Camino Announces $5.0 Million Brokered Private Placement of Units and Concurrent $9.5 Million Non-Brokered Private Placement of Convertible Debentures

Camino Minerals Corporation announced a private placement offering with aggregate gross proceeds of up to C$14.5 million. The offering comprises a brokered equity component of up to 12,000,000 units priced at C$0.42 per unit, generating up to C$5.04 million. Each unit consists of one common share and one-half of one common share purchase warrant. Warrants are exercisable at C$0.55 per share for two years, subject to a 60-day hold period.

The non-brokered component involves convertible debentures totaling up to C$9.5 million, issued in C$1,000 denominations. Debentures carry a 10.0% annual interest rate, capitalized quarterly, with a 36-month maturity. Conversion price is set at C$0.48 per share, exercisable for five years. Proceeds are designated to satisfy joint venture cash calls for the Puquios Copper Project in Chile, fund exploration and drilling at the Costa de Cobre Project in Peru, cover permitting and general/administrative expenses. The convertible debentures are primarily intended to refinance acquisition-related debt and extension fees associated with the Puquios Project.

Santiago Holdco, owned by Denham Capital Management LP (holding ~40.8% of shares), is expected to acquire all convertible debentures in a related-party transaction exempt from formal valuation under MI 61-101. Closing is subject to TSX Venture Exchange approval and is expected on or about August 26, 2026.

Camino Minerals Corporation (COR) has secured financing to address a working capital deficiency of C$6.17 million, a figure that improves to C$2.08 million if milestone payments are reclassified to long-term. The capital raise funds critical joint venture cash calls for the construction of Puquios and aligns with the previously announced mid-2026 construction timeline for the project, as well as ongoing exploration at Costa de Cobre. The transaction is expected and incremental rather than unexpected.

The capital raise is dilutive, introducing 12 million new equity units and up to 19.8 million potential shares from debenture conversion at C$9.5 million / C$0.48. This funding serves as a necessary lifeline given the company's going concern status and zero operating revenue. The related-party nature of the debenture placement with Denham Capital reduces external market scrutiny but may limit pricing flexibility. The equity price of C$0.42 is slightly below recent trading levels, which is standard for brokered placements but adds near-term selling pressure.

Camino Minerals Corporation (COR) is a pre-revenue exploration and development company focused on copper assets in Chile and Peru. Its flagship asset is the Puquios Copper Project in Chile, a 50/50 joint venture with Nittetsu Mining. The project is construction-ready, with all permits secured and a waste dump expansion approved to extend mine life to 15 years. A Preliminary Feasibility Study indicates approximately 9,000 tonnes per annum of copper production, a 14-year mine life, and an internal rate of return of 23.4% at $4.25/lb Cu.

In Peru, the company holds the Costa de Cobre project, formerly known as Los Chapitos, an IOCG copper-silver discovery. Nittetsu has completed its C$10M earn-in, securing a 35% interest. Recent drilling has demonstrated strong continuity along the Diva trend. The company also holds additional assets in Peru, including the Maria Cecilia copper porphyry and the early-stage Plata Dorada Cu-Ag project, both currently in early exploration stages.

Management is led by CEO Jay Chmelauskas and Chairman Chris Adams, with a focus on advancing Puquios to production while expanding the Peruvian exploration platform.