Vista Montana Yields Up to 2.62% Cu; Culpeo Secures Jupiter Project Option

Exploration Breakthrough at Vista Montana

Culpeo Minerals Limited (ASX:CPO) has delivered a significant update on its copper exploration activities in Chile for the quarter ended 31 March 2025. The company’s recent mapping, rock chip, and channel sampling at the Vista Montana Prospect have yielded encouraging results, including assays of up to 2.62% copper, 2.07 g/t gold, 11.2 g/t silver, 749 ppm antimony, and 117.5 ppm bismuth. These findings reinforce the presence of a well-defined copper porphyry system exhibiting classic zoned alteration and geochemical signatures typical of copper-bearing porphyry intrusions.

The surface footprint of the core porphyry target at Vista Montana spans approximately 250m by 250m and is interpreted as a "finger" of a larger, buried intrusive body identified through geophysical surveys. This discovery significantly upgrades Vista Montana’s status as a high-priority target within Culpeo’s portfolio, with potential for additional high-grade copper mineralisation along the 3km mineralised trend extending from Lana Corina to Vista Montana.

Strategic Acquisition of Jupiter Copper Project

In a strategic move to expand its high-grade copper exposure, Culpeo has signed a binding, staged option agreement with Excava Holdings SpA to acquire up to 100% of the Jupiter Copper Project. Located in Chile’s Coastal Cordillera belt near Antofagasta, Jupiter covers approximately 4,000 hectares and includes multiple small-scale mines and two distinct copper mineralisation zones with surface samples grading up to 4.33% copper and 3.24 g/t gold.

The acquisition structure is designed to minimise upfront capital outlay, with staged payments and earn-in milestones tied to drilling progress and feasibility studies. This approach aligns with Culpeo’s strategy of targeting infrastructure-rich, high-grade copper systems in world-class mining regions.

Amended Earn-In Schedule Enhances Lana Corina Ownership

Culpeo has also agreed to an amended earn-in schedule for the Lana Corina Copper-Molybdenum Project, allowing the company to increase its ownership stake to 80% through four additional staged payments over the next two years. Culpeo retains the right of first refusal to acquire the remaining 20%, potentially securing full ownership. The flexibility to settle payments in cash or shares provides financial discretion as the project advances.

Upcoming Drilling Programs and Exploration Plans

Looking ahead, Culpeo is preparing maiden diamond drilling programs at both Vista Montana and the La Florida Prospect within the Fortuna Project. The Vista Montana program will initially comprise three holes designed to test the porphyry target, with access negotiations underway with the nearby Soruco community to facilitate drilling and future exploration. Meanwhile, La Florida’s four-hole program is expected to commence within the next four to six weeks, targeting a large porphyry system that has returned surface samples up to 3.96% copper and 2.61 g/t gold.

Exploration at the newly acquired Jupiter Project is scheduled to begin in Q2 2025, focusing on district-scale geological mapping, litho-geochemical surveys, and ground-based geophysics to delineate high-priority targets.

Financial Position and Corporate Governance

During the quarter, Culpeo invested approximately A$0.326 million in exploration activities, primarily on assays and sampling. The company ended the period with A$0.415 million in cash and cash equivalents and zero debt, maintaining a lean balance sheet to support ongoing exploration. Payments to related parties amounted to A$0.129 million, covering executive remuneration and consulting fees.

Led by an experienced board and management team with deep Chilean operational expertise, Culpeo continues to focus on advancing its portfolio of high-grade, near-surface copper systems in one of the world’s premier copper-producing jurisdictions.