Culpeo Minerals Limited (ASX: CPO, OTCQB: CPORF) (“Culpeo” or “the Company”) delivered a productive quarter ending on 30th September 2025, achieving key milestones across its Chilean copper portfolio. The Company’s focus on advancing high-grade, near-surface copper projects aligns strongly with the surging global demand for copper, a critical mineral driving the clean energy and digital transitions.
Figure 1: A map of Culpeo Minerals’ project locations in Chile.
According to the United Nations Conference on Trade and Development (UNCTAD), global copper demand is forecast to grow by more than 40% by 2040, driven by electric vehicles, renewable energy infrastructure, and AI-related data centres. However, supply growth is lagging, potentially requiring 80 new mines and US$250 billion in investment by 2030. This imbalance places copper explorers like Culpeo in a favourable position as governments and industries seek stable, sustainable supply chains.
Key Highlights for the Quarter
- Maiden diamond drilling completed at the La Florida Prospect, confirming multiple high-grade copper zones.
- Drill results included standout intercepts of 6.65m at 1.03% Cu from 14m, 10m at 1.35% Cu from 10.00m and 0.49m at 4.19% Cu from 121.5m.
- Preparations advanced for a 4,000 m fully funded diamond drilling program at Vista Montana, aimed at linking the Lana Corina and Vista Montana Prospects.
- Cash balance of A$1.2 million at the quarter’s end, with zero debt.
- Appointment of Ms Michaela Stanton-Cook as Joint Company Secretary alongside Ms Sue Wong.
Figure 2: Culpeo Minerals’ key project locations situated about 350 kilometres north of Santiago, Chile.
Copper Market Context: A Strategic Commodity
The global copper market is projected to grow from 26.29 million tons in 2025 to 32.18 million tons by 2030, registering a CAGR of 4.12% during the forecast period. This expansion is being driven by accelerating electrification, the high copper intensity of renewable energy infrastructure, and extensive grid-modernisation initiatives, all of which are tightening an already constrained supply chain.
By source, mining dominated the market with an 84.82% share in 2024, while recycling is anticipated to be the fastest-growing segment, expanding at a CAGR of 5.64% through 2030. By end-use industry, building and construction accounted for the largest share at 25.22% in 2024, whereas infrastructure applications are set to grow steadily at a 4.57% CAGR by 2030. Regionally, the Asia-Pacific market remained the clear leader with a 70.84% share in 2024, while the Middle East and Africa region is forecast to post the strongest growth at a CAGR of 5.35% through 2030.
Figure 3: Copper Market Outlook
Drivers Impact Analysis
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
| Expanding Demand from Renewable Energy and Grid Electrification | +1.2% | Global, with concentration in China, EU, North America | Medium term (2-4 years) |
| Rapid Growth in EV Copper Intensity | +0.9% | APAC core, spill-over to North America and Europe | Medium term (2-4 years) |
| Urban Infrastructure Expansion in Emerging Markets | +0.7% | Asia-Pacific, Middle East & Africa, Latin America | Long term (≥ 4 years) |
| HVDC Submarine Cables for Offshore Wind | +0.4% | Europe, Asia-Pacific coastal regions | Long term (≥ 4 years) |
| Antimicrobial Copper Adoption in Healthcare | +0.2% | Global, with early adoption in developed markets | Short term (≤ 2 years) |
Project Focus: Fortuna Project – La Florida Prospect
The Fortuna Prospect, located about 25 km north of the Company’s flagship Lana Corina Discovery, which hosts multiple historic high-grade workings and lies within Chile’s prolific Coastal Cordillera porphyry belt — home to some of the world’s largest copper deposits.
Figure 4: Schematic illustration of the porphyry system, highlighting in green the interpreted zones intersected during the latest drilling phase.
At the La Florida Prospect, trenching and surface sampling defined a 1.7 km by 500 m structural corridor rich in copper mineralisation, with surface grades up to 2.70% Cu. This success laid the groundwork for the maiden diamond drilling program — the first ever conducted in this highly prospective area.
Trenching results included:
- 10m at 2.70% Cu (FLO67)
- 6m at 2.31% Cu (FLO26)
- 30m at 1.00% Cu (FLO70)
Following these results, eight diamond drill holes were completed in July 2025, targeting porphyry-style mineralisation across multiple zones. The post-quarter assay results confirmed multiple zones exceeding 1% Cu, strengthening geological interpretations of a porphyry system similar to Lana Corina.
