Culpeo Minerals Limited (ASX:CPO) (OTCQB:CPORF) (“Culpeo” or “the Company”) released its quarterly activities report for the period ending 31 December 2025. The Company focuses on copper exploration and development within Chile. It targets systems in the infrastructure-rich Coastal Cordillera. This region hosts multiple major copper deposits. The report highlights maiden drilling results at the Fortuna Project. It also outlines upcoming drilling plans for the Vista Montana and Lana Corina Project.
The Company holds a strategic portfolio of assets in Chile’s Coquimbo Region, approximately 350 kilometres north of Santiago. The Projects are located near the world-class Los Pelambres mine and benefit from well-established regional infrastructure, including road access, power transmission, and reliable water supply. A highly skilled local mining workforce further supports operations, enabling efficient, cost-effective Project development.
Figure 1: Primary Project areas, located approximately 350km north of Santiago, Chile [Culpeo Minerals]
High-Grade Copper Intersected at La Florida Prospect
Maiden drilling at La Florida delivered multiple zones of near-surface copper mineralisation. Results confirmed a porphyry-style system within a 1.7km by 500m corridor. The Company completed an eight-hole diamond drilling programme during the Quarter. Assay results validated the presence of a copper-bearing system. Four drillholes returned significant high-grade copper intercepts.
The drilling programme tested various mineralised zones along the structural corridor. Silver mineralisation also appeared in the assay results. Silver grades reached up to 5.19g/t Ag. Notable intercepts from the campaign include:
- 6.65m at 1.03% Cu from 14.00m in hole CMLFD002.
- 4.40m at 1.44% Cu from 15.00m within CMLFD002.
- 13.60m at 0.88% Cu from 4.00m in hole CMLFD005.
- 6.10m at 1.35% Cu from 10.00m within CMLFD005.
- 16.00m at 0.70% Cu from 107.00m in hole CMLFD005.
- 1.95m at 3.49% Cu from 121.50m within CMLFD005.
Figure 2: La Florida – Diamond Drilling Intercepts from hole CMLFD005 [Culpeo Minerals]
Geology and Exploration Prospects at Fortuna
The Fortuna Project sits 10km north of the Lana Corina Project. It hosts numerous historical, small-scale workings targeting near-surface mineralisation. Lithologies at La Florida match those at the nearby Lana Corina Project. This supports the interpretation of a regionally significant porphyry system. The distribution of mineralisation suggests potential along strike and at depth.
Surface mapping and geophysical interpretation identified La Florida as a priority target. Trenching and prior sampling also guided the maiden drilling programme. The Company considers these initial results extremely encouraging. They provide data to guide the next exploration phase. Future work will systematically follow up on these vectors.
Figure 3: Geographic location of the Projects [Culpeo Minerals]
Fully Funded Drilling Programme for Lana Corina
Culpeo completed preparations for a maiden diamond drilling programme at Vista Montana. This 4,000m programme expects to commence in Q1 CY2026. The start date depends on finalising land access agreements. This programme aims to test the 3km trend linking Lana Corina to Vista Montana. Vista Montana sits 1km north-east of the Lana Corina discovery.
Prior drilling at Lana Corina intersected 454m at 0.93% CuEq. A successful A$3 million placement fully funds the upcoming work. The Company also plans follow-up drilling at Lana Corina. This forms part of an accelerating exploration programme across its concessions. Advanced planning for these activities is currently underway.
Figure 4: Phase 1 drilling at the Lana Corina Project [Culpeo Minerals]
Copper and Molybdenum Potential at Vista Montana
The Lana Corina Project has already delivered a significant discovery. It contains both copper and molybdenum mineralisation. Previous drilling results at Lana Corina showed extensive wide zones. These results include 257m at 1.10% CuEq from 170m. Another hole returned 169m at 1.21% CuEq from 239m.
Culpeo aims to unlock district-scale potential through disciplined exploration. It follows a strategy of staged Project advancement. The Company targets high-grade, near-surface systems. This strategy creates a clear development pathway. The upcoming Q1 programme represents a key step in this process.
Termination of Jupiter Copper Project Option
Culpeo terminated its option arrangement for the Jupiter Copper Project. The Company entered this binding agreement on 14 April 2025. It planned to acquire up to 100% of the Project. This was a farm-in arrangement with Excava Holdings SpA. Culpeo finished field exploration activities at the site.
The Company elected to terminate before the first anniversary. This decision avoided the second potential payment milestone. Culpeo incurred A$107,000 in acquisition and exploration costs. It will expense this amount in the financial accounts. The Company retains no interest in the Jupiter tenure.
Operational Expenditure
Exploration and evaluation expenditure for the Quarter totalled A$233,000. Costs are mainly related to activities at the La Florida Prospect. This included payments for labour, consultants, and vehicle hire. Assay costs also contributed to the quarterly spend. The Company maintains disciplined financial management across its Projects.
Portfolio of Exploration Concessions
Culpeo holds a diverse range of concessions as of 31 December 2025. The Fortuna Project covers a total area of 5,375 hectares. The Lana Corina Project encompasses 550 hectares. Las Petacas accounts for 1406 hectares of the portfolio. San Sebastian adds another 50 hectares to the holdings.
Ownership percentages vary across the different licence areas:
- Lana Corina’s licences show 50% ownership.
- Petacas licences show 66% ownership.
- San Sebastian licences show 100% ownership.
- Fortuna licences range from 80% to 100% ownership.
Commodities Market
Copper: Industrial Demand vs. Supply Surplus
Copper prices remain volatile in 2026 as the market balances structural demand from the energy transition against a projected supply surplus.
- Price Range: Goldman Sachs Projects prices to stabilise around $11,000 per tonne, while J.P. Morgan expects an average of $12,075/mt.
- Growth Drivers: AI data centre infrastructure and global electrification continue to underpin long-term demand.
- Regional Context: Chile remains the world’s leading producer, though new Projects face scrutiny over infrastructure and water availability.
Gold: The Structural Bull Run
Gold continues its historic rally, transitioning into a long-term structural bull market driven by central bank diversification and geopolitical risks. Expected interest rate cuts of approximately 75 basis points, together with sustained central bank purchases of roughly 800 tonnes, support this upward trajectory.
Molybdenum: Strategic Alloy Demand
Molybdenum serves as a critical alloying agent for high-strength steels used in aerospace and green energy.
- Market Outlook: Global demand is expected to exceed 350,000 metric tons in 2026.
- Pricing: The metal is projected to trade near 544 CNY/Kg, supported by its essential role in corrosion-resistant materials for wind turbines and energy pipelines.
Figure 5: Applications of Cu, Au, Mo
Investor Outlook
Culpeo Minerals (ASX:CPO) currently trades at A$0.015 with a market capitalisation of A$10.41 million. Over the previous 52 weeks, the share price fluctuated between A$0.010 and A$0.022. The Company maintains this valuation while holding A$2.0 million in cash. It also reports zero debt on the balance sheet at Quarter end.
The impending settlement of a second placement tranche on 3 February 2026 will increase cash by A$1.6 million. These funds provide a clear runway for exploration activities throughout the 2026 calendar year. This capital specifically supports the upcoming 4,000m diamond drilling programme at the Vista Montana Copper Prospect.
