Interview with Jay Chmelauskas, President & CEO of Camino Minerals Corp.

Recording date: 8th January 2025

Camino Minerals is advancing its copper portfolio through a strategic acquisition in Chile while pursuing exploration success in Peru. The company has announced the acquisition of the fully permitted Puquios copper project in Chile through a 50/50 partnership with Nittetsu Mining, where Nittetsu will contribute cash for their half while Camino will pay in shares.

The Puquios project is positioned for near-term production, with a timeline of 2-3 years from purchase to first copper output. The project will require 6-12 months for debt financing followed by a 24-30 month construction period. Based on historical definitive feasibility study work, Puquios is expected to produce 9,000 tonnes of copper per annum over a 10-14 year mine life, utilizing SX-EW processing to mine an enriched chalcocite-oxide resource.

The project's development is significantly de-risked through the partnership with Nittetsu Mining, who will take over as operator once a production decision is made. Nittetsu brings valuable operational synergies, as they are currently building their own $400M copper mine just 50 kilometers from Puquios.

In parallel, Camino is advancing its Los Chapitos copper project in Peru, where Nittetsu has already invested $7 million to earn a 35% stake. The company plans to resume drilling in January, targeting 11 high-priority targets. The property shows significant exploration potential, with two major deep-seated structures identified across its 12-kilometer length. The project's prospects have been further validated by mining giant Rio Tinto's recent staking of ground along the same structural extensions.

CEO Jay Chmelauskas, who is personally taking a 10% stake in the company's current financing round, sees significant opportunity in the copper market. The company is positioning itself to capitalize on projected copper supply deficits driven by increasing demand from electric vehicles and renewable energy infrastructure.

Puquios offers expansion potential beyond its initial mine plan, with a substantial sulphide deposit beneath the oxide resource that could be exploited through new leaching technologies. The company is also exploring opportunities to incorporate mineralization from local Chilean miners to extend the mine life.

The project benefits from its location in Chile's copper-rich Antofagasta region, with excellent access to power, water, and transport infrastructure. With DFS updates expected by January 2025, Camino is on track to potentially begin construction in 2026, targeting first production by late 2027 or early 2028.

View Camino Minerals' company profile: https://www.cruxinvestor.com/companies/camino-minerals

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