Camino moves towards building its first copper mine as supply tightens

View of the Puquios copper project in Chile.

• Camino's Puquios copper project in Chile is permitted to start construction, with key water infrastructure now authorized to proceed.
• With Camino and partner Nittetsu Mining advancing talks on a potential Japanese-sourced debt facility, Camino is targeting a construction decision in Chile before the end of 2026.
• In Peru, a newly approved permit nearly doubles Camino's exploration ground at Costa de Cobre, increasing the effective exploration area by approximately 94%, from 6,012.50 hectares to 11,671.90 hectares, across three copper trends.

Disseminated on Behalf of: Camino Corp.

The copper market has no shortage of deposits, but it lacks mines ready to be built.

Demand is climbing fast as electric vehicles, power grids, and AI data centres pull on an already stretched supply chain. Global consumption is forecast to nearly double and reach 56 million tonnes a year by 2050.

Supply is struggling to keep up, with several of the world's largest producers mining lower grades and new projects taking many years longer to come online. A discovery made today could take a decade or more to produce its first tonne of copper.

Investors have noticed, and analysts at Paradigm Capital say the key question in mining has shifted from how big a deposit is to whether it can actually be permitted, financed, and built. Paradigm acted as a co-lead agent on Camino's C$5.8 million brokered financing in August 2026.

Camino Corp. (TSXV: COR | OTCQB: CAMZF) has a ready answer.

Its flagship Puquios copper project in Chile is permitted for construction and owned 50/50 with Japan's Nittetsu Mining, an established Chilean copper producer. In southern Peru, the company is exploration drilling the Costa de Cobre project with Nittetsu, which holds a 35% interest. Camino envisions the project as potentially its second copper mine, although it is still at the exploration and discovery stage. Two more Peruvian projects, Maria Cecilia and Plata Dorada, round out the pipeline.

A Japanese debt facility and an equity financing package are the final steps toward a construction decision. Once both are in place, Camino plans to make the jump from explorer to builder, a move CEO Jay Chmelauskas says few copper mining companies are in a position to make.

"There's really only a handful of copper companies with projects that are construction ready, and ready to receive capital and build," he said.

Set up for a fast start

Roadwork widening to receive heavy equipment at the Puquios mine site, Chile.

Puquios sits at a low elevation about 130 kilometres northeast of La Serena, with an unsealed highway running within two kilometres of the site.

The mining method is simple: ore is crushed, stacked on lined pads, and rinsed with a solution that dissolves the copper, which is then plated on site into high-purity copper sheets called cathode. Camino will sell finished metal, with no smelter required.

The 2025 pre-feasibility study (PFS) outlines a 14.2-year mine producing about 8,800 tonnes of copper a year through its first eight years. Copper prices have since increased above the PFS base-case assumption, with copper currently trading at approximately US$6.67/lb as at October 13, 2026, and the market outlook is supported by tightening supply and expectations for continued growth.

The mine plan draws on Proven and Probable reserves of 26 million tonnes grading 0.49% copper, estimated at a copper price of US$4.28/lb, and supports annual production of up to 9,000 tonnes of copper cathode over a 14.2-year mine life.

NI 43-101 Key Project Highlights (PFS):

• After-Tax NPV (8%): US$118 million
• After-Tax IRR: 23.4%
• Copper Price Assumption: US$4.28/lb
• Initial Capital Cost: US$141.9 million
• All-in Sustaining Cost (AISC): US$2.00/lb
• Mine Life: 14.2 years
• Mineral Reserves: 25,973 kt @ 0.494% Cu
• Recovery: 78.8%
• Annual Production: up to 9,000 tonnes a year of copper cathode

A partner that has built before

Building a first mine is where many juniors stall, but Camino is taking that step alongside a partner that has done it before. Nittetsu Mining already produces copper in Chile at its Atacama Kozan mine and is developing a second operation, Arqueros. Nittetsu helped fund the Puquios acquisition and will operate the mine. Nittetsu's first investment with Camino was an earn-in to Camino's Costa de Cobre copper asset in Peru.

Partnering with Nittetsu on a second copper asset in Chile also provides access to Japanese lenders. According to Chmelauskas, Nittetsu attracted more than US$350 million in Japanese-sourced capital for the Arqueros copper mine. Camino says it remains confident about finalizing the agreements needed to unlock similar debt for Puquios, subject to final negotiations, definitive documentation, and lender approvals.

"Nittetsu provided the cash component to the transaction to secure the Puquios asset," Chmelauskas said. "They are a strong operator with a proven track record in Chile, and through our relationship, we're able to attract potentially low-cost Japanese debt."

Preparatory work is underway on the ground. On October 5, Camino announced that Chile's water authority, the Dirección General de Aguas (DGA), authorized construction of the water diversion works needed to manage surface water around the mine and its planned processing facilities. The approval followed the joint venture's posting of a US$1.7 million bond, which will be returned in full once the work is complete and certified.

"Authorization to start construction of the surface water infrastructure is a key milestone to commence the construction phase of the Puquios mine," said Marcelo Bruna, CEO of Cuprum Resources, the Camino-Nittetsu joint venture company.

The bigger prize at Puquios

Cross-section of the Puquios copper deposit, Chile.

