Camino Receives Approval for Waste Dump Expansion and Achieves Milestone at the Puquios Copper Project in Chile

Rhea-AI Summary

Camino (OTC:CAMZF) received an exempt resolution from Chile's Environmental Assessment Service approving a modification to the waste dump at the Puquios copper project, extending the project's life to 15 years and confirming no new EIA is required. Camino and strategic partner Nittetsu are pursuing a project loan, including talks with Japanese lenders, and will cause the 50/50 JV (Camino-Nittetsu JVCO) to begin contingent payments to the Vendors under the October 4, 2024 share purchase agreement.

The Vendors agreed to waive and defer 50% of each of the first three contingent payments to March 1, 2026 in exchange for an additional CAD$750,000, payable by that date; deferred payments may be paid in cash or Camino common shares. Corporate items: 2,250,000 stock options granted at $0.30 (various vesting) and intent to issue 443,250 Finder Shares at $0.30 subject to TSXV acceptance.

Positive

• Waste-dump modification approved; Project life extended to 15 years
• Camino and Nittetsu pursuing project loan with Japanese lenders
• JV to commence contingent payments under the October 4, 2024 agreement

Negative

• Vendors deferred 50% of three contingent payments until March 1, 2026
• Obligation to pay an additional CAD$750,000 by March 1, 2026
• Planned issuance of 443,250 Finder Shares at $0.30 (TSXV approval required)
• Grant of 2,250,000 stock options at $0.30 could dilute shareholders upon exercise

VANCOUVER, BC, AB / ACCESS Newswire / October 8, 2025 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF) ("Camino" or the "Company") is pleased to announce that the Chilean authority, the Environmental Assessment Service, has issued an exempt resolution that approves the modification to the location and volume of a waste dump for the Puquios copper project located in Chile ("Puquios" or the "Puquios Project"), increasing the Project's lifespan to 15 years.

This project modification approval supports Camino and its strategic partner Nittetsu Mining Co., Ltd.'s ("Nittetsu" or "Nittetsu Mining") efforts to pursue a financing package to build a copper mine at the Puquios Project. The exempt resolution confirms that no separate Environmental Impact Assessment ("EIA") is required for the approved changes. Camino and Nittetsu are pursuing a project loan facility to build the Puquios Project and are currently exploring options with Japanese lenders which, if successful, is expected to be competitive against other alternatives available in the mining sector.

With this milestone, Camino and Nittetsu have agreed to cause Camino-Nittetsu Mining Chile SpA ("Camino-Nittetsu JVCO"), an entity existing under the laws of Chile in which Camino and Nittetsu each hold a 50% ownership interest, to commence payment of the contingent payments payable to Santiago Metals Investment Holdings II SLU and Santiago Metals Investment Holdings II-A LLC (together, the "Vendors") under the share purchase agreement dated October 4, 2024 (as subsequently amended, the "Share Purchase Agreement") among Camino, the Vendors, Nittetsu, and Camino-Nittetsu JVCO. However, the Vendors have agreed to waive and defer receipt of 50% of each of the initial three contingent payments (representing Camino's portion of each such contingent payment payable by Camino-Nittetsu JVCO) to March 1, 2026, in consideration for an additional CAD$750,000 to be paid by Camino on or before March 1, 2026. In accordance with the terms of the Share Purchase Agreement, the deferred contingent payments may be made in cash or common shares of Camino ("Common Shares"), at the election of the Vendors upon payment in March 2026.

The Vendors are private companies owned by a fund advised by Denham Capital Management LP ("Denham Capital"). For details of the Share Purchase Agreement, please refer to the Company's public filings, including the Company's news release dated October 7, 2024.

Justin Machin, Managing Director at Denham Capital, and Director at Camino commented, "The Puquios Project is progressing positively towards a final investment decision with the recent expansion authorization. We are pleased to work with Camino as the Company develops a financial package to build the Puquios copper mine."

Jay Chmelauskas, CEO of Camino added, "Puquios is the right-sized copper mine, and with current upward trending copper prices, it's the right time for Camino to build in Chile with our partners, Denham Capital and Nittetsu Mining. This partnership also covers our Los Chapitos copper project in Peru where exploration drilling will commence shortly, providing two value drivers for investors, copper production in Chile, and copper exploration in Peru."

