1.80 g/t Au • > 2.0% Cu 0.74 0.70 1.0-2.0% Cu 0.5 1.0% Cu 0 ○ <0.50% Cu 500m 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 (refer ASX announcement 4 January 2024). 1. Refer ASX announcement 4 January 2024. 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 (refer ASX announcement 4 January 2024). INVESTOR PRESENTATION 16#172. Lana Corina Project New high-grade outcropping copper and molybdenum discovery Copper equivalent intersections: 297900mE 298100mE 298300mE 298500mE 298700mE • CMLCD001: 104m @ 0.81% CuEq from 155m1; • CMLCD002: 257m @ 1.10% CuEq from 170m²; . CMLCD003: 173m @ 1.09% CuEq from 313m³; T9 Ground Magnetic Target T3 Ground Magnetic Breccia Discovery Off-Section Corina - 900m CMLCD002 CMLCD001 . • CMLCD005: 81m @ 1.16% CuEq from 302m4; CMLCD005A: 16.4m @ 1.38% CuEq from 118m5; Breccia Target CMLCD010 • CMLCD007: 34.7m @ 0.97% CuEq from 515m6; 800m T6 Ground Magnetic Target Breccia Target • • CMLCD010: 169m @ 1.21% CuEq from 239m7; and CMLCD013: 72m @ 0.91% CuEq from 352m³. Zones of high-grade molybdenum and rhenium: • 85m @ 1,369 ppm Mo (0.58% CuEq) from 486m³; • 35m @ 1,704 ppm Mo (0.84% CuEq) from 570m³, including; • 4m @ 8,845 ppm Mo (3.48% CuEq); and 1m @ 15,000 ppm Mo (6.09% CuEq). 1. Refer ASX announcement 2 May 2022 2. Refer ASX announcement 11 May 2022 5. Refer ASX announcement 6 September 2022 6. Refer ASX announcement 19 July 2022 3. Refer ASX announcement 6 June 2022 4. Refer ASX announcement 20 June 2022 7. Refer ASX announcement 23 November 2022 8. Refer ASX announcement 16 January 2023 700m 104m @ 0.74% Cu COR2 [email protected]% Cu & 73ppm Mo 257m @ 0.95% Cu & 81ppm Mo OPEN 600m Outline of Large Magnetic Low 173m @ 1.05% Cu 500m 0 200m & 50ppm Mo (oblique to section) OPEN OPEN 169m @ 1.08% Cu & 225ppm Mo OPEN 87.2m @0.57% Cu & 51ppm Mo Silica Cupola OPEN Significant Molybdenum Zone 85m @ 1369ppm Mo & 0.77 ppm Re (Rhenium) +CMLCD003 Inferred Deeper Porphyry OPEN Lana Corina schematic section looking north showing position of drillholes, geophysical targets and the high-grade Mo and Re mineralisation hosted within deeper silica rich cupola (refer ASX announcement 31 August 2022). CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 17#182. Lana Corina Project Regional potential with outcropping copper targets over 3km's of strike -800m 600m -400m 200m Om 298000mE 298500mE 299000mE 299500mE Litho-Geochemical Survey Litho-Geochemical Survey Breccia Target Lana Corina Section Breccia Target Breccia Target Vista Montana Section Breccia Target Phase 1 Drilling Large Magnetic Low 3km's of Strike Potential! Large Magnetic Low -200m Lana Corina/Vista Montana long section: Defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model) (refer ASX announcement 31 August 2022). CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 18#19Planned 2024 advancement schedule High impact 1,000m drilling program in progress Project Cu Au Mo 1. Fortuna Activity Drill testing at Vaca Muerta Cu Mo 2. Lana Corina Drill testing at Vista Montana Cu Au Mo | 1. Fortuna Mapping and litho-geochem at La Florida Cu | Au ||Mo 1. Fortuna Drill testing La Florida Cu Mo 2. Lana Corina Drill testing at Lana Corina Q1-24 Q2-24 Q3-24 Q4-24 EXPLORATION FOCUSED ON TARGETING MULTIPLE BROAD ZONES OF OUTCROPPING HIGH-GRADE COPPER