Culpeo Minerals (ASX:CPO) raises $3 Million to advance Chilean copper targets

Culpeo Minerals has strengthened its balance sheet ahead of an expanded drilling campaign across its Chilean copper assets, securing approximately A$3 million through firm commitments to a Placement.

The funding positions the company to commence maiden drilling at the Vista Montana Copper Prospect, located one kilometre north east of its Lana Corina discovery, while also supporting broader exploration programmes across its concession package.

Highlights

• Firm commitments received to raise approximately A$3 million before costs.

• Placement introduces new institutions and sophisticated investors and maintains support from existing shareholders.

• Funding allocated to maiden drilling at Vista Montana, follow up drilling at Lana Corina, and field programmes at the La Florida target and Fortuna Project.

• Two tranche Placement comprising approximately 272 million new shares at $0.011 per share.

Culpeo’s immediate operational objective is to deploy up to 5,000 metres of maiden drilling at the Vista Montana target, which lies one kilometre along strike from the Lana Corina discovery.

Lana Corina has already yielded a wide zone of 454 metres at 0.93 per cent CuEq from 90 metres, establishing a strong geological foundation for further drilling and prompting the company to broaden its exploration footprint in the region.

The new funds also allow follow up drilling at Lana Corina, reinforcing the company’s focus on high grade, near surface copper systems.

Beyond the Lana Corina corridor, the Placement proceeds will support field programmes at the La Florida target and the Fortuna Project, where induced polarisation surveys will help define future drill targets.

The company describes the broader concession package as highly prospective, with multiple copper-focused prospects advancing through early stage exploration pipelines.

The capital raising will occur in two tranches, with the first comprising approximately 130 million new shares issued under the company’s existing placement capacity and allocated across Listing Rules 7.1 and 7.1A.

The second tranche, totalling approximately 143 million shares, is subject to shareholder approval at an upcoming general meeting.

All Placement Shares are being issued at $0.011 each, and the company will also issue 30 million options to the Joint Lead Managers, exercisable at $0.0225 and expiring three years from the date of issue, with approval to be sought from shareholders.

Interim Executive Chair Geoff McNamara noted the importance of the new capital, stating,

“Funds raised through this Placement ensure we are well funded for our maiden drilling programme, at the untested Vista Montana Prospect and follow up drilling at our Lana Corina discovery.”

He also highlighted the planned programme to advance exploration at the La Florida porphyry copper gold target through an initial induced polarisation survey.

The company has set out an indicative timetable, with settlement of the first tranche scheduled for early December and the issue of shares the following day. The second tranche will progress following shareholder approval in January.

Culpeo Minerals enters this next phase of activity with a defined work programme, spanning maiden drilling, follow up drilling and target generation across multiple project areas.

With its assets located within established metallogenic belts supported by regional infrastructure, the company now moves into a period of heightened on ground activity that is expected to shape the next stage of its copper exploration strategy in Chile.

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