Mr. Jay Chmelauskas reports

CAMINO AND JAPANESE MINER NITTETSU MINING SIGN AGREEMENT FOR INTEREST IN THE LOS CHAPITOS COPPER PROJECT IN PERU

Camino Minerals Corp. has entered into a definitive agreement with Nittetsu Mining Co. Ltd. for its Los Chapitos copper exploration project in Peru.

Under the terms of the agreement, Nittetsu can earn a 35-per-cent interest in the project by making payments and expenditures totalling $10.1-million over three years. Proceeds will be applied toward exploration, infill drilling, and metallurgical and engineering studies. After successful completion of the earn-in period, the project will become a joint venture, whereby Camino will hold a 65-per-cent interest, remain operator of the project and retain 50 per cent of the production offtake.

"Nittetsu is an experienced copper mining operator and a partner that is focused on funding our Los Chapitos project towards a development decision," said Jay Chmelauskas, president and chief executive officer of Camino. "We plan to continue to explore our property to expand the known zones of copper mineralization to determine a potential mine size. We have known the Nittetsu team for over two years, and we believe that our partnership will realize the best development opportunity and value creation at Los Chapitos."

Key terms:

• Payment to Camino of $100,000 completed in February, 2023;
• Nittetsu to pay Camino $1-million within five business days;
• Nittetsu to incur earn-in expenditures of $9-million over a three-year period to earn a 35-per-cent project interest in the Los Chapitos project with no accruing interest rights;
• First instalment payment of $1.5-million to be made within five business days;
• Upon completion of the 35-per-cent interest acquisition by Nittetsu, a joint venture between parties will be established;
• Camino to remain the operator of the project;
• Off-take on commercial basis to be shared 50 per cent by each party;
• Exploration programs to begin immediately at the Los Chapitos project.

"Our partnership with Nittetsu is another step towards developing our copper platform at Camino," said Keith Peck, executive chairman of Camino. "The advancement of Los Chapitos with Nittetsu will complement our other active corporate development activities to seek more advanced stage copper projects ahead of a strong copper market."

"Our partnership objective with Camino is to advance the Los Chapitos copper project towards a prefeasibility study over our initial investment period," said Shinichiro Mita, general manager of Nittetsu. "We see strong geological and development potential at Los Chapitos and a dedicated group at Camino that is committed to develop a copper business with us."

Exploration is expected to commence immediately in June to complete the plan for the first six-month instalment period. The initial exploration program is planned to consist of mapping, geophysics and road access to identify and prepare high-priority drilling targets. In addition, the company is anticipating the receipt of an expanded EIA permit that will open more than 6,012 hectares for exploration drilling (see press release Feb. 8, 2023).

The Los Chapitos project is located in the IOCG (iron-oxide-copper-gold) belt of the Coastal Cordillera of northern Chile and southern Peru. The Mina Justa IOCG copper mine is located approximately 100 km north of Los Chapitos in southern Peru and is notably one of the world's newest large-scale copper producers behind Quellaveco (Peru) and Kamoa-Kakula (DRC). Other major deposits in this IOCG belt include Mantoverde (Chile) and Candelaria (Chile) and there are dozens of other smaller scale copper deposits.

About Camino Minerals Corp.

Camino is a discovery and development stage copper exploration company with a portfolio of projects located in Peru. The company is focused on advancing its high-grade Los Chapitos copper project through to resource delineation, new discoveries and development. Camino has also permitted the Maria Cecilia copper porphyry project for a planned exploration drilling program. In addition, the company has increased its land position at its copper and silver Plata Dorada project. The company seeks to acquire a portfolio of advanced copper assets that have the potential to deliver copper into an electrifying copper intensive global economy.

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