How important is Nittetsu’s investment in Camino?

We welcomed Nittetsu Mining as our partner for Los Chapitos project in June 2023. With a 20-year history, Nittetsu has a track record of success, having explored and established the operational Atacama Kozan mine in the Candelaria-Punta El Cobre district. 

Nittetsu's US$10 million investment over three years will propel Camino's progress towards resource delineation and potentially a feasibility study for Los Chapitos. Our first round of exploration in 2023, including geological mapping and the identification of new drilling targets, set the stage for our ongoing drilling activities that started in September 2023. We aim to establish multiple pits feeding a central processing plant for a prospective SX-EW copper oxide mine.

This preliminary program involves drilling 16 holes, which are spaced as much as 2 km from known copper mineralization, in search of new potential copper sources. The substantial step-outs in our approach aim to cover extensive ground and identify promising prospects. 

What is the potential Los Chapitos and the district in which it is located?

The Adriana deposit stands out as our primary asset, succeeded by the south extension, Carlota zone. We explored 2 km north, and made a noteworthy discovery at Lourdes, prompting further follow-up drilling and an expanded geological model. We are exploring west of the fault, which, supported by meticulous mapping and insights from Chilean geologists, reinforces the potential for additional copper oxides and a substantial sulfide body at depth. 

In September 2023, Rio Tinto entered the district, securing land adjacent to Los Chapitos. Rio Tinto's exploration focus centers on a larger target, envisioning a buried sulfide deposit at depth. 

What is the role of juniors in the copper mining industry? 

The consensus is that high-risk capital investment is crucial for making significant discoveries. Junior mining companies like ours often pave the way for larger enterprises to follow, contributing substantially to the overall industry investment.

The MINEM acknowledges the importance of juniors, considering them the cornerstone of the industry's sustained growth. Recent new mines like Quellaveco and Mina Justa demonstrate Peru's attractiveness. 

Have you encountered complications when securing necessary permitting?

Our success in obtaining permits in Peru has been noteworthy, having navigated through four permitting cycles, including two Declaration Impact Ambiental (DIA’s), a Technica Ficha (FTA), and Environmental Impact Assessment expansion (EIA). The collaborative efforts with our Peruvian team have been instrumental in achieving these milestones. 

A shortened timeline for acquiring permits would undeniably enhance the overall landscape for risk capital in the mining sector.

How does the experience of Camino’s board help to navigate current market conditions?

Efficiency in managing raised capital is paramount in today's mining landscape, where the industry has experienced a noticeable contraction. This downsizing is indicative of a trend toward increased consolidation within the sector and the ongoing consolidation is poised to strengthen and amplify the liquidity of companies that persist, making them more appealing to investors seeking stability and growth potential. 

Recognizing the imperative for sustainability and increased investor attraction within the mining industry, our vision entails fostering growth, enhancing liquidity, and expanding the project portfolio to mitigate the inherent risks associated with exploration. To achieve this vision, Camino has strategically augmented its board, specifically incorporating individuals with expertise in M&A. This strategic move is designed to facilitate corporate growth and industry consolidation, ensuring a larger market capitalization and increased liquidity.

What is your outlook for the copper market?

The recent challenges faced by Chinese refiners in acquiring concentrated copper highlight the volatility and uncertainty of copper supply. The disruptions underscore the complex dynamics at play, emphasizing the importance of higher copper prices as a key factor in addressing industry imbalances. 

What are milestones on the horizon for Camino?

In H12024, we are initiating drilling campaigns for the two projects. The first is our IOCG Los Chapitos project, where the focus is on oxide copper to support an SX-EW operation. However, the potential extends to a larger sulfide discovery, presenting an exciting prospect for exploration. 

The second project, set to commence drilling in April, is our Maria Cecilia copper porphyry, located in the Áncash region known for large scale deposits like Antamina. With an emphasis on discovery drilling, our aim is to uncover a substantial deposit and achieve success in delineating a new porphyry center.