MINERALISATION FOR LARGE SCALE NEAR SURFACE DISCOVERY POTENTIAL CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 19#20☑ CULPEO MINERALS A HIGH IMPACT COPPER PORTFOLIO WITH MULTIPLE DRILL READY TARGETS LOCATED IN THE PREMIER COPPER PRODUCING REGION GLOBALLY INVESTMENT HIGHLIGHTS CHILEAN COPPER DEVELOPMENT FOR A CLEAN ENERGY FUTURE SYSTEMATIC EXPLORATION PROGRAM TO UNLOCK LATENT RESOURCE POTENTIAL THE RIGHT TEAM TO DELIVER RAPID ASSET ADVANCEMENT AND DEVELOPMENT CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 20#21CULPEO MINERALS APPENDICES Guid#22Appendix 1 Resource details and copper equivalent (CuEq) value calculations • Lana Corina Project: refer to ASX announcement "Drilling intersects 169m @ 1.08% Cu up to 3.56% Cu" dated 23 November 2022. Quelon Project: refer to "Company's Prospectus" dated 23 June 2021, page 43. ⚫ Candelaria Mine (TSX: LUN): refer to "Company's Prospectus" dated 23 June 2021, page 30 and SRK Consulting, 2018. Technical Report for the Candelaria Copper Mining Complex, prepared for Lundin Mining Corporation. . 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. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 22#23Appendix 2 Competent persons statement 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 historical Exploration Results for Las Petacas and Quelon is based on information compiled by Mr Jason Froud BSc (Hons), Grad Dip (Fin Mkts), MAIG) and was reviewed by Christine Standing BSc (Hons), MSc, MAusIMM, MAIG, who are both full time employees of Optiro Pty Ltd, acting as independent consultant to Culpeo Minerals Limited. Mr Froud and Ms Standing have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the historical exploration results included in the original reports. 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 reports. CULPEO MINERALS ASX:CPO | OTCQB:CPORF INVESTOR PRESENTATION 23#24Appendix 3 Earn In Schedules Lana Corina 1 2 3 4 Stage Complete US$1M expenditure Complete US$1M expenditure Stage Acquisition Interest Time (Months from Signing) Cash Payment (US$) CPO Share Payment (US$) Work Commitment Signing 100,000 N/A 12 150,000 24 250,000 36 60 800,000 750,000 1,650,000 1,000,000 N/A N/A 5 Fortuna Stage Time (Months from Signing) Cash Payment (US$) Comment 1 12 2345 24 120,000 120,000 Paid Monthly (@USD10k per month) 36 120,000 48 120,000 60 120,000 Work Commitment Las Petacas Stage Date for completion Payment (US$) Complete US$1.5M expenditure (can include Lana Corina) Condition precedent/ work commitment 1 30/06/2021 50,000 (completed) Carry out research through induced polarisation (IP) survey and GAIP grid in a minimum area of 2 km² 2 31/12/2021 (completed) 100,000 Complete 2,741 m drilling or US$1 M expenditure 3 4 31/12/2023 31/12/2024 350,000 Complete 3,259 m of additional drilling 500,000 Complete 5,000 m additional drilling or US$1.5 M expenditure CULPEO MINERALS ASX:CPO | OTCQB:CPORF Aggregate Culpeo Interest 0% 0% 20% 20% 30% 50% 15% 65% 15% 80% Stage Acquisition Interest Aggregate Culpeo Interest 80% 80% % Total owned by earn Culpeo 8% 58% 8% 66% 9% 75% 10% 85% ☑ INVESTOR PRESENTATION 24#25☑ CULPEO MINERALS CONTACT LEVEL 48. 152-158 ST GEORGES TERRACE PERTH WA 6000 +61 (8) 6311 9160 / +61 416 097 403 [email protected] [email protected] [email protected]