Puquios

Puquios is a development stage copper project in north central Chile, located near the city of La Serena.

The Puquios Project is owned by Cuprum Resources Chile SpA, an operating company jointly owned by Camino Minerals Corp. and Nittetsu Mining Co., Ltd of Japan.

The Puquios Project is a supergene copper deposit in the foothills of the Andean mountain range and overlies a partially explored porphyry copper-molybdenum deposit.

The supergene copper deposit is located within a hilltop overlying a more extensive primary porphyry copper deposit that has only seen limited drilling. The underlying porphyry deposit remains open in multiple directions and at depth. Additionally, Puquios is positioned within a more extensive belt of hydrothermal alteration and copper and gold occurrences with numerous areas of historic mining and exploration.

This belt extends for at least 8km east to west within the Royalty footprint. The underlying porphyry copper-molybdenum deposit and extensive mineralization trend at Puquios provide Elemental with considerable exploration upside and discovery optionality.

A Prefeasibility Study for the project was published in March 2025, and shows robust economics for the project, including projected production of 223Mlbs of copper over a 14.2 year mine life.

Cuprum has obtained the necessary permits to commence construction of the project (including water rights) and Camino and Nittetsu are currently arranging project financing.