EMX Royalty Corporation announced that it has purchased a 1.25 % net‑smelter‑returns (NSR) royalty on the Puquios copper project in north‑central Chile, near La Serena. The deal was completed for $6 million in cash, with an additional $2 million payable when construction begins. In addition, EMX subscribed to a concurrent financing round, buying CAD 2.5 million of shares in Camino Minerals Corp.’s private placement that raised approximately C$5.6 million to support the project’s development.
The Puquios deposit is a supergene copper system with proven and probable reserves of 26 million tonnes at an average grade of 0.494 % copper. A prefeasibility study released in March 2025 projects 223 million pounds of copper over a 14.2‑year mine life, and the project has secured construction permits, including water rights. The royalty gives EMX exposure to a high‑grade copper asset that sits above a larger porphyry copper‑molybdenum system, positioning the company to benefit from Chile’s robust copper market and the growing demand for copper driven by electrification and infrastructure projects.
EMX’s move aligns with its strategy of expanding beyond its traditional gold and silver focus. By adding a copper royalty, the company gains commodity‑price optionality while limiting operational risk. The concurrent equity stake in Camino provides EMX with upside if the Puquios project reaches production, expected in spring 2026, and gives the company a foothold in Chile’s leading copper‑producing region.
EMX reported record adjusted royalty revenue in 2024, and its strong liquidity position enabled the acquisition. CEO Dave Cole described 2024 as a “transformational year,” noting that the company’s financial strength allowed it to pursue strategic acquisitions such as Puquios. The purchase reflects EMX’s confidence in copper’s long‑term outlook and its ability to generate cash‑flow‑positive royalties from early‑stage projects.
The transaction also benefits Camino Minerals, which raised capital through the private placement to fund Puquios development. Camino’s partnership with Nittetsu Mining brings operational expertise, while Denham Capital’s advisory role underscores the project’s long‑term potential. Chile’s copper market remains a key driver of global supply, and the Puquios project’s high‑grade reserves and permitting status make it an attractive asset for royalty investors.
Overall, the acquisition strengthens EMX’s geographic footprint, diversifies its commodity exposure, and positions the company to capture upside from a copper project that is poised to enter production in the near future. The deal exemplifies EMX’s exploration‑driven royalty model and its focus on high‑grade, low‑risk assets that can deliver consistent royalty income and potential upside.
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