Figure 5: Location of completed diamond drill holes at La Florida
Key intercepts:
- 6.65m at 1.03% Cu from 14.00m (CMLFD002)
- Including 4.40m at 1.44% Cu from 15.00m
- 13.60m at 0.88% Cu from 4.00m (CMLFD005)
- Including 6.10m at 1.35% Cu from 10.00m
- And 0.49m at 4.19% Cu from 121.50m
- 1.00m at 1.37% Cu from 76.00m (CMLFD006)
These results confirmed copper mineralisation on the interpreted margins of a porphyry system, indicating strong potential for future resource expansion. Additionally, silver grades up to 5.19g/t Ag were recorded, supporting polymetallic potential.
Advancing the Lana Corina and Vista Montana Projects
During the quarter, Culpeo prepared for a 4,000m diamond drilling program at the Vista Montana Prospect, located adjacent to Lana Corina. The objective is to determine whether the two systems form part of a 3 km continuous copper trend. This campaign is fully funded and expected to commence in the coming weeks.
The Lana Corina Project has already delivered multiple high-grade copper-molybdenum intersections including:
- 454m at 0.93% CuEq; including 78m at 1.24% CuEq.
- 257m at 1.10% CuEq;
- 173m at 1.09% CuEq;
- 169m at 1.21% CuEq;
- 72m @ 0.91% CuEq from 352m; including
- 35m @ 1,704ppm Mo (0.84% CuEq); including
- 1m @ 15,000ppm Mo (6.09% CuEq).
Positioning Lana Corina as the cornerstone asset in the Company’s portfolio. Continued exploration across both projects underscores Culpeo’s strategy of targeting district-scale copper systems.
Figure 6: Regional map showing the Lana Corina and Vista Montana prospects, with significant trenching and drilling results
Future Work and Outlook
Culpeo’s exploration strategy remains systematic and data-driven. Upcoming work includes:
- Ongoing trenching at La Florida to define new targets.
- Assay results pending from El Quillay and Piedra Dura
- Commencement of drilling at Vista Montana in the coming weeks.
These activities will collectively refine Culpeo’s understanding of copper distribution across its Chilean tenements and help prioritise development targets.
With a cash position of A$1.2 million and no debt, the Company maintains financial stability to advance its exploration programs efficiently.
Corporate Developments
The quarter saw key corporate updates, including the appointment of Ms Michaela Stanton-Cook as Joint Company Secretary alongside Ms Sue Wong. Ms Stanton-Cook brings legal and governance expertise from previous ASX-listed company roles.
A General Meeting of Shareholders was held on 3 July 2025, with all resolutions passed by the requisite majorities, reflecting shareholder confidence in the Company’s direction.
Exploration expenditure during the quarter amounted to A$0.9 million, primarily allocated to drilling and fieldwork at La Florida. Payments to related parties totalled approximately A$0.1 million, covering non-executive director fees and consulting costs.
Investor’s Outlook: Culpeo Minerals Limited
As of 30th October 2025, Culpeo Minerals Limited’s shares were traded at A$0.014 per share. The Company’s market capitalisation stands at approximately A$7.28 million, reflecting its position as an emerging copper explorer with substantial growth potential.
Over the past year, CPO’s share price has moved within a 52-week range of A$0.010 to A$0.031, demonstrating typical fluctuations seen across the junior exploration sector. The current valuation indicates that the market is closely watching the Company’s ongoing drilling and exploration results in Chile, which could serve as important catalysts for future price appreciation amid strengthening global copper demand.
Strategic Position in a Growing Copper Market
With global copper demand outpacing supply, explorers with high-grade, near-surface assets in stable jurisdictions stand to benefit. Chile’s well-developed mining infrastructure and supportive policies make it a preferred destination for copper exploration.
Culpeo’s exploration results at La Florida, confirming a copper-bearing porphyry system, reinforce its strong technical capability and strategic positioning. As the global copper market grows toward US$340 billion by 2030, Culpeo’s Chilean portfolio offers both geological potential and proximity to existing world-class operations.
Conclusion
The September 2025 Quarter marked a significant period of progress for Culpeo Minerals. The Company advanced exploration across its Chilean portfolio, achieved strong assay results, and strengthened its corporate structure, all while operating within a bullish global copper environment.
As the world accelerates toward electrification and digital infrastructure, copper remains indispensable. Culpeo’s focus on high-grade, near-surface copper discoveries in Chile positions it well to participate in this next wave of global resource development.
