On April 16, 2025, Camino Minerals Corporation (“Camino”) announced that it had completed the acquisition (the “Acquisition”) of all of the issued and outstanding shares of Cuprum Resources Chile SpA (“Cuprum”), which owns the construction-ready Puquios copper project located in Chile, from Santiago Metals Investment Holdings II SLU and Santiago Metals Investment Holdings II-A LLC (“Santiago Metals”).
The Acquisition resulted in Camino-Nittetsu Mining Chile SpA (“JVCO”), an entity existing under the laws of Chile in which Camino and Nittetsu Mining Co., Ltd. (“Nittetsu”) each hold a 50% ownership interest, acquiring a 100% ownership interest in Cuprum. On closing of the Acquisition, as partial consideration (i) Camino issued to Santiago Metals common shares of Camino (“Common Shares”) having an aggregate value of C$10.5 million, and (ii) Nittetsu delivered to the vendors a cash payment in the amount of C$9.9 million (representing the remaining portion of the C$10.0 million cash consideration payable to the vendors), plus an additional amount for the cash balance held by Cuprum. The vendors are also entitled to receive five contingent payments of up to C$25.0 million in the aggregate in the future, upon the satisfaction of certain milestones, of which up to 50% may be settled in Common Shares.
Cassels acted for Camino.