Corporate Update
Camino granted stock options to certain directors, officers, consultants, and employees to purchase up to 2,250,000 Common Shares on or before October 7, 2030, at an exercise price of $0.30 per share, in accordance with the Company's amended and restated equity incentive plan. The stock options will vest over an 18-month period, with 25% vesting immediately upon grant and an additional 25% vesting every six months thereafter.

In addition, the Company announces that it intends to issue an aggregate of 443,250 Common Shares (the "Finder Shares") to Resource Play, an arm's length third party party, at a deemed price of $0.30 per share as a finder's fee in connection with the earn-in agreement dated June 13, 2023 (the "Earn-In Agreement") entered into by, inter alios, Camino and Nittetsu Mining for its Los Chapitos copper project. The Finder Shares are proposed to be issued in relation to $3.0 million of funds contributed by Nittetsu under the Earn-In Agreement as the fourth and fifth option to earn-in payments made by Nittetsu thereunder. The intention to pay the finder's fee was noted in Camino's news reléase dated February 1, 2023, and the Finder Shares are being issued in accordance with the terms of a finder's fee agreement entered into by Camino and Resource Play dated August 5, 2020, as subsequently extended. The issuance of the Finder Shares remains subject to the acceptance of the TSX Venture Exchange. The Finder Shares to be issued will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities legislation.

About Camino
Camino is a discovery and development stage copper exploration company. On April 17, 2025, Camino announced the completion of its acquisition (announced on Oct 7, 2024) to purchase the construction-ready Puquios copper mine in Chile. Camino is focused on developing copper producing assets such as Puquios, and advancing its IOCG Los Chapitos copper project located in Peru through to resource delineation and development, and to add new discoveries. Camino has also permitted the Maria Cecilia copper porphyry project for exploration discovery drilling to add to its NI43-101 resources. In addition, Camino has increased its land position at its copper and silver Plata Dorada project. Camino seeks to acquire a portfolio of advanced copper assets that have the potential to deliver copper into an electrifying copper intensive global economy. For more information, please refer to Camino's website at www.caminocorp.com.

ON BEHALF OF THE BOARD	For further information, please contact:
/S/ "Jay Chmelauskas"	Camino Investor Relations
President and CEO	info@caminocorp.com
	Tel: (604) 493-2058

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements: Certain disclosures in this release constitute forward-looking information. In making the forward-looking disclosures in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Forward-looking information in the release includes, without limitation, statements with respect to the future financing and construction of the Puquios Project, prospectivity of future exploration work at Los Chapitos, the payment of the deferred contingent payments, the mineral properties of the Company, the payment of the finder's fee and the issuance of the Finder Shares. Although the Company considers the assumptions underlying such forward-looking information to be reasonable and based on information currently available to it, they may prove to be incorrect. The forward-looking information in this release is subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information. Such risk factors include, among others, that actual results of the Company's exploration activities may be different than those expected by management, that the Company may not realize the benefits of joint ventures and/or strategic partnerships with respect to the Company's properties, that the Company may be unable to obtain or may experience delays in obtaining any required authorizations and approvals, the state of equity and commodity markets, and that the Company may be unable to obtain any required regulatory or stock exchange approval. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Camino Minerals Corp

View the original press release on ACCESS Newswire

FAQ

What did Camino announce about the Puquios waste dump on October 8, 2025?

Chile's Environmental Assessment Service approved the waste-dump modification, extending Puquios project life to 15 years and confirming no new EIA is required.

How will the approval affect Camino (OTC:CAMZF) financing plans for Puquios?

The approval supports Camino and Nittetsu's pursuit of a project loan facility, including discussions with Japanese lenders.

What contingent payment changes did Camino announce for the October 4, 2024 agreement?

The JV will commence contingent payments but the Vendors agreed to waive and defer 50% of each of the first three payments to March 1, 2026 in exchange for CAD$750,000.

Will Camino issue shares or options that could affect CAMZF shareholders?

Yes. Camino granted 2,250,000 options at $0.30 and intends to issue 443,250 Finder Shares at $0.30, subject to TSXV approval, which may dilute shareholders if issued or exercised.

When must Camino pay the additional CAD$750,000 related to the deferred payments?

The additional CAD$750,000 is payable on or before March 1, 2026.