Camino gains approval for Puquios waste dump expansion

Executive Summary

• Chilean Environmental Assessment Service approved a waste‑dump expansion, extending the Puquios copper project life to 15 years and removing the need for a separate EIA.
• Camino and partner Nittetsu Mining are moving forward with a financing package (project loan facility) for the Puquios mine; Japanese lenders are being engaged.
• Contingent payments under the October 4, 2024 share purchase agreement were partially deferred to March 1, 2026 in exchange for an additional $750,000 payment by Camino.

Key Details

• Environmental Approval: Exempt resolution authorizes modification of waste‑dump location and volume at Puquios, extending project lifespan to 15 years; no separate EIA required.
• Financing Effort: Camino and Nittetsu are pursuing a project loan facility for the construction of the Puquios mine, actively exploring Japanese lender options expected to be competitive within the mining sector.
• Contingent Payment Deferral: Vendors (Santiago Metals Investment Holdings II SLU & II‑A LLC) will waive and defer 50 % of each of the first three contingent payments (Camino’s share) to March 1, 2026; Camino will pay an additional $750,000 on or before that date. Payments may be made in cash or Camino common shares at vendors’ election.
• Stock Option Grant: Options granted to directors, officers, consultants and employees for up to 2.25 million common shares at $0.30 per share, exercisable through Oct 7, 2030; vesting 25 % immediately and thereafter 25 % every six months over an 18‑month period.
• Finder’s Fee Issuance: Intent to issue 443,250 common shares to Resource Play at a deemed price of $0.30 per share as consideration for a $3.0 million contribution by Nittetsu under the Los Chapitos earn‑in agreement; issuance subject to TSX Venture Exchange acceptance and statutory hold period (four months + one day).
• Strategic Context: The approval supports Camino’s right‑sized copper mine development in Chile amid rising copper prices and complements upcoming exploration drilling at the Los Chapitos project in Peru, providing dual value drivers for investors.

Notable Quotes

• Justin Machin, Managing Director, Denham Capital & Camino director: “The Puquios project is progressing positively towards a final investment decision with the recent expansion authorization. We are pleased to work with Camino as the company develops a financial package to build the Puquios copper mine.”
• Jay Chmelauskas, CEO, Camino Minerals Corp.: “Puquios is the right‑sized copper mine, and with current upward trending copper prices, it’s the right time for Camino to build in Chile with our partners, Denham Capital and Nittetsu Mining. This partnership also covers our Los Chapitos copper project in Peru where exploration drilling will commence shortly, providing two value drivers for investors, copper production in Chile and copper exploration in Peru.”