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

Our previous interview: https://www.cruxinvestor.com/posts/camino-minerals-tsxvcor-developer-details-timeline-for-fully-permitted-chilean-copper-project-6525

Recording date: 26th April 2026

Camino Minerals is on the brink of transforming from an exploration company into an active copper producer. With global copper prices soaring past USD 6.00/lb amid structural supply shortages, the timing for this transition is exceptionally favorable.

The company's flagship Puquios project in Chile is fully permitted and slated to break ground as early as July 2026. Partnered with Nittetsu, Camino is finalizing a debt facility with a Japanese lender that will cover over 70% of the USD 142 million construction costs. Notably, this financing requires no hedging, allowing Camino to fully capitalize on today's high copper prices—especially since the project remains robustly profitable at a baseline modeled price of just USD 4.25/lb.

Puquios uses solvent extraction-electrowinning processing for its oxide copper, a highly capital-efficient method compared to traditional sulfide mining. You can think of this process much like brewing drip coffee: a liquid solvent percolates through the crushed ore to dissolve and extract the copper directly, completely bypassing the expensive and energy-intensive milling phase.

While preparing to build in Chile, Camino is simultaneously advancing its Costa de Cobre exploration project in Peru. Early drilling across this massive 220 km 2 site has yielded promising results, including an 84-meter intercept at roughly 1% copper. The ongoing goal is to establish a resource of 40 to 50 million tons, essentially building a pipeline for the company's next major mine.

Despite these advanced assets, Camino currently trades at a market capitalization of around USD 50 million, a valuation typical of early-stage explorers. However, as the final funding for Puquios closes in the coming weeks and construction officially begins, the company anticipates a significant market rerating, marking a rare and successful leap from a junior explorer to an established producer.

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