Nittetsu Mining Provides Final $1.5 Million Earn-in Payment for Camino's Los Chapitos Copper Project in Peru
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On December 3, 2025, Camino Minerals announced that its partner, Nittetsu Mining CO., Ltd., has provided the final C$1.5 million earn-in payment for the Los Chapitos copper project in Peru. This completes Nittetsu's earn-in requirement, and the project will now be converted into a joint venture (JV). Camino will be the operator, retaining a 65% participating interest and 50% of the life-of-mine production off-take.
The company also confirmed that exploration drilling is underway at Los Chapitos, with the fourth drill hole of a planned 18-hole, 2,650-metre phased campaign in progress. The program is expected to continue into the first half of 2026.
Finally, the company announced a small private placement of 139,535 common shares at C$0.43 per share to settle a finder's fee related to the earn-in agreement.
This news is a material positive event that confirms the successful execution of the company's partnership strategy at its key exploration asset.
- Confirmation of a Key Milestone: The final C$1.5 million payment from Nittetsu was anticipated in the October 15, 2025 news release. Its timely receipt solidifies the partnership, confirms Nittetsu's commitment after completing its due diligence and initial exploration funding, and formally establishes the JV structure. This removes any lingering uncertainty regarding the earn-in completion.
- De-risking of Los Chapitos: By formalizing the JV with Camino as the 65% owner and operator, the path forward for Los Chapitos is now clearly defined. Nittetsu is a significant, experienced mining partner, and their full investment de-risks the project from a partnership and funding perspective for the current exploration phase.
- Operational Progress: The update that drilling is on the fourth hole of an expanded 2,650-metre program confirms that operations are proceeding as planned since the announced start in early November. This demonstrates operational capability.
- Context of Prior News: This event follows the transformative acquisition of the construction-ready Puquios project in April 2025 and a significant C$5.6 million strategic financing in November 2025. The completion of the Los Chapitos earn-in is another critical piece of the company's strategy falling into place, showcasing consistent execution by management throughout the year.
While the market anticipated this payment, the official completion of the earn-in and formalization of the JV is a significant and positive step that should be viewed favorably. It transitions Los Chapitos from an earn-in exploration play to a formally partnered JV project with a clear path to continued discovery-focused drilling.
Camino Minerals is a copper-focused exploration and development company with two flagship projects in South America, both partnered with Nittetsu Mining Co., Ltd. - Puquios Copper Project (Chile): This is the company's development asset, a 50/50 JV with Nittetsu. Camino acquired its stake in April 2025. Puquios is a construction-ready project with a positive March 2025 Pre-Feasibility Study (PFS) outlining a 14.2-year mine life, an initial CAPEX of US$142M, and a post-tax NPV8 of US$118M. The company is currently working to secure project debt financing with a goal of starting construction in the first half of 2026. - Los Chapitos Copper Project (Peru): This is the company's exploration asset, now a 65/35 JV with Nittetsu, where Camino is the operator. It is a large, 220 sq. km property with evidence of a district-scale copper system. Exploration has identified numerous high-grade copper and silver targets along two major structural trends, Diva and La Estancia. A 2,650-metre discovery-focused drill program is currently underway.