New Risk • Dec 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (32% accrual ratio). Shareholders have been substantially diluted in the past year (156% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (CA$44.2m market cap, or US$32.2m). Announcement • Nov 18
Camino Minerals Corporation announced that it has received CAD 5.59968 million in funding On November 17, 2025, Camino Minerals Corporation closed the transaction. The company announced that it has issued 15,554,666 shares at an issue price of CAD 0.36 per share for gross proceeds of CAD 5,599,679.76. The transaction included participation from two new key shareholders, Elemental Royalties (formerly EMX Royalty Corp.) and Continental General Insurance Company, as well as certain insiders of company. Announcement • Nov 13
Camino Minerals Corporation announced that it expects to receive CAD 5.59968 million in funding Camino Minerals Corporation announced a non-brokered private placement to issue 15,554,666 common shares at a price per Share of CAD 0.36 per share for gross proceeds of CAD 5,599,679.76 on November 12, 2025. Participants in the financing will include two significant new shareholders, EMX Royalty Corp. (“EMX”) and Continental General Insurance Company (“CGIC”). Completion of the Financing remains subject to the receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange. Subject to the receipt of all necessary regulatory approvals, the Financing will close on or about November 14, 2025. All securities issued and sold under the Financing will be subject to a hold period expiring four months and one day from their date of issuance, in accordance with applicable Canadian securities laws. Insiders of the Camino, Ziad Saliba,, and Shawn Turkington, the Chief Financial Officer of the Company) are expected to acquire an aggregate of 276,888 Shares in the Financing (approx. CAD 99,680). The company also announces that it intends to issue an aggregate of 5,833,334 shares to Santiago Metals Investment Holdings II SLU and Santiago Metals Investment Holdings II-A LLC on the closing date, subject to the completion of the financing. 
