Culpeo Minerals Reports US$150,000 Lana Corina Earn-In Payment and Plans 4,000m Drill Program

Lana Corina Earn-In Terms Reshaped to Ease Cash Burden

Culpeo Minerals (ASX:CPO) has significantly eased its near-term financial commitments on the Lana Corina copper-molybdenum project in Chile by renegotiating the earn-in agreement. The upfront cash payments required have been slashed from US$750,000 to a much lighter US$150,000, while preserving the company’s pathway to an 80% ownership stake and a right of first refusal on the remaining 20%. Culpeo has already met the expenditure criteria to earn a 50% interest, maintaining full exposure to the project’s upside without increasing immediate cash strain. This move reflects a pragmatic approach to managing capital while advancing the project’s development stage, consistent with the company’s recent strategy to defer payments and focus on exploration efficiency. The earn-in amendment builds on earlier payment deferrals and supports ongoing exploration momentum at Lana Corina. This restructuring aligns with the company’s broader efforts to optimise its capital allocation amid evolving project timelines and market conditions, as previously discussed in the company’s earn-in schedule amendment.

Vista Montana Drilling Set for Q2 Pending Access Agreement

The next major milestone at Lana Corina is a fully funded 4,000-metre diamond drilling programme targeting the Vista Montana prospect, scheduled to commence in the second quarter of 2026. This programme aims to test a 3-kilometre interpreted mineralised corridor linking Lana Corina to Vista Montana, seeking extensions of known mineralisation and potential new discovery zones along this significant trend. However, the drilling remains contingent on finalising a long-term land access agreement with the Soruco community, which has experienced delays beyond initial expectations. Culpeo emphasizes its commitment to establishing a durable access framework to enable ongoing and repeat drilling campaigns, a critical factor for sustained exploration success in the region. The drilling campaign is a key step in advancing the project’s geological understanding and unlocking further value, complementing the company’s systematic exploration approach in Chile’s Coastal Cordillera. This planned drilling follows the company’s earlier fully funded drilling programme announcement and reflects a continuation of its disciplined project advancement strategy.

Fortuna Project Remains a High-Priority Copper Target

Meanwhile, Culpeo’s Fortuna Project, located approximately 25 kilometres north of Lana Corina, continues to attract attention with its large-scale porphyry-style copper system defined over a 1.7-kilometre by 500-metre corridor at the La Florida Prospect. Recent geological interpretation and targeting have refined this area as a high-priority drill target, building on historical small-scale workings and promising rock chip sampling and trenching results. The project lies within Chile’s prolific Coastal Cordillera, a well-known porphyry belt that hosts multiple major copper deposits, positioning Fortuna as a strategic complement to Lana Corina. Culpeo’s ongoing work to vector in and develop additional drill targets at Fortuna underscores its district-scale ambitions and commitment to unlocking the full potential of its Chilean portfolio.

Corporate Moves to Streamline Shareholder Base and Maintain Financial Health

On the corporate front, Culpeo has launched an unmarketable parcel sale facility targeting shareholders holding less than A$500 worth of shares. Approximately 416 shareholders with around 4.55 million shares are eligible, with the company covering all associated sale and transfer costs to reduce administrative overhead and improve register efficiency. Euroz Hartleys Group has been appointed to manage the process, reflecting a proactive approach to shareholder relations and cost management. Culpeo ended the quarter with a healthy cash position of A$2.8 million and zero debt, supported by recent financing activities that bolster its funding runway to approximately six quarters based on current expenditure rates. Operating and investing cash outflows were modest relative to financing inflows, indicating a balanced financial posture heading into the next phase of exploration. Payments to related parties, including director fees and consulting, were disclosed at A$133,000 for the quarter, consistent with governance transparency standards.