Mr. Jay Chmelauskas reports

CAMINO CLOSES PRIVATE PLACEMENT OF $2.0M; FUNDING FOR DISCOVERY DRILLING AT THE MARIA CECILIA COPPER PORPHYRY COMPLEX, PERU

Camino Minerals Corp. has closed its non-brokered fully subscribed private placement for gross proceeds of $2-million. The primary use of the gross proceeds will be the commencement of drilling activities at the company's 100-per-cent-owned Maria Cecilia porphyry complex, corporate working capital and business development activities.

Two drilling campaigns are planned in Peru for the first half of 2024 at the company's Los Chapitos IOCG (iron-oxide-copper-gold) and Maria Cecilia porphyry copper properties. Exploration drilling at the company's Los Chapitos copper property located in Arequipa will commence on Dec. 22, 2023, and is expected to be completed in the first quarter of 2024. The Los Chapitos drilling campaign is fully financed through a $1.5-million earn-in payment by Camino's exploration partner at Los Chapitos, Nittetsu Mining Co. Ltd. Exploration drilling at the company's Maria Cecilia copper property, located in Ancash, is expected to start at the beginning of the second quarter of 2024, after drilling is completed at Los Chapitos.

"Camino is now funded for exploration drilling at two of our copper exploration properties in Peru in the first half of 2024, Los Chapitos IOCG and the Maria Cecilia porphyry complex," said Jay Chmelauskas, chief executive officer of Camino. "Both properties have had significant historical drilling of over 20,000 and 30,000 metres, respectively. The proposed drilling campaigns with a combined meterage of up to 4,000 metres are designed as stepout drillholes to potentially make new copper discoveries at both properties."

The financing consisted of 33,333,334 units at a price per unit of six cents. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles holders to purchase an additional common share at an exercise price of 10 cents per warrant share within 36 months following the closing date of the financing. In the event the volume-weighted average closing price of the company's common shares on the TSX Venture Exchange exceeds 20 cents for 20 consecutive trading days, the company retains the option to accelerate the expiry date of the warrants to 30 days after a public announcement of its election to accelerate the expiry date of the warrants.

Camino has paid finders' fees of $9,110 in cash and such finders' fees were paid in accordance with the policies of the exchange. All securities issued in connection with the financing will be subject to a hold period expiring April 21, 2024.

Certain insiders acquired an aggregate of five million units in the financing, and as such, the financing is considered a related party transaction as defined under Multilateral Instrument 61-101. The company has relied on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insiders' participation in the financing, as such participation in the financing does not exceed 25 per cent of the company's market capitalization.

About Camino Minerals Corp.

Camino is a discovery- and development-stage copper exploration company. Camino is focused on advancing its high-grade Los Chapitos copper project located in Peru through to resource delineation and to add new discoveries. Camino has also permitted the Maria Cecilia copper porphyry project for a planned exploration drilling program. 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.

Jose A. Bassan, FAusIMM (CP) 227922, MSc, geologist, an independent geologist and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the technical contents of this document. Mr. Bassan has reviewed and verified relevant data supporting the technical disclosure, including sampling and analytical test data.

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