Camino and Nittetsu Commence Proprietary Leaching Studies for Growth Opportunities at the Puquios Copper Project in Chile

On October 30, 2025, Camino Minerals announced that it and its joint venture partner, Nittetsu Mining Co., Ltd., will commence proprietary leaching studies for the Puquios Copper Project in Chile. These studies will be conducted at Nittetsu's facility in Tokyo to evaluate growth opportunities and assess the scalability of the project beyond its initial construction phase.

The company reiterated that all major construction permits are in place and that mine construction is anticipated to begin in the first half of 2026. Camino also confirmed it is actively pursuing a debt facility with a Japanese lender to finance the project.

The announcement of leaching studies is a logical and incremental step in de-risking and optimizing the Puquios project. It demonstrates a healthy and collaborative partnership with Nittetsu, leveraging their technical capabilities for long-term value creation. This is a positive development.

However, the impact is routine rather than material. The news focuses on potential future growth and scalability, not on the immediate project economics defined by the March 2025 Pre-Feasibility Study (PFS). The key hurdles for the company remain unchanged: securing the large debt facility required for the US$142M initial capital expenditure and delivering exploration success at its Los Chapitos project.

This news confirms the company's stated timeline and strategy for Puquios, which is reassuring, but it does not introduce a new catalyst or fundamentally alter the company's financial position or risk profile. The market's focus will remain on the more significant milestones of financing and exploration drilling. Therefore, the news is positive but not expected to have a material impact on the stock price.

Camino Minerals is a copper-focused exploration and development company with two primary assets in South America.

1. Puquios Copper Project (Chile): This is the company's flagship development asset, held in a 50/50 joint venture with Nittetsu Mining. It is a construction-ready project with its primary environmental permit secured. A March 2025 PFS outlined a US$142M initial capex for a 14.2-year mine life, with a post-tax NPV(8%) of US$118M and IRR of 23.4%. The company is targeting a construction start in H1 2026, contingent on securing project financing. The project is subject to a 1.25% Net Smelter Return (NSR) royalty.

2. Los Chapitos Copper Project (Peru): This is an earlier-stage exploration project where partner Nittetsu Mining is earning a 35% interest by funding C$10M in expenditures. The project has shown high-grade copper and silver at surface, and a drilling campaign commenced in early November 2025 to test new and existing targets. The property is subject to a 1.5% NSR royalty. The presence of Rio Tinto, which has staked adjacent claims, adds geological validation to the area.