Camino Receives Approval for Waste Dump Expansion and Achieves Milestone at the Puquios Copper Project in Chile
Executive Summary
- Chilean Environmental Assessment Service issued an exempt resolution approving a waste‑dump modification at the Puquios copper project, extending its mine life to 15 years.
- Camino and joint‑venture partner Nittetsu will commence payment of contingent payments to the Vendors, with 50 % deferred to March 1 2026 in exchange for an additional CAD 750,000 from Camino.
- The company granted stock options for up to 2,250,000 common shares (exercise price $0.30) and intends to issue 443,250 “Finder Shares” to Resource Play as a finder's fee tied to Nittetsu’s earn‑in payments on the Los Chapitos project.
Key Details
- Environmental Approval
- Exempt resolution modifies location & volume of waste dump at Puquios.
- No separate Environmental Impact Assessment required.
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Project life extended to 15 years.
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Contingent Payment Arrangement
- Vendors (Santiago Metals Investment Holdings II SLU & II‑A LLC) waive & defer 50 % of each of the first three contingent payments to Mar 1 2026.
- In consideration, Camino will pay an additional CAD 750,000 on or before Mar 1 2026.
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Deferred payments may be satisfied in cash or Camino common shares at vendor election.
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Financing Context
- Approval supports Camino & Nittetsu’s pursuit of a project loan facility with Japanese lenders for Puquios construction.
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Expected to be competitive versus other mining‑sector financing alternatives.
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Stock Option Grant (Equity Incentive)
- Options granted to directors, officers, consultants, employees: up to 2,250,000 common shares.
- Exercise price: $0.30 per share; expiry Oct 7 2030.
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Vesting: 25 % immediate, then 25 % every six months over an 18‑month period.
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Finder Shares Issuance
- Intent to issue 443,250 common shares (“Finder Shares”) to Resource Play at a deemed price of $0.30 per share.
- Represents finder's fee for Nittetsu’s US$3.0 million contribution under the Earn‑In Agreement (fourth & fifth earn‑in payments).
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Subject to TSX Venture Exchange acceptance and statutory hold period of 4 months + 1 day.
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Strategic Commentary
- CEO Jay Chmelauskas: “Puquios is the right‑sized copper mine… with current upward trending copper prices, it’s the right time for Camino to build in Chile.”
- Denham Capital Managing Director Justin Machin: highlighted progress toward a final investment decision following the expansion authorization.
Notable Quotes
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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.” -
Justin Machin, Managing Director – Denham Capital
“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.”