Camino receives final $1.5-million Los Chapitos payment

Executive Summary

• Camino Minerals Corp. has received the final $1.5 million earn-in payment from Nittetsu Mining Co. Ltd., completing the earn-in expenditure requirements for the Los Chapitos copper project in Peru.
• The project is being formally converted into a joint venture, with Camino retaining a 65% participating interest, operatorship, and 50% of the life-of-mine production offtake.
• Exploration drilling is currently underway at Los Chapitos, with the fourth hole of a planned 18-hole, ~2,650-meter campaign, expected to continue into the first half of 2026.

Key Details

• Earn-In Completion: Nittetsu Mining made the sixth and final $1.5 million payment under the earn-in agreement dated June 13, 2023.
• Joint Venture Terms:
  • Camino retains 65% participating interest.
  • Camino retains operatorship.
  • Camino retains 50% of the life-of-mine production offtake.
• Drilling Update:
  • Current status: Advancing the fourth drill hole of a phased campaign.
  • Total planned campaign: Approximately 2,650 metres across an estimated 18 drill holes.
  • Target areas: High-grade copper targets along the Diva and La Estancia trends.
  • Timeline: Program expected to continue into the first half of 2026.
  • Context: Recent trench sampling demonstrated high-grade copper structures and copper mantos potential.
• Share Issuance (Finder's Fee):
  • Camino intends to issue 139,535 common shares to Resource Play (an arm's-length third party).
  • Deemed price: 43 cents per share.
  • Purpose: Finder's fee in connection with the earn-in agreement.
  • Regulatory Status: Subject to acceptance of the TSX Venture Exchange.
  • Hold Period: Statutory hold of four months and one day from issuance.
• Strategic Context: This is the second joint venture with Nittetsu; Camino is also advancing the Puquios copper mine development with Nittetsu in Chile.

Notable Quotes

• "With the joint venture structure soon in place at Los Chapitos, we will continue to drive exploration on the high-grade copper targets we've defined across the Diva, Atajo and La Estancia copper trends," said Jay Chmelauskas, chief executive officer of Camino. "Through our two joint ventures with Nittetsu, we are collaborating on two fronts, building a new copper mine in Chile at Puquios and continuing discovery drilling at Los Chapitos in Peru."