Camino Minerals to begin drilling at Los Chapitos

On October 15, 2025, Camino announced it is mobilizing equipment to commence a discovery drilling campaign at its Los Chapitos copper project in Peru, with drilling planned to start in the first week of November 2025. The program will initially consist of 9 drill holes for 1,200 metres, with the potential to expand to over 3,000 metres contingent on the next C$1.5 million investment tranche from partner Nittetsu Mining, anticipated in December 2025.

The program aims to discover new copper-silver deposits at previously undrilled targets (Mirador, Piloto, Maqui, Sombrero Blanco) and extend mineralization at known zones (Adriana, Lourdes, Katty). The news release reiterates strong, previously announced surface trenching results to support these targets.

Additionally, Camino highlighted that Peru's Ministry of Energy and Mines (MINEM) has selected Los Chapitos as one of 15 priority exploration projects for 2025-2026, though no specific tangible benefits of this designation were detailed.

The announcement of a drill program is a routine operational update for an exploration company. However, it is rated Routine - Positive for two key reasons: 1. The drilling is fully funded by partner Nittetsu Mining, which does not deplete Camino's own precarious cash position. This is critical given the company's working capital deficit and recent payment deferrals related to its Puquios project. 2. The program follows a disappointing drill campaign at the Pampero target (results May 2025) and is now focused on new, high-potential targets like Mirador and Katty, which have returned excellent high-grade surface trenching results. This represents a necessary and positive step to regain exploration momentum.

The impact is not material at this stage because it is an announcement of planned activity, not results. The small initial size of the program (1,200 metres) is a reconnaissance effort. The "priority project" designation by the Peruvian government is positive PR but lacks substance until tangible benefits like fast-tracked permits are confirmed. The market will await drill results to re-rate the stock, making this news an expected, albeit welcome, step forward.

Camino Minerals is a copper-focused company that has recently transitioned from a pure explorer to a potential developer. It has two key assets: 1. Los Chapitos (Flagship Exploration Project): A large copper property in Peru being explored under a joint venture with Nittetsu Mining Co., Ltd., who is earning a 35% interest by funding C$10.1 million in payments and exploration. The project has shown potential for multiple copper oxide zones. 2. Puquios (Development Project): A 50/50 joint venture with Nittetsu to develop a "construction-ready" copper mine in Chile, acquired in April 2025. A 2025 PFS outlined a US$142 million initial capex. This project carries enormous financing risk for Camino.