Culpeo Minerals : acquires high grade Lana Corina Copper Project

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21 March 2022

CULPEO MINERALS ACQUIRES HIGH-GRADE LANA CORINA

COPPER PROJECT

Culpeo Minerals Limited (ASX:CPO, Culpeo or the Company) advises that it has entered into an agreement to acquire the Lana Corina Copper Project (Lana Corina or the Project) from SCM Antares. Lana Corina is a high-grade copper project, hosting multiple outcropping copper bearing breccia pipes associated with a well mineralised porphyry intrusive. The Project is located 40km north of the Company's Quelon Project in the coastal Coquimbo region of Chile.

Highlights

• Culpeo has the right to acquire an 80% interest in the Lana Corina Copper Project.
• Lana Corina covers 5.5 km2 and is located in a prolific Chilean copper belt.
• Historic mine production at Lana Corina of approximately 1Mt of 1.5% to 2.5% Cu1.
• Lana Corina is a porphyry copper system with associated outcropping high-grade copper bearing breccia pipes above a copper bearing porphyry intrusive, refer Figure 1.
• Previous drilling intercepts included:
• • 70m @ 1.23% Cu from 0m in COR-2 (underground, breccia intercept);
  • 154m @ 0.70% Cu from 0m in LC-1 (underground, breccia intercept);
  • 132m @ 0.56% Cu and 51ppm Mo from 324m in LCO-1 (surface, porphyry intercept);
  • 178m @ 0.72% Cu and 284ppm Mo from 356m in LCO-2 (surface, porphyry intercept);
  • 80m @ 0.67% Cu from 0m in Lan-1 (underground, breccia intercept); and
  • 207m @ 0.41% Cu and 124ppm Mo from 274m in LCD-13 (surface porphyry intercept).
• Previous underground wall sampling results include: 12m @ 2.49% Cu and 20m @ 2.04% Cu.
• Systematic drilling program to commence immediately to delineate near surface copper mineralisation and extend mineralisation to the south and at depth.
• The Lana Corina Copper Project will complement Culpeo's existing highly prospective portfolio of projects in the Coastal Cordillera of Chile.

Culpeo Minerals' Managing Director, Max Tuesley, commented:

"Lana Corina is an exciting opportunity for Culpeo to rapidly delineate and define a high-grade copper resource in the Coastal Cordillera of Chile. Lana Corina offers a de-risked copper exploration project at low altitude, with excellent access to infrastructure. The Project is drill ready and we look forward to commencing drilling in the coming days."

1The historic mine production records are based on previous explorers reports and has not been verified by the Company and are not JORC compliant.

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Lana Corina Project

Location and Access

Lana Corina is located in the coastal belt, Coquimbo region of Chile, approximately 350km north of Santiago. The village of Soruco is located 2km north of the site and the town of Combarbala is 18km to the south. The Project is 50km from the Pacific Ocean, refer Figure 2.

Figure 1: Plan View of the Lana Corina Project showing historical drill intercepts.

Lana Corina is in a prolific copper belt hosting multiple major deposits including Los Pelambres (6.1Bt

• 0.51% Cu, 0.016% Mo and 0.06g/t Au3), Andacollo (250 Mt @ 0.62% Cu and 0.25g/t Au4) and El Espino (123Mt @ 0.66% Cu and 0.24g/t Au5).

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Figure 2: Lana Corina Project location map.

Geological Setting

Lana Corina is associated within a structural zone oriented in a northeast-southwest direction with >1,000m of strike and up to 400m width.

High grade copper mineralisation at Lana Corina is associated with three known breccia pipes occurring in the upper levels of a large copper bearing porphyry system. The high-grade breccia pipes

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identified to date outcrop at surface (refer Figure 3) and extend to a vertical depth of over 200m and have returned high copper grades from drilling and historic underground sampling (Figure 4 and 5).

Figure 3: Lana Corina breccia hosted copper mineralisation2.

2The visible mineralisation is based solely on a visual inspection and has not been assayed.

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Figure 4: Sectional view (looking North) of the Lana Corina Project showing historical drill intercepts and copper grade

contours.