The first mine targets only the top layer of the deposit, where weathering has concentrated copper into minerals that leach easily. That deeper system has seen only limited drilling, and further work is required to determine its extent, continuity, and economic significance. Leaching tests for the deeper system are underway at Nittetsu's research centre near Tokyo.

The expansion case is still conceptual and not yet part of a compliant resource or mine plan, but it has already drawn outside money. Elemental Royalties paid US$8 million for a 1.25% royalty on Puquios, citing its exploration potential.

"To expand the project beyond the current mine plan, Camino plans further drilling and more metallurgical testing on the deeper sulphides over the construction period," Chmelauskas said.

Envisioning a second mine taking shape in Peru

Drilling core showing oxide copper intercepts at Costa de Cobre in Peru.

Costa de Cobre covers about 23,000 hectares on Peru's southern coast, in the same copper belt as one of the country's newest large copper mines. It is an iron oxide-copper-gold (IOCG) system, a deposit type known for large, high-value copper orebodies. This is the second joint venture with Nittetsu, whereby Camino maintains a 65% interest, and Nittetsu is a 35% participating partner.

More than 28,000 metres of drilling has returned thick zones of copper, some starting right at surface. Hole DCH-097 cut 55.5 metres at 0.93% Cu from surface, including 7.5 metres at 2.58% Cu. Deeper down, DCH-012 returned 96.5 metres grading 0.93% Cu from 175 metres, including 4.5 metres at 5.01% Cu.

Camino now has far more ground to test after Peru's Ministry of Energy and Mines approved an expanded environmental permit on September 28. The approval grows the exploration area by about 94%, increasing the effective exploration area from 6,012 hectares to 11,672 hectares across three copper trends, with drilling planned to start this fall, subject to final authorization.

"We always have two targets in mind when we drill," Chmelauskas said. "One, we're drilling a near-surface copper deposit that we believe could potentially support a medium-scale soluble copper SXEW-style mine. But two, we're drilling to identify potentially larger copper sulphide mineralization."

A valuation that has not caught up

Management believes construction and exploration are what closes that gap. "Completing a final investment decision with Nittetsu and securing competitive Japanese-sourced debt for our Chile copper business, and more exploration drilling in Peru, are the next value drivers at Camino," Chmelauskas said. "We are very focused on achieving these value driver milestones and catalysts."

Over the next 12 months, investors will be watching three things: a construction decision at Puquios, fresh drilling at Costa de Cobre, and a copper market that continues to tighten.

The copper industry needs new mines, and it needs them soon to meet growing demand. Camino has one that is permitted to start construction and advancing toward a construction decision. It also has a partner to help fund it and a management team working towards unlocking the value in a second project right behind it.

The scientific and technical information concerning the mineral projects included in this article has been reviewed and approved by Jose A. Bassan, MSc, FAusIMM (CP), an independent Qualified Person as defined by National Instrument 43-101. The Qualified Person's review relates to scientific and technical disclosure and does not constitute an independent assessment of market forecasts, financing availability, share valuation or future commodity prices. Puquios Mineral Resource and Mineral Reserve estimates and PFS economics are sourced from Camino's NI 43-101 Technical Report and Pre-Feasibility Study; Costa de Cobre exploration results are sourced from the Company's dated technical news releases.

About Camino Minerals Corp.

Camino Minerals Corp. (TSXV: COR | OTCQB: CAMZF | FSE: XC01) is a discovery- and development-stage copper exploration company. The company has entered into a 50/50 joint venture partnership with Nittetsu Mining Co., Ltd. to advance the construction-ready Puquios copper project in Chile toward development and production. Camino is advancing its IOCG Costa de Cobre copper project located in Peru in a 65/35 partnership between Camino and Nittetsu, respectively, through to resource delineation and development, and to add new discoveries.

Learn more at caminocorp.com.

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Cautionary Notes 

This publication contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian and United States securities laws, including, but not limited to, statements regarding (i) the advancement, development, construction, financing and future operation of the Puquios copper project, including the timing of construction and pre-construction activities and a final investment decision and the availability of debt and equity financing, (ii) future exploration, drilling, resource delineation, development potential and possible future mining operations at the Costa de Cobre project, (iii) anticipated project economics, value drivers, milestones and catalysts, (iv) expected copper market conditions and mineralization potential, and (v) future business prospects of the Company. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. The forward-looking information is based on reasonable assumptions and estimates of the management of Camino at the time such statements were made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with changes in regulations; political or economic developments; capital expenditures; future capital needs and uncertainty of additional financing; the need for Camino to manage its future strategic plans; global economic and financial market conditions; uninsurable risks; changes in Camino's business and operations as its plans and prospects continue to be evaluated; and other risks inherent in Camino's business (including, that actual results of Camino's exploration activities may be different than those anticipated by management; Camino may not realize the benefits of joint ventures and/or strategic partnerships; Camino may be unable to obtain or may experience delays in obtaining required permits, authorizations and approvals; operational and technical risks inherent in exploration; risks related to third-party infrastructure development and timing; and risks related to the state of equity and commodity markets). Although Camino believes that the expectations and assumptions on which such forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because Camino can give no assurance that they will prove to be correct. Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing factors are not exhaustive. The forward-looking information included in this publication are expressly qualified by this cautionary statement. The forward-looking information contained in this publication are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.